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Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2024
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)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(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 $17,156 $500,000 $14,739 
Total Derivatives Designated as Hedging Instruments$— $— $— $— $500,000 $17,156 $500,000 $14,739 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans854,507 70,313 892,712 63,018 854,507 70,765 892,712 63,554 
Total Derivatives Not Designated as Hedging Instruments$854,507 $70,313 $892,712 $63,018 $854,507 $70,765 $892,712 $63,554 
Total Derivatives$854,507 $70,313 $892,712 $63,018 $1,354,507 $87,921 $1,392,712 $78,293 
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)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Gross amounts recognized$70,313 $63,018 $87,921 $78,293 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets70,313 63,018 87,921 78,293 
Netting adjustments(1)
(11,580)(10,424)(11,580)(10,424)
Cash collateral(2)
(56,680)(50,920)(6,264)(5,356)
Net Amount$2,053 $1,674 $70,077 $62,513 
(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 tables present the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the periods presented:
Amount of Loss Recognized in Other Comprehensive Income (Loss)Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)Three months ended June 30, 2024Three months ended June 30, 2023Three months ended June 30, 2024Three months ended June 30, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$979 $(6,534)$(2,776)$(2,355)
Total$979 $(6,534)$(2,776)$(2,355)
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)Six months ended June 30, 2024Six months ended June 30, 2023Six months ended June 30, 2024Six months ended June 30, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(1,859)$(1,752)$(5,440)$(4,203)
Total$(1,859)$(1,752)$(5,440)$(4,203)
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 $11.4 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 (loss) recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three months ended June 30,Six months ended June 30,
(dollars in thousands)2024202320242023
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$48 $— $82 $— 
Interest rate lock commitments—mortgage loans— (5)— (5)
Forward sale contracts—mortgage loans— (2)— (2)
Total Derivatives Gain (Loss)$48 $(7)$82 $(7)