Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Fair Value

The tables below present the fair value of the Company’s derivative financial instruments at June 30, 2023 and December 31, 2022. The Company’s derivative assets and derivative liabilities are located within “Other assets” and “Other liabilities”, respectively, on the Company’s Consolidated Statements of Financial Condition.


	June 30, 2023
	Notional Amount		Fair Value(1)
			Other Assets		Other Liabilities
	(Dollars in thousands)
Derivatives designated as cash flow hedges
Interest rate swaps	$	925,000	$	—	$	—

Forward interest rate collars	500,000		—		4,812
Total	$	1,425,000	$	—	$	4,812

Derivatives not designated as hedges
Interest rate contracts with correspondent banks	$	1,589,746	$	70,165	$	351
Interest rate contracts with customers	1,263,725		351		72,489
Foreign exchange contracts with correspondent banks	5,691		90		24
Foreign exchange contracts with customers	5,691		30		81
Risk participation agreement	132,117		—		28
Mortgage banking derivatives	3,750		25		4
Total	$	3,000,720	$	70,661	$	72,977

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(1) The fair values of centrally-cleared derivative contracts are presented net of settled-to-market margin.


	December 31, 2022
	Notional Amount		Fair Value
			Other Assets		Other Liabilities
	(Dollars in thousands)
Derivatives designated as cash flow hedges
Interest rate swaps	$	614,000	$	19,773	$	1,227
Forward interest rate swaps	111,000		5,428		—
Forward interest rate collars	500,000		182		828
Total	$	1,225,000	$	25,383	$	2,055

Derivatives not designated as hedges
Interest rate contracts with correspondent banks	$	1,013,407	$	73,059	$	330
Interest rate contracts with customers	1,013,407		330		73,059
Foreign exchange contracts with correspondent banks	2,359		79		—
Foreign exchange contracts with customers	2,359		—		73
Risk participation agreement	134,282		—		32
Mortgage banking derivatives	2,801		29		23
Total	$	2,168,615	$	73,497	$	73,517