| Summary of Derivatives Outstanding |
The following table summarizes the derivatives outstanding:
|
(In thousands)
|
|
Notional
Amount
|
|
Balance
Sheet
Location
|
|
Fair
Value
|
|
|
Notional
Amount
|
|
Balance
Sheet
Location
|
|
Fair
Value
|
|
|
As of June 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
|
$
|
1,377,868
|
|
Other assets
|
|
$
|
76,666
|
|
|
$
|
1,377,868
|
|
Other liabilities
|
|
$
|
76,553
|
|
|
Risk participation agreements
|
|
|
98,229
|
|
Other assets
|
|
|
86
|
|
|
|
12,484
|
|
Other liabilities
|
|
|
3
|
|
|
Total derivatives not designated as hedging instruments
|
|
|
|
|
|
|
$
|
76,752
|
|
|
|
|
|
|
|
$
|
76,556
|
|
|
Netting adjustments(1)
|
|
|
|
|
|
|
|
17,319
|
|
|
|
|
|
|
|
|
-
|
|
|
Net derivatives in the balance sheet
|
|
|
|
|
|
|
$
|
59,433
|
|
|
|
|
|
|
|
$
|
76,556
|
|
|
Derivatives not offset on the balance sheet
|
|
|
|
|
|
|
$
|
7,282
|
|
|
|
|
|
|
|
$
|
7,282
|
|
|
Cash collateral(2)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
Net derivative amounts
|
|
|
|
|
|
|
$
|
52,151
|
|
|
|
|
|
|
|
$
|
69,274
|
|
|
As of December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
|
$
|
1,374,800
|
|
Other assets
|
|
$
|
104,377
|
|
|
$
|
1,374,800
|
|
Other liabilities
|
|
$
|
104,371
|
|
|
Risk participation agreements
|
|
|
90,725
|
|
Other assets
|
|
|
62
|
|
|
|
18,811
|
|
Other liabilities
|
|
|
2
|
|
|
Total derivatives not designated as hedging instruments
|
|
|
|
|
|
|
$
|
104,439
|
|
|
|
|
|
|
|
$
|
104,373
|
|
|
Netting adjustments(1)
|
|
|
|
|
|
|
|
23,592 |
|
|
|
|
|
|
|
|
(26 |
) |
|
Net derivatives in the balance sheet
|
|
|
|
|
|
|
$ |
80,847 |
|
|
|
|
|
|
|
$ |
104,399 |
|
|
Derivatives not offset on the balance sheet
|
|
|
|
|
|
|
$ |
1,792 |
|
|
|
|
|
|
|
$ |
1,792 |
|
|
Cash collateral(2)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
Net derivative amounts
|
|
|
|
|
|
|
$
|
79,055
|
|
|
|
|
|
|
|
$
|
102,607
|
|
|
(1)
|
Netting adjustments represents the
amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The CME legally characterizes the
variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collatral. |
|
(2)
|
Cash collateral represents the amount that cannot be used to offset our
derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting
agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not
reflected above.
|
|