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Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the amounts recorded in the consolidated balance sheets related to the cumulative adjustments for fair value hedges (in thousands):
|  | March 31, 2024 |  | December 31, 2023
Amortized cost of hedged assets - Securities AFS |  | $ | 485,979 |  |  |  | $ | 487,486 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items |  | 20,422 |  |  |  | 13,642 |
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):
|  | March 31, 2024 |  | December 31, 2023 |  |  |
|  |  |  | 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 |  | $ | 940,000 |  |  | $ | 26,043 |  |  | $ | 1,824 |  |  | $ | 1,010,000 |  |  | $ | 24,223 |  |  | $ | 6,910 |  |  |  |
Swaps-Fair Value Hedge-Financial institution counterparties |  | 453,440 |  |  | 20,422 |  |  | — |  |  | 453,440 |  |  | 13,658 |  |  | 16 |  |  |  |
Derivatives designated as non-hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps-Financial institution counterparties |  | 245,874 |  |  | 21,786 |  |  | 27 |  |  | 248,073 |  |  | 18,249 |  |  | 509 |  |  |  |
Swaps-Customer counterparties |  | 245,874 |  |  | 27 |  |  | 21,786 |  |  | 248,073 |  |  | 509 |  |  | 18,249 |  |  |  |
Gross derivatives |  |  |  | 68,278 |  |  | 23,637 |  |  |  |  | 56,639 |  |  | 25,684 |  |  |  |
Offsetting derivative assets/liabilities |  |  |  | (1,851) |  |  | (1,851) |  |  |  |  | (7,435) |  |  | (7,435) |  |  |  |
Cash collateral received/posted |  |  |  | (65,360) |  |  | — |  |  |  |  | (46,760) |  |  | — |  |  |  |
Net derivatives included in the consolidated balance sheets (2) |  |  |  | $ | 1,067 |  |  | $ | 21,786 |  |  |  |  | $ | 2,444 |  |  | $ | 18,249 |  |  |  |
(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. At March 31, 2024, we had $1.0 million credit exposure related to interest rate swaps with financial institutions and $27,000 related to interest rate swaps with customers. At December 31, 2023, we had $1.9 million credit exposure related to interest rate swaps with financial institutions and $509,000 related to interest rate swaps with customers. 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 overnight SOFR rates in effect at March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  | December 31, 2023
|  |  |  | 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 |  | $ | 940,000 |  |  | 2.3 |  | 5.40 | % |  | 2.94 | % |  | $ | 1,010,000 |  |  | 2.3 |  | 5.44 | % |  | 2.65 | %
Swaps-Fair Value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution counterparties |  | 453,440 |  |  | 5.1 |  | 5.34 | % |  | 3.13 | % |  | 453,440 |  |  | 5.4 |  | 5.37 | % |  | 3.13 | %
Swaps-Non-hedging |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution counterparties |  | 245,874 |  |  | 7.2 |  | 5.81 | % |  | 2.87 | % |  | 248,073 |  |  | 7.4 |  | 5.84 | % |  | 2.88 | %
Customer counterparties |  | 245,874 |  |  | 7.2 |  | 2.87 | % |  | 5.81 | % |  | 248,073 |  |  | 7.4 |  | 2.88 | % |  | 5.84 | %
Derivative Instruments, Gain (Loss) | The following table presents amounts included in the consolidated statements of income related to interest rate swap agreements (in thousands):
| Three Months Ended March 31,
| 2024 |  | 2023
Derivatives designated as hedging instruments |  |  |
Swaps-Cash Flow hedge |  |  |
Gain (loss) included in interest expense on deposits | $ | 4,111 |  |  | $ | 3,071 |
Gain (loss) included in interest expense on FHLB borrowings | 2,531 |  |  | 1,901 |
Gain (loss) included in interest expense on other borrowings | — |  |  | 136 |
| 6,642 |  |  | 5,108 |
Swaps-Fair Value hedge |  |  |
Gain (loss) included in interest income on tax-exempt investment securities | 2,622 |  |  | 2,450 |
Derivatives designated as non-hedging instruments |  |  |
Swaps-Non-hedging |  |  |
Other noninterest income | — |  |  | 160 |

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