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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts Outstanding | The notional amounts and estimated fair values of interest rate derivative contracts are presented in the following table. The fair values of interest rate derivative contracts are estimated utilizing internal valuation methods with observable market data inputs, or as determined by the Chicago Mercantile Exchange (“CME”) for centrally cleared derivative contracts. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives' exposure rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero as of September 30, 2024 and December 31, 2023.
| September 30, 2024 |  | December 31, 2023
| Notional Amount |  | Estimated Fair Value |  | Notional Amount |  | Estimated Fair Value
Non-hedging interest rate derivatives: |  |  |  |  |  |  |
Financial institution counterparties: |  |  |  |  |  |  |
Loan/lease interest rate swaps – assets | 813,430 |  |  | $ | 40,646 |  |  | 1,040,659 |  |  | $ | 58,486 |
Loan/lease interest rate swaps – liabilities | 1,030,398 |  |  | (30,034) |  |  | 617,266 |  |  | (20,293) |
Loan/lease interest rate caps – assets | 209,701 |  |  | 6,059 |  |  | 275,000 |  |  | 11,747 |
Customer counterparties: |  |  |  |  |  |  |
Loan/lease interest rate swaps – assets | 1,007,173 |  |  | 30,085 |  |  | 617,266 |  |  | 20,482 |
Loan/lease interest rate swaps – liabilities | 781,892 |  |  | (40,615) |  |  | 1,040,659 |  |  | (58,485) |
Loan/lease interest rate caps – liabilities | 209,701 |  |  | (6,057) |  |  | 275,000 |  |  | (11,747) |
Schedule of Weighted-Average Rates Paid and Received for Interest Rate Swaps Outstanding | The weighted-average rates paid and received for interest rate swaps outstanding at September 30, 2024, were as follows:
| Weighted-Average
| Interest Rate Paid |  | Interest Rate Received
Interest rate swaps: |  |  |
Non-hedging interest rate swaps – financial institution counterparties | 5.05 | % |  | 6.86 | %
Non-hedging interest rate swaps – customer counterparties | 6.86 |  |  | 5.05 |
Schedule of Notional Amounts and Estimated Fair Values of Commodity Derivative Positions | The notional amounts and estimated fair values of non-hedging commodity swap and option derivative positions outstanding are presented in the following table. We obtain dealer quotations and use internal valuation methods with observable market data inputs to value our commodity derivative positions.
|  |  | September 30, 2024 |  | December 31, 2023
| Notional Units |  | Notional Amount |  | Estimated Fair Value |  | Notional Amount |  | Estimated Fair Value
Financial institution counterparties: |  |  |  |  |  |  |  |  |
Oil – assets | Barrels |  | 6,771 |  |  | $ | 41,766 |  |  | 5,601 |  |  | $ | 37,667 |
Oil – liabilities | Barrels |  | 4,713 |  |  | (11,447) |  |  | 4,581 |  |  | (18,500) |
Natural gas – assets | MMBTUs |  | 22,467 |  |  | 8,237 |  |  | 17,363 |  |  | 11,822 |
Natural gas – liabilities | MMBTUs |  | 8,572 |  |  | (2,575) |  |  | 6,462 |  |  | (2,499) |
Customer counterparties: |  |  |  |  |  |  |  |  |
Oil – assets | Barrels |  | 4,854 |  |  | 11,485 |  |  | 4,618 |  |  | 18,722 |
Oil – liabilities | Barrels |  | 6,629 |  |  | (40,915) |  |  | 5,564 |  |  | (36,877) |
Natural gas – assets | MMBTUs |  | 8,572 |  |  | 2,594 |  |  | 6,462 |  |  | 2,499 |
Natural gas – liabilities | MMBTUs |  | 22,467 |  |  | (7,861) |  |  | 17,363 |  |  | (11,571) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The notional amounts and fair values of open foreign currency forward and option contracts are presented in the following table.
|  |  | September 30, 2024 |  | December 31, 2023
| Notional Currency |  | Notional Amount |  | Estimated Fair Value |  | Notional Amount |  | Estimated Fair Value
Financial institution counterparties: |  |  |  |  |  |  |  |  |
Forward and option contracts – assets | CAD |  | — |  |  | $ | — |  |  | 250 |  |  | $ | 1 |
Forward and option contracts – liabilities | EUR |  | — |  |  | — |  |  | 3,000 |  |  | (14) |
Forward and option contracts – liabilities | CAD |  | — |  |  | — |  |  | 250 |  |  | (5) |
Customer counterparties: |  |  |  |  |  |  |  |  |
Forward and option contracts – assets | EUR |  | — |  |  | — |  |  | 3,000 |  |  | 16 |
Forward and option contracts – assets | CAD |  | — |  |  | — |  |  | 250 |  |  | 5 |
Forward and option contracts – liabilities | CAD |  | — |  |  | — |  |  | 250 |  |  | — |
Schedule of Amounts Related to Interest Rate Derivatives Designated as Hedges of Fair Value | Amounts included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Commercial loan/lease interest rate swaps: |  |  |  |  |  |  |
Amount of gain (loss) included in interest income on loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Amount of (gain) loss included in other non-interest expense | — |  |  | (4) |  |  | — |  |  | — |
Schedule of Amounts Related to Non-Hedging Interest Rate and Commodity Derivatives | Amounts included in the consolidated statements of income related to non-hedge related derivative instruments are presented in the table below.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Non-hedging interest rate derivatives: |  |  |  |  |  |  |
Other non-interest income | $ | 1,435 |  |  | $ | 2,049 |  |  | $ | 3,072 |  |  | $ | 3,761 |
Other non-interest expense | (1) |  |  | — |  |  | 2 |  |  | — |
Non-hedging commodity derivatives: |  |  |  |  |  |  |
Other non-interest income | 311 |  |  | 697 |  |  | 1,636 |  |  | 1,622 |
Non-hedging foreign currency derivatives: |  |  |  |  |  |  |
Other non-interest income | — |  |  | — |  |  | 11 |  |  | 25 |

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