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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Balance Sheet Category and Fair Values of the Derivative Instruments | The table below identifies the balance sheet category and fair value of the Company's derivative instruments as of September 30, 2024 and December 31, 2023. The Company has a minimum collateral posting threshold with its derivative counterparty. If the Company had breached any provisions under the agreement at September 30, 2024, it could have been required to settle its obligations under the agreement at the termination value.
|  | September 30, 2024 |  | December 31, 2023
(dollars in thousands) |  | Notional Amount |  | Fair Value |  | Balance Sheet Category |  | Notional Amount |  | Fair Value |  | Balance Sheet Category
Derivatives in an asset position: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate product |  | $ | — |  |  | $ | — |  |  | Other assets |  | $ | 300,000 |  |  | $ | 374 |  |  | Other assets
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate product |  | 755,156 |  |  | 31,984 |  |  | Other assets |  | 651,429 |  |  | 30,288 |  |  | Other assets
Credit risk participation agreements |  | 49,480 |  |  | 1 |  |  | Other liabilities |  | 49,480 |  |  | 3 |  |  | Other liabilities
Total |  | 804,636 |  |  | 31,985 |  |  |  |  | 700,909 |  |  | 30,291 |  |  |
Total derivatives in an asset position: |  | $ | 804,636 |  |  | $ | 31,985 |  |  |  |  | $ | 1,000,909 |  |  | $ | 30,665 |  |  |
Derivatives in a liability position: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate product |  | $ | 755,156 |  |  | $ | 30,588 |  |  | Other liabilities |  | $ | 654,757 |  |  | $ | 30,555 |  |  | Other liabilities
Schedule of the Effect of Derivative Financial Instruments on the Consolidated Statements of Operations | The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023:
The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Operations
|  |  |  | Amount of Gain (Loss) Recognized in Income on Derivatives
|  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate products |  | Other income / (other expense) |  | $ | 843 |  |  | $ | 3,027 |  |  | $ | 1,321 |  |  | $ | 3,735 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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