XML 32 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivative Instruments and Hedging Activities | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivatives Designated as Hedging Instruments The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
| Derivative Assets (Included in Other Assets) |  | Derivative Liabilities (Included in Other Liabilities)
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
(dollars in thousands) | Notional Amount | Fair Value |  | Notional Amount | Fair Value |  | Notional Amount | Fair Value |  | Notional Amount | Fair Value
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - cash flow hedge | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 500,000 |  | $ | 14,739 |  |  | $ | 500,000 |  | $ | 21,368 |
Total Derivatives Designated as Hedging Instruments | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 500,000 |  | $ | 14,739 |  |  | $ | 500,000 |  | $ | 21,368 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - commercial loans | $ | 892,712 |  | $ | 63,018 |  |  | $ | 976,707 |  | $ | 83,449 |  |  | $ | 892,712 |  | $ | 63,554 |  |  | $ | 976,707 |  | $ | 83,449 |
Interest rate lock commitments - mortgage loans | — |  | — |  |  | 126 |  | 5 |  |  | — |  | — |  |  | — |  | — |
Forward sales contracts - mortgage loans | — |  | — |  |  | 130 |  | 2 |  |  | — |  | — |  |  | — |  | — |
Total Derivatives Not Designated as Hedging Instruments | $ | 892,712 |  | $ | 63,018 |  |  | $ | 976,963 |  | $ | 83,456 |  |  | $ | 892,712 |  | $ | 63,554 |  |  | $ | 976,707 |  | $ | 83,449 |
Total Derivatives | $ | 892,712 |  | $ | 63,018 |  |  | $ | 976,963 |  | $ | 83,456 |  |  | $ | 1,392,712 |  | $ | 78,293 |  |  | $ | 1,476,707 |  | $ | 104,817 |
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:
| Derivatives (included in Other Assets) |  | Derivatives (included in Other Liabilities)
(dollars in thousands) | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Gross amounts recognized | $ | 63,018 |  |  | $ | 83,449 |  |  | $ | 78,293 |  |  | $ | 104,817 |
Gross amounts offset | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the Consolidated Balance Sheets | 63,018 |  |  | 83,449 |  |  | 78,293 |  |  | 104,817 |
Netting adjustments(1) | (10,424) |  |  | (15,196) |  |  | (10,424) |  |  | (15,196) |
Cash collateral(2) | (50,920) |  |  | (65,065) |  |  | (5,356) |  |  | (6,307) |
Net Amount | $ | 1,674 |  |  | $ | 3,188 |  |  | $ | 62,513 |  |  | $ | 83,314 |
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Consolidated Statements of Comprehensive Income for the years presented:
| Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands) | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Derivatives in Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - cash flow hedge |  | $ | 5,204 |  |  |  | $ | (16,806) |  |  |  | $ | (9,720) |  |  |  | $ | (72) |
Total |  | $ | 5,204 |  |  |  | $ | (16,806) |  |  |  | $ | (9,720) |  |  |  | $ | (72) |
Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $10.6 million will be reclassified as a decrease to interest income. Our current interest rate swap agreements have 3-5 year terms with maturity dates extending into 2027. The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
|  |  | Twelve months ended December 31,
(dollars in thousands) |  |  |  |  | 2023 |  | 2022 |  | 2021
Derivatives not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts—commercial loans |  |  |  |  |  |  |  | $ | (554) |  |  |  | $ | 103 |  |  |  | $ | 610 |
Interest rate lock commitments—mortgage loans |  |  |  |  |  |  |  | (5) |  |  |  | (396) |  |  |  | (2,499) |
Forward sale contracts—mortgage loans |  |  |  |  |  |  |  | (2) |  |  |  | (2) |  |  |  | 389 |
Total Derivatives (Loss) Gain |  |  |  |  |  |  |  | $ | (561) |  |  |  | $ | (295) |  |  |  | $ | (1,500) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration