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Derivative Instrument and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 (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 September 30, 2025 and December 31, 2024 (in thousands):


										Asset derivatives										Liability derivatives
		Gross notional amount										Fair value										Fair value
		September 30, 2025				December 31, 2024				Balance Sheet Line Item		September 30, 2025				December 31, 2024				Balance Sheet Line Item		September 30, 2025				December 31, 2024
Derivatives designated as hedging instruments:
Cash flow hedges		$	105,000			$	105,000			Other assets		$	2,738			$	4,693			Other liabilities		$	—			$	—
Total derivatives		$	105,000			$	105,000					$	2,738			$	4,693					$	—			$	—
Derivatives not designated as hedging instruments:
Interest rate swaps (1)		$	1,173,156			$	1,123,909			Other assets		$	27,577			$	41,318			Other liabilities		$	27,579			$	41,319
Credit contracts			89,860				84,845			Other assets			—				—			Other liabilities			—				—
Mortgage banking			6,432				12,770			Other assets			135				122			Other liabilities			23				91
Total derivatives		$	1,269,448			$	1,221,524					$	27,712			$	41,440					$	27,602			$	41,410

(1)

The Company was holding collateral of $23.8 million and $46.0 million against its net obligations under these contracts at September 30, 2025 and December 31, 2024, 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 nine months ended September 30, 2025 and 2024 (in thousands):


				Gain (loss) recognized in income								Gain (loss) recognized in income
		Line item of gain (loss)		Three months ended September 30,								Nine months ended September 30,
Undesignated derivatives		recognized in income		2025				2024				2025				2024
Interest rate swaps		Income from derivative instruments, net		$	794			$	212			$	1,219			$	661
Credit contracts		Income from derivative instruments, net			—				—				137				5
Mortgage banking		Income from derivative instruments, net			53				—				80				97
Total undesignated				$	847			$	212			$	1,436			$	763