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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following discloses the amount of expense included in interest expense on deposits and borrowings, related to the Company's fair value hedging instruments:
|  | Three Months Ended September 30, | Nine Months Ended September 30,
|  | 2024 |  | 2023 | 2024 |  | 2023
Designated fair value hedge: |  |  |  |  |  |  |
Interest expense on deposits |  | $ | — |  |  | $ | (1,927) |  | $ | — |  |  | $ | (5,204) |
Interest expense on borrowings |  | — |  |  | (977) |  | (645) |  |  | (2,631) |
Total |  | $ | — |  |  | $ | (2,904) |  | $ | (645) |  |  | $ | (7,835) |
Schedule of Derivative Liabilities at Fair Value | The following amounts were recorded on the balance sheet related to cumulative adjustments of fair value hedges as of December 31, 2023:
|  |  | December 31, 2023
Line item on the balance sheet |  |  | Carrying amount of the hedged item |  | Cumulative decrease in fair value hedging adjustment included in the carrying amount of the hedged item
Money market and savings deposits |  |  | $ | 198,143 |  | (1) | $ | (4,497) |
Borrowings |  |  | 98,715 |  | (2) | (673) |
Total |  |  | $ | 296,858 |  |  | $ | (5,170) |
(1) The carrying value also includes an unaccreted purchase accounting fair value premium of $2,640 as of December 31, 2023. (2) The carrying value also includes unamortized subordinated debt issuance costs of $612 as of December 31, 2023.
Schedule of Derivative Financial Instruments | The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
|  | September 30, 2024 |
|  | Notional Amount |  | Asset |  | Liability |
Interest rate contracts |  | $ | 542,155 |  |  | $ | 24,725 |  |  | $ | 24,763 |  |
Forward commitments |  | 240,000 |  |  | — |  |  | 393 |  |
Interest rate-lock commitments |  | 105,714 |  |  | 1,398 |  |  | — |  |
Futures contracts |  | 263,500 |  |  | — |  |  | 1,334 |  |
Total |  | $ | 1,151,369 |  |  | $ | 26,123 |  |  | $ | 26,490 |  |
|  | December 31, 2023
|  | Notional Amount |  | Asset |  | Liability
Interest rate contracts |  | $ | 569,865 |  |  | $ | 32,179 |  |  | $ | 32,184 |
Forward commitments |  | 159,000 |  |  | — |  |  | 861 |
Interest rate-lock commitments |  | 69,217 |  |  | 1,203 |  |  | — |
Futures contracts |  | 254,000 |  |  | 777 |  |  | — |
Total |  | $ | 1,052,082 |  |  | $ | 34,159 |  |  | $ | 33,045 |
Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments | The following discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Amount of loss recognized in other comprehensive income (loss), net of tax benefit of $21, $35, $151 and $99 |  | $ | (59) |  |  | $ | (101) |  |  | $ | (428) |  |  | $ | (281) |  |
Gains (losses) included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |
Included in mortgage banking income: |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 18 |  |  | $ | (537) |  |  | $ | 194 |  |  | $ | (358) |  |
Forward commitments |  | (1,549) |  |  | 1,418 |  |  | (1,115) |  |  | 2,154 |  |
Futures contracts |  | 3,612 |  |  | (7,009) |  |  | (787) |  |  | (7,593) |  |
Option contracts |  | — |  |  | — |  |  | — |  |  | (1,125) |  |
Total |  | $ | 2,081 |  |  | $ | (6,128) |  |  | $ | (1,708) |  |  | $ | (6,922) |  |
Schedule of Offsetting Assets |
|  |  |  |  |  |  |  | Gross amounts not offset on the consolidated balance sheets |  |
|  | Gross amounts recognized |  | Gross amounts offset on the consolidated balance sheets |  | Net amounts presented on the consolidated balance sheets |  | Financial instruments |  | Financial collateral pledged |  | Net Amount
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | $ | 21,372 |  |  | $ | — |  |  | $ | 21,372 |  |  | $ | 3,452 |  |  | $ | — |  |  | $ | 17,920 |
Derivative financial liabilities |  | $ | 9,721 |  |  | $ | — |  |  | $ | 9,721 |  |  | $ | 3,452 |  |  | $ | 6,269 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | $ | 31,468 |  |  | $ | — |  |  | $ | 31,468 |  |  | $ | 6,502 |  |  | $ | — |  |  | $ | 24,966 |
Derivative financial liabilities |  | $ | 11,330 |  |  | $ | — |  |  | $ | 11,330 |  |  | $ | 6,502 |  |  | $ | 4,828 |  |  | $ | — |
Schedule of Offsetting Liabilities |
|  |  |  |  |  |  |  | Gross amounts not offset on the consolidated balance sheets |  |
|  | Gross amounts recognized |  | Gross amounts offset on the consolidated balance sheets |  | Net amounts presented on the consolidated balance sheets |  | Financial instruments |  | Financial collateral pledged |  | Net Amount
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | $ | 21,372 |  |  | $ | — |  |  | $ | 21,372 |  |  | $ | 3,452 |  |  | $ | — |  |  | $ | 17,920 |
Derivative financial liabilities |  | $ | 9,721 |  |  | $ | — |  |  | $ | 9,721 |  |  | $ | 3,452 |  |  | $ | 6,269 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | $ | 31,468 |  |  | $ | — |  |  | $ | 31,468 |  |  | $ | 6,502 |  |  | $ | — |  |  | $ | 24,966 |
Derivative financial liabilities |  | $ | 11,330 |  |  | $ | — |  |  | $ | 11,330 |  |  | $ | 6,502 |  |  | $ | 4,828 |  |  | $ | — |

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