BALANCE SHEET OFFSETTING

3 Months Ended

Mar. 31, 2024

Offsetting [Abstract]

BALANCE SHEET OFFSETTING

BALANCE SHEET OFFSETTING

The Company does not offset the carrying value for derivative instruments or repurchase agreements on the consolidated statements of condition. The Company nets the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be pledged or received is monitored and adjusted as necessary. Refer to Note 6 for further discussion of repurchase agreements and Note 8 for further discussion of derivative instruments.

The following table presents the Company's derivative positions and repurchase agreements, and the potential effect of netting arrangements on its financial position, as of the dates indicated:

							Gross Amount Not Offset in the Consolidated Statements of Condition
(Dollars in thousands)	Gross Amount Recognized in the Consolidated Statements of Condition		Gross Amount Offset in the Consolidated Statements of Condition		Net Amount Presented in the Consolidated Statements of Condition		Financial Instruments Pledged (Received)(1)		Cash Collateral Pledged (Received)(1)		Net Amount
March 31, 2024
Derivative assets:
Customer loan swaps - dealer bank(2)	$	13,340	$	—	$	13,340	$	—	$	(8,800)	$	4,540
Customer loan swaps - commercial customer(3)	1,003		—		1,003		—		—		1,003
Interest rate contracts(2)	17,636		—		17,636		—		(14,339)		3,297
Total	$	31,979	$	—	$	31,979	$	—	$	(23,139)	$	8,840
Derivative liabilities:
Customer loan swaps - commercial customer(3)	$	14,373	$	—	$	14,373	$	—	$	—	$	14,373
Interest rate contracts(2)	1,239		—		1,239		—		1,239		—
Total	$	15,612	$	—	$	15,612	$	—	$	1,239	$	14,373
Customer repurchase agreements	$	201,499	$	—	$	201,499	$	—	$	—	$	201,499
December 31, 2023
Derivative assets:
Customer loan swaps - dealer bank(2)	$	9,168	$	—	$	9,168	$	—	$	(8,800)	$	368
Customer loan swaps - commercial customer(3)	1,531		—		1,531		—		—		1,531
Interest rate contracts(2)	12,206		—		12,206		—		(10,071)		2,135
Total	$	22,905	$	—	$	22,905	$	—	$	(18,871)	$	4,034
Derivative liabilities:
Customer loan swaps - commercial customer(3)	$	10,748	$	—	10,748		$	—	$	—	$	10,748
Interest rate contracts(2)	3,387		—		3,387		—		3,387		—
Total	$	14,135	$	—	$	14,135	$	—	$	3,387	$	10,748
Customer repurchase agreements	$	200,657	$	—	$	200,657	$	200,657	$	—	$	—

(1)    The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated statements of condition.

(2)    The Company maintains master netting arrangements with each counterparty and settles collateral on a net basis for all contracts.

(3)    The Company manages its net exposure on its commercial customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices. The Company does not post collateral to its commercial customers as part of its contract.