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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments | The notional amount and fair value of the Company’s derivative financial instruments as of December 31, 2023, and December 31, 2022, were as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |
(dollars in thousands) |  | Notional Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Fair Value |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements |  | $ | 3,000,000 |  |  | $ | (48,672 | ) |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Lock Commitments |  |  | 5,899 |  |  |  | 148 |  |  |  | 3,860 |  |  |  | 58 |
Forward Commitments |  |  | 8,583 |  |  |  | (105 | ) |  |  | 3,256 |  |  |  | 6 |
Interest Rate Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |
Receive Fixed/Pay Variable Swaps |  |  | 2,067,624 |  |  |  | (114,701 | ) |  |  | 1,821,433 |  |  |  | (160,914 | )
Pay Fixed/Receive Variable Swaps |  |  | 2,067,624 |  |  |  | 114,542 |  |  |  | 1,821,433 |  |  |  | 38,785 |
Foreign Exchange Contracts |  |  | 745 |  |  |  | — |  |  |  | 52,065 |  |  |  | 1,745 |
Conversion Rate Swap Agreement |  |  | 155,196 |  |  | NA 1 |  |  |  | 124,752 |  |  | NA 1 |
1. The conversation rate swap agreements were valued at zero as further reductions to the conversion rate were deemed neither probable nor reasonably estimable.
Derivative Financial Instruments, their Fair Values, and Balance Sheet Location | The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of December 31, 2023, and December 31, 2022:
|  | December 31, 2023 |  |  | December 31, 2022 |
(dollars in thousands) |  | Asset Derivatives 1 |  |  | Liability Derivatives 1 |  |  | Asset Derivatives 1 |  |  | Liability Derivatives 1 |
Interest Rate Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |
Not designated as hedging instruments |  | $ | 143,593 |  |  | $ | 143,752 |  |  | $ | 45,831 |  |  | $ | 167,960 |
Designated as hedging instruments |  |  | (48,672 | ) |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 94,921 |  |  |  | 143,752 |  |  |  | 45,831 |  |  |  | 167,960 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Lock Commitments |  |  | 148 |  |  |  | — |  |  |  | 64 |  |  |  | 6 |
Forward Commitments |  |  | — |  |  |  | 105 |  |  |  | 10 |  |  |  | 4 |
Foreign Exchange Contracts |  |  | — |  |  |  | — |  |  |  | 1,812 |  |  |  | 67 |
Total Derivatives |  | $ | 95,069 |  |  | $ | 143,857 |  |  | $ | 47,717 |  |  | $ | 168,037 |
1. Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition.
Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income | The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the consolidated statements of income for the years ended December 31, 2023, December 31, 2022, and December 31, 2021:
|  | Location of Net Gains |  | Year Ended December 31, |
(dollars in thousands) |  | (Losses) Recognized in the Statements of Income |  | 2023 |  |  | 2022 |  |  | 2021 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Recognized on Interest Rate Swap Agreements |  | Interest Income on Investment Securities Available-for-Sale |  | $ | (20,293 | ) |  | $ | — |  |  | $ | — |
Recognized on Hedged Item |  | Interest Income on Investment Securities Available-for-Sale |  |  | 20,260 |  |  |  |  |  |  | — |
Recognized on Interest Rate Swap Agreements |  | Interest and Fees on Loans and Leases |  |  | (28,379 | ) |  |  | — |  |  |  | — |
Recognized on Hedged Item |  | Interest and Fees on Loans and Leases |  |  | 28,386 |  |  |  | — |  |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest Rate Lock Commitments |  | Mortgage Banking |  |  | 828 |  |  |  | (915 | ) |  |  | 8,771 |
Forward Commitments |  | Mortgage Banking |  |  | — |  |  |  | 2,348 |  |  |  | 1,580 |
Interest Rate Swap Agreements 1 |  | Other Noninterest Income |  |  | (96 | ) |  |  | 44 |  |  |  | 77 |
Foreign Exchange Contracts |  | Other Noninterest Income |  |  | 3,745 |  |  |  | 1,792 |  |  |  | 1,462 |
Conversion Rate Swap Agreement |  | Investment Securities Gains (Losses), Net |  |  | (1,598 | ) |  |  | — |  |  |  | — |
Total |  |  |  | $ | 2,853 |  |  | $ | 3,269 |  |  | $ | 11,890 |
1. The net gain amount presented in the table above for the year ended December 31, 2021, have been updated to properly exclude the fee income generated from the execution of these derivative financial instruments.
Schedule of derivative instruments in statement of financial position related to cumulative basis adjustment for fair value hedges | The following amounts were recorded on the consolidated statement of financial condition related to the cumulative basis adjustment for fair value hedges as of December 31, 2023 and December 31, 2022:
Derivative Financial Instruments Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |
Line Item in the Consolidated Statement of Condition |  | Carrying Amount of the Hedged Assets |  |  | Cumulative Amount of Fair Value Hedging Adjustment Included In the Carrying Amount of the Hedged Assets |
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Investment Securities, Available-for-Sale 1 |  | $ | 1,320,260 |  |  | $ | — |  |  | $ | 20,260 |  |  | $ | — |
Loans and Leases 2 |  |  | 1,728,386 |  |  |  | — |  |  |  | 28,386 |  |  |  | — |
1. These amounts were included in the fair value of closed portfolios of investment securities, available-for-sale used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of December 31, 2023, the fair value of the closed portfolios used in these hedging relationships was $1.8 billion. 2. These amounts were included in the amortized cost basis of closed portfolios of loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $3.2 billion.

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