Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Aggregate Fair Value and Notional Amount of Derivative Financial Instruments

The following table presents the fair value and notional amount of our derivative financial instruments at December 31, 2022 and 2021.

Table 12.1 – Fair Value and Notional Amount of Derivative Financial Instruments

	December 31, 2022				December 31, 2021
	Fair Value		Notional Amount		Fair Value		Notional Amount
(In Thousands)
Assets - Risk Management Derivatives
Interest rate swaps	$	14,625	$	285,000	$	611	$	161,500
TBAs	1,893		220,000		2,880		2,440,000
Interest rate futures	3,976		350,600		25		9,000
Swaptions	—		—		18,318		1,660,000
Assets - Other Derivatives
Loan purchase and interest rate lock commitments	336		8,166		4,633		971,631
Total Assets	$	20,830	$	863,766	$	26,467	$	5,242,131
Liabilities - Risk Management Derivatives
Interest rate swaps	$	—	$	—	$	(1,251)	$	283,100
TBAs	(16,784)		845,000		(658)		870,000
Interest rate futures	(57)		60,000		(905)		62,500
Liabilities - Other Derivatives
Loan purchase and interest rate lock commitments	(14)		3,532		(503)		404,190
Total Liabilities	$	(16,855)	$	908,532	$	(3,317)	$	1,619,790
Total Derivative Financial Instruments, Net	$	3,975	$	1,772,298	$	23,150	$	6,861,921

Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges

The following table illustrates the impact on interest expense of our interest rate agreements accounted for as cash flow hedges for the years ended December 31, 2022, 2021, and 2020.

Table 12.2 – Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges

	Years Ended December 31,
(In Thousands)	2022		2021		2020
Net interest expense on cash flows hedges	$	—	$	—	$	(860)
Realized net losses reclassified from other comprehensive income	(4,127)		(4,127)		(3,188)
Total Interest Expense	$	(4,127)	$	(4,127)	$	(4,048)