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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Financial Instruments | The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:
| Balance Sheet |  | September 30, 2024 |  | December 31, 2023
| Location | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivative assets: |  |  |  |  |  |  |  |  |
Interest rate contracts | Other Assets |  | $ | 830,409 |  |  | $ | 18,561 |  |  | $ | 532,279 |  |  | $ | 13,567 |
Interest rate lock commitments | Other Assets |  | 121,577 |  |  | 1,620 |  |  | 61,957 |  |  | 1,483 |
Forward commitments | Other Assets |  | 80,000 |  |  | 177 |  |  | 20,000 |  |  | 43 |
Totals |  |  | $ | 1,031,986 |  |  | $ | 20,358 |  |  | $ | 614,236 |  |  | $ | 15,093 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Interest rate contracts | Other Liabilities |  | $ | 833,761 |  |  | $ | 18,613 |  |  | $ | 535,725 |  |  | $ | 13,567 |
Interest rate lock commitments | Other Liabilities |  | 8,296 |  |  | 41 |  |  | 2,292 |  |  | — |
Forward commitments | Other Liabilities |  | 199,000 |  |  | 1,554 |  |  | 165,000 |  |  | 2,605 |
Totals |  |  | $ | 1,041,057 |  |  | $ | 20,208 |  |  | $ | 703,017 |  |  | $ | 16,172 |
The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:
| Balance Sheet |  | September 30, 2024 |  | December 31, 2023
| Location | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivative assets: |  |  |  |  |  |  |  |  |
Interest rate swaps | Other Assets |  | $ | 130,000 |  |  | $ | 18,373 |  |  | $ | 130,000 |  |  | $ | 21,486 |
Interest rate collars | Other Assets |  | 450,000 |  |  | 1,232 |  |  | 200,000 |  |  | 572 |
Total |  |  | $ | 580,000 |  |  | $ | 19,605 |  |  | $ | 330,000 |  |  | $ | 22,058 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Interest rate collars | Other Liabilities |  | $ | — |  |  | $ | — |  |  | $ | 250,000 |  |  | $ | 384 |
Totals |  |  | $ | — |  |  | $ | — |  |  | $ | 250,000 |  |  | $ | 384 |
The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:
| Balance Sheet |  | September 30, 2024 |  | December 31, 2023
| Location | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivative liabilities: |  |  |  |  |  |  |  |  |
Interest rate swaps | Other Liabilities |  | $ | 100,000 |  |  | $ | 14,347 |  |  | $ | 100,000 |  |  | $ | 17,052 |
Schedule of Gains (Losses) on Derivative Financial Instruments Included in the Consolidated Statements of Income | Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate contracts: |  |  |  |  |  |  |
Included in interest income on loans | $ | 3,958 |  |  | $ | 1,327 |  |  | $ | 10,388 |  |  | $ | 4,873 |
Interest rate lock commitments: |  |  |  |  |  |  |
Included in mortgage banking income | (261) |  |  | (247) |  |  | 127 |  |  | 304 |
Forward commitments |  |  |  |  |  |  |
Included in mortgage banking income | (1,167) |  |  | 918 |  |  | 1,184 |  |  | 3,342 |
Total | $ | 2,530 |  |  | $ | 1,998 |  |  | $ | 11,699 |  |  | $ | 8,519 |
The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:
|  |  | Amount of Gain (Loss) Recognized in Income
| Income Statement | Three Months Ended September 30, |  | Nine Months Ended September 30,
| Location | 2024 |  | 2023 |  | 2024 |  | 2023
Derivative liabilities: |  |  |  |  |  |  |  |  |
Interest rate swaps - subordinated notes | Interest Expense |  | $ | 4,042 |  |  | $ | (2,688) |  |  | $ | 2,705 |  |  | $ | (2,106) |
Derivative liabilities - hedged items: |  |  |  |  |  |  |  |  |
Interest rate swaps - subordinated notes | Interest Expense |  | $ | (4,042) |  |  | $ | 2,688 |  |  | $ | (2,705) |  |  | $ | 2,106 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:
|  | Carrying Amount of the Hedged Liability |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet Location | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Long-term debt |  | $ | 84,626 |  |  | $ | 81,791 |  |  | $ | 14,348 |  |  | $ | 17,052 |
Schedule of Offsetting Assets | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
| Offsetting Derivative Assets |  | Offsetting Derivative Liabilities
| September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Gross amounts recognized | $ | 24,514 |  |  | $ | 29,284 |  |  | $ | 20,661 |  |  | $ | 26,425 |
Gross amounts offset in the Consolidated Balance Sheets | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the Consolidated Balance Sheets | 24,514 |  |  | 29,284 |  |  | 20,661 |  |  | 26,425 |
Gross amounts not offset in the Consolidated Balance Sheets |  |  |  |  |  |  |
Financial instruments | 19,285 |  |  | 23,863 |  |  | 19,285 |  |  | 23,863 |
Financial collateral pledged | — |  |  | — |  |  | 810 |  |  | 1,074 |
Net amounts | $ | 5,229 |  |  | $ | 5,421 |  |  | $ | 566 |  |  | $ | 1,488 |
Schedule of Offsetting Liabilities | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
| Offsetting Derivative Assets |  | Offsetting Derivative Liabilities
| September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Gross amounts recognized | $ | 24,514 |  |  | $ | 29,284 |  |  | $ | 20,661 |  |  | $ | 26,425 |
Gross amounts offset in the Consolidated Balance Sheets | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the Consolidated Balance Sheets | 24,514 |  |  | 29,284 |  |  | 20,661 |  |  | 26,425 |
Gross amounts not offset in the Consolidated Balance Sheets |  |  |  |  |  |  |
Financial instruments | 19,285 |  |  | 23,863 |  |  | 19,285 |  |  | 23,863 |
Financial collateral pledged | — |  |  | — |  |  | 810 |  |  | 1,074 |
Net amounts | $ | 5,229 |  |  | $ | 5,421 |  |  | $ | 566 |  |  | $ | 1,488 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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