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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | he location of the asset and liability, and their respective fair values, are summarized in the tables below.
|  | June 30, 2024 |
|  | Asset Derivatives |  |  | Liability Derivatives |
|  | Notional |  |  | Balance Sheet Location |  | Fair Value |  |  | Notional |  |  | Balance Sheet Location |  | Fair Value |
|  | (Dollars in thousands) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 386,506 |  |  | Other assets |  | $ | 28 |  |  | $ | 386,506 |  |  | Other liabilities |  | $ | 28 |
Total |  |  |  |  |  |  | $ | 28 |  |  |  |  |  |  |  | $ | 28 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | $ | 1,000,000 |  |  | Other assets |  | $ | 13,728 |  |  |  | — |  |  | Other liabilities |  | $ | — |
Cash flow hedges: interest rate swaps |  |  | — |  |  | Other assets |  |  | 1,584 |  |  | $ | 300,000 |  |  | Other liabilities |  |  | — |
Total |  |  |  |  |  |  | $ | 15,312 |  |  |  |  |  |  |  | $ | — |
|  | December 31, 2023 |
|  | Asset Derivatives |  |  | Liability Derivatives |
|  | Notional |  |  | Balance Sheet Location |  | Fair Value |  |  | Notional |  |  | Balance Sheet Location |  | Fair Value |
|  | (Dollars in thousands) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 394,359 |  |  | Other assets |  | $ | 112 |  |  | $ | 394,359 |  |  | Other liabilities |  | $ | 112 |
Total derivatives |  |  |  |  |  |  | $ | 112 |  |  |  |  |  |  |  | $ | 112 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | $ | 1,000,000 |  |  | Other assets |  | $ | — |  |  |  |  |  | Other liabilities |  | $ | 6,938 |
Total |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  | $ | 6,938 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statements of earnings for the periods presented.
|  | Location of Gain Recognized in Income on Derivative Instruments |  | Amount of Gain Recognized in Income on Derivative Instruments |
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Derivatives Not Designated as Hedging Instruments: |  |  |  | (Dollars in thousands) |
Interest rate swaps |  | Other income |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Location of Gain Recognized in Income on Derivative Instruments |  | Amount of Gains (Losses) Recognized in Net Interest Income on Derivative Instruments |  |  | OCI Impact on Derivatives-Gains (Losses) recorded in OCI |
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  |  |  | (Dollars in thousands) |  |  | (Dollars in thousands) |
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | Interest income |  | $ | 4,097 |  |  | $ | 446 |  |  | $ | 7,784 |  |  | $ | 446 |  |  | $ | 1,888 |  |  | $ | 7,846 |  |  | $ | 14,758 |  |  | $ | 7,846 |
Cash flow hedges: interest rate swaps |  | Interest expense |  |  | 918 |  |  |  | — |  |  |  | 1,096 |  |  |  | — |  |  |  | 560 |  |  |  | — |  |  |  | 1,116 |  |  |  | — |
Total |  |  |  | $ | 5,015 |  |  | $ | 446 |  |  | $ | 8,880 |  |  | $ | 446 |  |  | $ | 2,448 |  |  | $ | 7,846 |  |  | $ | 15,874 |  |  | $ | 7,846 |

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