DERIVATIVES AND HEDGING (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
As of December 31, 2023 and December 31, 2022, the notional values or contractual amounts and fair values of the Company’s derivatives were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | December 31, 2023 | | December 31, 2022 | | December 31, 2023 | | December 31, 2022 | | Notional/ Contract Amount | | Fair Value | | Notional/ Contract Amount | | Fair Value | | Notional/ Contract Amount | | Fair Value | | Notional/ Contract Amount | | Fair Value | | | | | | | | | | | | | | | | | | Hedged interest rate swaps | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 400,000 | | | $ | 15,141 | | | $ | 400,000 | | | $ | 26,485 | | | | | | | | | | | | | | | | | | | Interest rate swaps not designated in hedge relationships | $ | 416,711 | | | $ | 29,058 | | | $ | 440,731 | | | $ | 37,119 | | | $ | 416,711 | | | $ | 29,126 | | | $ | 440,731 | | | $ | 37,150 | | | Master netting agreements | | | (13,929) | | | | | (17,780) | | | | | (13,929) | | | | | (17,780) | | | Cash offset/(settlement) | | | — | | | | | — | | | | | (529) | | | | | (8,705) | | | Net interest rate swaps | | | 15,129 | | | | | 19,339 | | | | | 29,809 | | | | | 37,150 | | | | | | | | | | | | | | | | | | | Risk participation agreements | 1,050 | | | — | | | 1,283 | | | — | | | 45,298 | | | 42 | | | 47,283 | | | 67 | | | Mortgage loan commitments | 19,572 | | | 275 | | | 15,920 | | | 81 | | | — | | | — | | | 12,367 | | | 42 | | | Forward sales contracts | 5,406 | | | — | | | 16,568 | | | 61 | | | 17,966 | | | 185 | | | 3,000 | | | 76 | | | | | | | | | | | | | | | | | | | Total | $ | 442,739 | | | $ | 15,404 | | | $ | 474,502 | | | $ | 19,481 | | | $ | 479,975 | | | $ | 30,036 | | | $ | 503,381 | | | $ | 37,335 | |
The Company’s asset derivatives are included in other assets, while the liability derivatives are included in accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The following table presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2023 | | Amount of Gain or (Loss) Recognized in AOCI on Derivative | | Amount of Gain or (Loss) Recognized in AOCI Included Component | | Amount of Gain or (Loss) Recognized in AOCI Excluded Component | | Location of Gain or (Loss) Recognized from AOCI into Income | | Amount of Gain or (Loss) Reclassified from AOCI into Income | | Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component | | Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | | Interest rate swaps | $ | (4,398) | | | $ | (4,398) | | | $ | — | | | Interest Income | | $ | (16,955) | | | $ | (16,955) | | | $ | — | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2022 | | Amount of Gain or (Loss) Recognized in AOCI on Derivative | | Amount of Gain or (Loss) Recognized in AOCI Included Component | | Amount of Gain or (Loss) Recognized in AOCI Excluded Component | | Location of Gain or (Loss) Recognized from AOCI into Income | | Amount of Gain or (Loss) Reclassified from AOCI into Income | | Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component | | Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | | Interest rate swaps | $ | (28,418) | | | $ | (28,418) | | | $ | — | | | Interest Income | | $ | (3,195) | | | $ | (3,195) | | | $ | — | | | | | | | | | | | | | | | |
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| Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
Gains (losses) recognized in income within mortgage banking operations on non-designated hedging instruments for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31 | | | | 2023 | | 2022 | | 2021 | | | | | | | | | | Mortgage loan commitments | | | $ | 263 | | | $ | (1,427) | | | $ | (3,754) | | | Forward sales contracts | | | 313 | | | 84 | | | 1,243 | | | | | | | | | | | | | $ | 576 | | | $ | (1,343) | | | $ | (2,511) | |
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| Offsetting Assets |
The following presents additional information related to the Company’s interest rate swaps, both designated and non-designated as hedged, as of December 31, 2023 and December 31, 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | | | | | | Gross Amounts of Financial Instruments Not Offset in the Consolidated Statement of Financial Condition | | | | Gross Amounts Recognized | | Amounts offset in the Statement of Financial Condition | | Net Amounts in the Statement of Financial Condition | | Netting Adjustment Per Applicable Master Netting Agreements | | Fair Value of Financial Collateral in the Statement of Financial Condition | | Net Amount | | Derivative assets | | | | | | | | | | | | | Interest rate swaps | $ | 29,058 | | | $ | (13,929) | | | $ | 15,129 | | | $ | — | | | $ | — | | | $ | 15,129 | | | $ | 29,058 | | | $ | (13,929) | | | $ | 15,129 | | | $ | — | | | $ | — | | | $ | 15,129 | | | | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | | | | Interest rate swaps | $ | 44,267 | | | $ | (14,458) | | | $ | 29,809 | | | $ | — | | | $ | (13,124) | | | $ | 16,685 | | | $ | 44,267 | | | $ | (14,458) | | | $ | 29,809 | | | $ | — | | | $ | (13,124) | | | $ | 16,685 | | | | | | | | | | | | | | | December 31, 2022 | | | | | | | | Gross Amounts of Financial Instruments Not Offset in the Consolidated Statement of Financial Condition | | | | Gross Amounts Recognized | | Amounts offset in the Statement of Financial Condition | | Net Amounts in the Statement of Financial Condition | | Netting Adjustment Per Applicable Master Netting Agreements | | Fair Value of Financial Collateral in the Statement of Financial Condition | | Net Amount | | Derivative assets | | | | | | | | | | | | | Interest rate swaps | $ | 37,119 | | | $ | (17,780) | | | $ | 19,339 | | | $ | — | | | $ | — | | | $ | 19,339 | | | $ | 37,119 | | | $ | (17,780) | | | $ | 19,339 | | | $ | — | | | $ | — | | | $ | 19,339 | | | | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | | | | Interest rate swaps | $ | 63,634 | | | $ | (26,484) | | | $ | 37,150 | | | $ | — | | | $ | (14,972) | | | $ | 22,178 | | | $ | 63,634 | | | $ | (26,484) | | | $ | 37,150 | | | $ | — | | | $ | (14,972) | | | $ | 22,178 | |
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