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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The tables below present the fair value of the Company’s derivative financial instruments at December 31, 2024 and 2023. 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.

			December 31, 2024
			Notional Amount						Fair Value(1)
									Other Assets						Other Liabilities
			(Dollars in thousands)
Derivatives designated as cash flow hedges
Interest rate swaps			$	1,125,000					$	—					$	(2,330)
Interest rate collars			500,000						—						(1,227)
Forward interest rate swaps			200,000						—						(1,474)
Total			$	1,825,000					$	—					$	(5,031)
Derivatives not designated as hedges
Interest rate contracts with correspondent banks			$	1,120,217					$	46,294					$	(1,400)
Interest rate contracts with customers			1,120,217						1,400						(47,384)
Foreign exchange contracts with correspondent banks			16,056						894						(1)
Foreign exchange contracts with customers			224						6						—
Risk participation agreement			100,957						—						(15)
Mortgage banking derivatives			—						—						—
Total			$	2,357,671					$	48,594					$	(48,800)

__________________________________

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

			December 31, 2023
			Notional Amount						Fair Value(1)
									Other Assets						Other Liabilities
			(Dollars in thousands)
Derivatives designated as cash flow hedges
Interest rate swaps			$	725,000					$	—					$	—
Interest rate collars			250,000						—						1,149
Forward interest rate swaps			1,000,000						10,812						—
Forward interest rate collars			250,000						148						—
Total			$	2,225,000					$	10,960					$	1,149
Derivatives not designated as hedges
Interest rate contracts with correspondent banks			$	1,096,292					$	53,185					$	1,117
Interest rate contracts with customers			1,096,292						1,117						54,505
Foreign exchange contracts with correspondent banks			10,739						4						202
Foreign exchange contracts with customers			1,744						57						—
Risk participation agreement			130,365						—						28
Mortgage banking derivatives			1,377						7						17
Total			$	2,336,809					$	54,370					$	55,869

__________________________________

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

Schedule of Cash Flow Hedges Reclassified from Accumulated Other Comprehensive Income into Earnings

The table below presents the gains (losses) on derivative instruments designated as cash flow hedges, that were reclassified from AOCI into earnings for the periods indicated:

Derivative Instruments Designated as Cash Flow Hedges						Location of Gain (Loss) Recognized in Income						Year Ended December 31,
												2024						2023						2022
												(Dollars in thousands)
Interest rate contracts						Interest income on cash and deposits at other banks						$	—					$	—					$	574
Interest rate contracts						Interest income and fees on loans						(6,531)						(96)						—
Interest rate contracts						Interest expense on deposits						12,514						11,589						—
Interest rate contracts						Interest expense on FHLB and FRB borrowings						5,331						4,836						1,451
Total												$	11,314					$	16,329					$	2,025

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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