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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes

The following tables reflect the Company’s derivative positions at the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:

September 30, 2024
																		Weighted Average Rate
						Notional Amount						Average Maturity						Current Rate Received						Pay Fixed Swap Rate						Fair Value
						(in thousands)						(in years)																		(in thousands)
Interest rate swaps on borrowings						$	400,000					1.83						5.24		%				3.67		%				$	(1,106)
																		Current Rate Paid						Receive Fixed Swap Rate
Interest rate swaps on loans						800,000						1.90						5.29		%				2.70		%				(15,035)
																		Current Rate Paid						Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans						200,000						1.68						5.43		%				3.40% - 2.09%						(965)
Total						$	1,400,000																							$	(17,106)
December 31, 2023
																		Weighted Average Rate
						Notional Amount						Average Maturity						Current Rate Received						Pay Fixed Swap Rate						Fair Value
						(in thousands)						(in years)																		(in thousands)
Interest rate swaps on borrowings						$	400,000					2.58						5.34		%				3.67		%				$	1,901
																		Current Rate Paid						Receive Fixed Swap Rate
Interest rate swaps on loans						850,000						2.50						5.36		%				2.72		%				(27,350)
																		Current Rate Paid						Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans						350,000						1.48						5.45		%				3.09% - 2.12%						(4,714)
Total						$	1,600,000																							$	(30,163)

Summary of customer related derivative positions, not designated as hedging

The following tables reflect the Company’s customer related derivative positions at the dates indicated below for those derivatives not designated as hedging:

									Notional Amount Maturing
			Number of  Positions  (1)						Less than 1 year						Less than 2 years						Less than 3 years						Less than 4 years						Thereafter						Total						Fair Value
			September 30, 2024
			(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable			275						$	231,770					$	209,148					$	266,673					$	140,679					$	936,347					$	1,784,617					$	(54,720)
Pay fixed, receive variable			275						231,770						209,148						266,673						140,679						936,347						1,784,617						54,590
Foreign exchange contracts
Buys foreign currency, sells U.S. currency			24						101,143						—						—						—						—						101,143						1,374
Buys U.S. currency, sells foreign currency			24						101,143						—						—						—						—						101,143						(1,325)
Risk participation agreements
Participation out			18						23,802						—						17,874						30,654						91,422						163,752						168
Participation in			12						—						13,016						23,023						15,469						—						51,508						(32)
									Notional Amount Maturing
			Number of  Positions  (1)						Less than 1 year						Less than 2 years						Less than 3 years						Less than 4 years						Thereafter						Total						Fair Value
			December 31, 2023
			(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable			281						$	80,682					$	252,260					$	223,928					$	230,513					$	997,108					$	1,784,491					$	(88,415)
Pay fixed, receive variable			281						80,682						252,260						223,928						230,513						997,108						1,784,491						88,280
Foreign exchange contracts
Buys foreign currency, sells U.S. currency			22						65,586						12,957						—						—						—						78,543						2,197
Buys U.S. currency, sells foreign currency			22						65,586						12,957						—						—						—						78,543						(2,160)
Risk participation agreements
Participation out			17						—						24,193						—						13,119						114,027						151,339						200
Participation in			8						—						—						13,016						18,989						15,725						47,730						(44)

(1)The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.

Fair value of derivative financial instruments as well as their classification on the balance sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet and the potential effect of netting arrangements on its financial position, at the dates indicated:

									Asset Derivatives (1)																		Liability Derivatives (2)
									Fair Value at						Fair Value at												Fair Value at						Fair Value at
									September 30 2024						December 31 2023												September 30 2024						December 31 2023
									(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives									$	379		(3)			$	1,927		(3)									$	17,485		(4)			$	32,090		(4)
Derivatives not designated as hedges
Customer Related Positions
Loan level derivatives									76,598			(3)			99,416			(3)									76,728			(4)			99,551			(4)
Foreign exchange contracts									1,405						2,220												1,356						2,183
Risk participation agreements									168						200												32						44
Mortgage Derivatives
Interest rate lock commitments									430						168												—						—
Forward sale loan commitments									53						17												—						—
Forward sale hedge commitments									—						—												44						—
Total derivatives not designated as hedges									78,654						102,021												78,160						101,778
Total									79,033						103,948												95,645						133,868
Netting Adjustments (5)									(35,328)						(48,253)												15,820						25,360
Net Derivatives on the Balance Sheet									43,705						55,695												79,825						108,508
Financial instruments (6)									9,557						12,018												9,557						12,018
Cash collateral pledged (received)									(10,740)						(17,076)												2,796						—
Net Derivative Amounts									$	23,408					$	26,601											$	67,472					$	96,490

(1)All asset derivatives are reflected in other assets on the balance sheet.

(2)All liability derivatives are reflected in other liabilities on the balance sheet.

(3)Approximately $96,000 of accrued interest payable and $2.1 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at September 30, 2024, in comparison to accrued interest receivable of approximately $316,000 and $3.0 million, respectively, at December 31, 2023.

(4)Approximately $777,000 and $2.1 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at September 30, 2024, in comparison to accrued interest payable of approximately $1.9 million and $3.0 million, respectively, at December 31, 2023.

(5)Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance.

(6)Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet.

Effect of derivative financial instruments included in OCI and current earnings

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30												September 30
			2024						2023						2024						2023
			(Dollars in thousands)
Derivatives designated as hedges
Gain in OCI on derivatives (effective portion), net of tax			$	8,753					$	202					$	9,000					$	4,917
Loss reclassified from OCI into interest income or interest expense (effective portion)			$	(4,902)					$	(7,547)					$	(15,788)					$	(20,806)
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income			$	76					$	29					$	142					$	399
Other expense			(14)						(300)						(119)						(585)
Changes in fair value of mortgage derivatives
Mortgage banking income			(114)						(6)						254						146
Total			$	(52)					$	(277)					$	277					$	(40)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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