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Derivative Instrument and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Company's Outstanding Interest Rate Swaps

The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows at June 30, 2024 (dollars in thousands):

Effective Date		Expiration Date		Notional Amount				Pay Fixed Rate
4/11/2022		4/11/2027		$	50,000			0.787%
1/24/2023		1/24/2026		$	30,000			3.669%
5/5/2023		5/5/2026		$	25,000			3.4615%

Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of June 30, 2024 and December 31, 2023 (in thousands):

										Asset derivatives										Liability derivatives
		Gross notional amount										Fair value										Fair value
		June 30, 2024				December 31, 2023				Balance sheet line item		June 30, 2024				December 31, 2023				Balance sheet line item		June 30, 2024				December 31, 2023
Derivatives designated as hedging instruments
Cash flow hedges		$	105,000			$	105,000			Other assets		$	6,560			$	5,939			Other liabilities		$	—			$	—
Total derivatives		$	105,000			$	105,000					$	6,560			$	5,939					$	—			$	—
Derivatives not designated as hedging instruments
Interest rate swaps (1)		$	1,121,873			$	1,104,804			Other assets		$	45,274			$	37,517			Other liabilities		$	45,275			$	37,519
Credit contracts			80,132				81,211			Other assets			—				—			Other liabilities			—				—
Mortgage banking			16,376				5,292			Other assets			154				50			Other liabilities			9				2
Total derivatives		$	1,218,381			$	1,191,307					$	45,428			$	37,567					$	45,284			$	37,521

(1)The Company was holding collateral of $49.5 million and $40.4 million against its net obligations under these contracts at June 30, 2024 and December 31, 2023, respectively.

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three and six months ended June 30, 2024 and 2023 (in thousands):

				Gain (loss) recognized in income								Gain (loss) recognized in income
		Line item of gain (loss)		Three months ended June 30,								Six months ended June 30,
Undesignated derivatives		recognized in income		2024				2023				2024				2023
Interest rate swaps		Income from derivative instruments, net		$	448			$	625			$	449			$	1,126
Credit contracts		Income from derivative instruments, net			—				44				5				51
Mortgage banking		Income from derivative instruments, net			(71	)			34				97				22
Total undesignated				$	377			$	703			$	551			$	1,199

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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.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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