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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the notional and estimated fair value amount of derivative positions outstanding (in thousands):
|  | September 30, 2023 |  | December 31, 2022 |  |  |
|  |  |  | Estimated Fair Value |  |  |  | Estimated Fair Value |  |  |
|  | Notional Amount (1) |  | Asset Derivative |  | Liability Derivative |  | Notional Amount (1) |  | Asset Derivative |  | Liability Derivative |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps-Cash Flow Hedge-Financial institution counterparties |  | $ | 760,000 |  |  | $ | 39,409 |  |  | $ | — |  |  | $ | 575,000 |  |  | $ | 39,527 |  |  | $ | — |  |  |  |
Swaps-Fair Value Hedge-Financial institution counterparties |  | 654,870 |  |  | 42,229 |  |  | — |  |  | 742,675 |  |  | 21,733 |  |  | 171 |  |  |  |
Derivatives designated as non-hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps-Financial institution counterparties |  | 216,777 |  |  | 27,876 |  |  | — |  |  | 223,124 |  |  | 21,046 |  |  | — |  |  |  |
Swaps-Customer counterparties |  | 216,777 |  |  | — |  |  | 27,876 |  |  | 223,124 |  |  | — |  |  | 21,046 |  |  |  |
Gross derivatives |  |  |  | 109,514 |  |  | 27,876 |  |  |  |  | 82,306 |  |  | 21,217 |  |  |  |
Offsetting derivative assets/liabilities |  |  |  | — |  |  | — |  |  |  |  | (171) |  |  | (171) |  |  |  |
Cash collateral received/posted |  |  |  | (109,514) |  |  | — |  |  |  |  | (82,135) |  |  | — |  |  |  |
Net derivatives included in the consolidated balance sheets (2) |  |  |  | $ | — |  |  | $ | 27,876 |  |  |  |  | $ | — |  |  | $ | 21,046 |  |  |  |
(1) Notional 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. (2) Net derivative assets are included in other assets and net derivative liabilities are included in other liabilities on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and our credit risk. We had no credit exposure related to interest rate swaps with financial institutions and none related to interest rate swaps with customers at September 30, 2023 or December 31, 2022. The credit risk associated with customer transactions is partially mitigated as these are generally secured by the non-cash collateral securing the underlying transaction being hedged.
Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps | The summarized expected weighted average remaining maturity of the notional amount of interest rate swaps and the weighted average interest rates associated with the amounts expected to be received or paid on interest rate swap agreements are presented below (dollars in thousands). Variable rates received on fixed pay swaps are based on one-month or three-month LIBOR or overnight SOFR rates in effect at September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
|  |  |  | Weighted Average |  |  |  | Weighted Average
|  | Notional Amount |  | Remaining Maturity (in years) |  | Receive Rate |  | Pay Rate |  | Notional Amount |  | Remaining Maturity (in years) |  | Receive Rate |  | Pay Rate
Swaps-Cash Flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution counterparties |  | $ | 760,000 |  |  | 2.4 |  | 5.42 | % |  | 2.02 | % |  | $ | 575,000 |  |  | 2.3 |  | 4.44 | % |  | 1.13 | %
Swaps-Fair Value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution counterparties |  | 654,870 |  |  | 5.6 |  | 5.30 | % |  | 3.19 | % |  | 742,675 |  |  | 6.3 |  | 3.42 | % |  | 3.21 | %
Swaps-Non-hedging |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution counterparties |  | 216,777 |  |  | 8.3 |  | 5.91 | % |  | 2.66 | % |  | 223,124 |  |  | 9.0 |  | 4.83 | % |  | 2.69 | %
Customer counterparties |  | 216,777 |  |  | 8.3 |  | 2.66 | % |  | 5.91 | % |  | 223,124 |  |  | 9.0 |  | 2.69 | % |  | 4.83 | %

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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