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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Instruments on the Balance Sheet
The following tables disclose the fair value of derivative instruments in the Company’s consolidated balance sheets at December 31, 2024 and December 31, 2023, as well as the effect of these derivative instruments on the Company’s consolidated statements of income for the year ended December 31, 2024 and 2023. Derivative instruments and their related gains and losses are reported in other operating activities, net in the statements of cash flows.
(Dollars in thousands)
Notional Amounts(1)
Fair Values
Derivatives designated as cash flow hedging instruments:
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Interest rate swaps included in other assets$— $10,500 $— $786 
Derivatives not designated as hedging instruments:
Interest rate swaps included in other assets$365,042 $363,498 $15,264 $18,567 
Interest rate swaps included in other liabilities
358,527 356,683 (14,959)(18,298)
Risk participation agreements included in other liabilities32,494 20,000 — (2)
Forward commitments to purchase forward-settling mortgage-backed securities included in other assets— 9,000 — 91 
Forward commitments to purchase treasury notes in other assets— 22,500 — 822 
Interest rate-lock commitments on residential mortgage loans included in other assets
11,007 8,471 331 221 
$767,070 $780,152 $636 $1,401 
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(1)Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets.
Schedule of Weighted-average Rates for Interest Rate Swaps
The weighted-average rates for interest rate swaps were as follows:
Weighted-Average Interest Rate
December 31, 2024December 31, 2023
Interest rate swaps:PaidReceivedPaidReceived
Cash flow hedges4.24 %8.31 %4.24 %8.35 %
Non-hedging interest rate swaps - financial institution counterparties5.04 7.67 4.88 7.82 
Non-hedging interest rate swaps - customer counterparties7.67 5.04 7.82 4.88 
Schedule of Gains and Losses Recognized on Derivative Instruments Not Designated as Hedging Instruments
Gains and losses recognized on derivative instruments not designated as hedging instruments were as follows:
(Dollars in thousands)Years Ended December 31,
Derivatives not designated as hedging instruments:202420232022
Amount of (loss) gain recognized in mortgage banking revenue (1)
$41 $(573)$(2,813)
Amount of (loss) gain recognized in other non-interest income38 (41)655 
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(1)Gains and losses on these instruments are largely offset by market fluctuations in the MSR asset. The Company sold substantially all of its MSR asset recognizing a gain on the sale of $410,000 for the year ended December 31, 2024. See Note 9 — Mortgage Banking for more information on components of mortgage banking revenue.