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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notion Amounts and Fair Values of Derivative Financial Instruments

The following table presents a summary of notional amounts and fair values of derivative financial instruments as of December 31:

			2024												2023
			Notional Amount						Asset (Liability) Fair Value						Notional Amount						Asset (Liability) Fair Value
			(dollars in thousands)
Interest Rate Locks with Customers
Positive fair values			$	171,933					$	389					$	119,558					$	460
Negative fair values			3,888						(58)						1,015						(2)
Forward Commitments
Positive fair values			51,250						363						—						—
Negative fair values			—						—						42,000						(854)
Interest Rate Derivatives with Customers(1)
Positive fair values			767,905						8,480						824,659						22,656
Negative fair values			3,976,294						(239,058)						3,784,236						(222,530)
Interest Rate Derivatives with Dealer Counterparties
Positive fair values			3,976,294						150,480						3,784,236						128,235
Negative fair values			767,905						(10,734)						824,659						(23,023)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values			2,500,000						227						2,500,000						6,189
Negative fair values			1,400,000						(2,971)						750,000						—
Foreign Exchange Contracts with Customers
Positive fair values			28,327						1,619						4,159						40
Negative fair values			693						(27)						13,353						(446)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values			4,059						63						15,969						532
Negative fair values			32,406						(1,569)						6,112						(31)

(1) Fair values are net of a valuation allowance of $366.3 thousand as of December 31, 2024 and 2023, respectively.

Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The following table presents the effect of cash flow hedge accounting on AOCI:

			Amount of Gain (Loss) Recognized in OCI on Derivative						Amount of Gain (Loss) Recognized in OCI Included Component						Amount of Gain (Loss) Recognized in OCI Excluded Component						Location of Gain (Loss) Recognized from AOCI into Income						Amount of Gain (Loss) Reclassified from AOCI into Income						Amount of Gain (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
			(dollars in thousands)
Year ended December 31, 2024
Interest Rate Products			$	(10,261)					$	(10,261)					$	—					Interest Income						$	(29,899)					$	(29,899)					$	—
Interest Rate Products			11,025						11,025						—						Interest Expense						6,446						6,446						—
Total			$	764					$	764					$	—											$	(23,453)					$	(23,453)					$	—
Year ended December 31, 2023
Interest Rate Products			$	19,598					$	19,598					$	—					Interest Income						$	(27,546)					$	(27,546)					$	—
Interest Rate Products			(10,550)						(10,550)						—						Interest Expense						1,696						1,696						—
Total			$	9,048					$	9,048					$	—											$	(25,850)					$	(25,850)					$	—

The following table presents the effect of fair value and cash flow hedge accounting on the income statement for the year ended December 31:

			Consolidated Statements of Income Classification
			2024												2023
			Interest Income						Interest Expense						Interest Income						Interest Expense
			(dollars in thousands)
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded			$	(29,899)					$	6,446					$	(27,546)					$	1,696
The effects of fair value and cash flow hedging:
Amount of gain or (loss) on cash flow hedging relationships			—						—						—						—
Interest contracts:
Amount of (loss) gain reclassified from AOCI into income			(29,899)						6,446						(27,546)						1,696
Amount of (loss) gain reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring			—						—						—						—
Amount of (loss) gain reclassified from AOCI into income - included component			(29,899)						6,446						(27,546)						1,696
Amount of (loss) gain reclassified from AOCI into income - excluded component			—						—						—						—

Summary of Fair Value Gains and Losses on Derivative Financial Instruments

The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31:

			Consolidated Statements of Income Classification						2024						2023						2022
									(dollars in thousands)
Mortgage banking derivatives(1)			Mortgage banking						$	1,090					$	(380)					$	(2,360)
Interest rate derivatives			Other income						419						(1,855)						—
Foreign exchange contracts			Other income						(9)						7						81
Net fair value gains (losses) on derivative financial instruments									$	1,500					$	(2,228)					$	(2,279)

(1) Includes interest rate locks with customers and forward commitments.

Summary of Mortgage Loans Held for Sale

The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31:

			2024						2023
			(dollars in thousands)
Amortized Cost (1)			$	25,316					$	14,792
Fair value			25,618						15,158

(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.

Offsetting Assets and Liabilities

The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31:

Gross Amounts									Gross Amounts Not Offset
Recognized									on the Consolidated
on the									Balance Sheets
Consolidated									Financial						Cash						Net
Balance Sheets									Instruments(1)						Collateral(2)						Amount
			(dollars in thousands)
2024
Interest rate derivative assets			$	159,187					$	(12,739)					$	—					$	146,448
Foreign exchange derivative assets with correspondent banks			63						(63)						—						—
Total			$	159,250					$	(12,802)					$	—					$	146,448
Interest rate derivative liabilities			$	252,763					$	(9,995)					$	(94,339)					$	148,429
Foreign exchange derivative liabilities with correspondent banks			1,569						(63)						—						1,506
Total			$	254,332					$	(10,058)					$	(94,339)					$	149,935
2023
Interest rate derivative assets			$	157,080					$	(15,154)					$	—					$	141,926
Foreign exchange derivative assets with correspondent banks			532						(532)						—						—
Total			$	157,612					$	(15,686)					$	—					$	141,926
Interest rate derivative liabilities			$	245,553					$	(21,343)					$	(93,841)					$	130,369
Foreign exchange derivative liabilities with correspondent banks			31						(532)						—						(501)
Total			$	245,584					$	(21,875)					$	(93,841)					$	129,868

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.

For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.

(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign

exchange contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the

underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

Cash Flow Hedge Terminations

On October 10, 2024, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $250 million. As the hedged transaction continues to be probable, the unrealized losses will be recorded in AOCI and will be recognized as an increase to interest expense when the previously forecasted hedged items affect earnings in future periods. During the year ended December 31, 2024, $0.2 million of these unrealized losses were reclassified as an increase to interest expense on borrowings on the Consolidated Statements of Income.

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as reduction to interest income, including fees, when the previously forecasted hedged item affects earnings in future periods. During the years ended December 31, 2024 and 2023, $27.9 million and $22.1 million, respectively, of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the consolidated statements of income.

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