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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position | Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
| September 30, 2024 |  | December 31, 2023
| Fair Value |  |  |  | Fair Value |  |
(dollars in thousands) | Assets |  | Liabilities |  | Notional amount |  | Assets |  | Liabilities |  | Notional amount
Derivatives designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Fixed-rate mortgage-backed securities | $ | — |  |  | $ | 1,915 |  |  | $ | 246,512 |  |  | $ | — |  |  | $ | 1,324 |  |  | $ | 150,000 |
Pools of commercial and commercial real estate loans | — |  |  | 3,551 |  |  | 200,000 |  |  | — |  |  | 6,654 |  |  | 200,000 |
FHLB advances, brokered CDs and other borrowings | — |  |  | 1,086 |  |  | 75,000 |  |  | — |  |  | 465 |  |  | 50,000 |
Total derivatives designated as accounting hedges | $ | — |  |  | $ | 6,552 |  |  | $ | 521,512 |  |  | $ | — |  |  | $ | 8,443 |  |  | $ | 400,000 |
Derivatives not designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Swaps | $ | 180 |  |  | $ | 180 |  |  | $ | 13,059 |  |  | $ | 310 |  |  | $ | 310 |  |  | $ | 13,832 |
Interest rate lock commitments | 133 |  |  | — |  |  | 7,177 |  |  | 62 |  |  | — |  |  | 2,405 |
Forward commitments to sell mortgage-backed securities | — |  |  | 93 |  |  | 12,750 |  |  | — |  |  | 83 |  |  | 5,000 |
Total derivatives not designated as accounting hedges | $ | 313 |  |  | $ | 273 |  |  | $ | 32,986 |  |  | $ | 372 |  |  | $ | 393 |  |  | $ | 21,237 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded in the consolidated balance sheets related to cumulative basis adjustments for fair value hedges.
| Carrying amount of the hedged items |  | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items |  |
(dollars in thousands) | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  |  |  |
Investment securities available for sale | $ | 260,843 |  |  | $ | — |  |  | $ | 138 |  |  | $ | — |  |  |  |  |
Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in the consolidated statements of income.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Gain (loss) recognized in earnings |  |  |  |  |  |  |
Interest rate contracts | $ | (70) |  |  | $ | (23) |  |  | $ | 60 |  |  | $ | 116 |
Schedule of Derivative Instruments, Gain (Loss) | The following table summarizes the effect of derivative instruments in fair value hedging relationships on the consolidated statements of income.
| Location of gain (loss) recognized in income on derivative |  | Hedged item |  | Derivative designated as hedging instrument
(dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Three Months Ended September 30, |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |
Fixed-rate mortgage-backed securities | Interest income on investment securities |  | $ | (138) |  |  | $ | — |  |  | $ | 138 |  |  | $ | — |
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |
Fixed-rate mortgage-backed securities | Interest income on investment securities |  | $ | (138) |  |  | $ | — |  |  | $ | 138 |  |  | $ | — |
The following table summarizes the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income.
| Location of gain (loss) recognized in income on derivative |  |  |  | Gain (loss) reclassified from AOCI into income
(dollars in thousands) |  |  |  |  |  | 2024 |  | 2023
Three Months Ended September 30, |  |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |
Pools of commercial and commercial real estate loans | Interest income on loans |  |  |  |  |  | $ | (1,547) |  |  | $ | (1,526) |
FHLB advances, brokered CDs and other borrowings | Interest expense |  |  |  |  |  | 198 |  |  | 117 |
Total gain (loss) on cash flow hedging relationships |  |  |  |  |  |  | $ | (1,349) |  |  | $ | (1,409) |
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |
Pools of commercial and commercial real estate loans | Interest income on loans |  |  |  |  |  | $ | (4,642) |  |  | $ | (4,024) |
FHLB advances, brokered CDs and other borrowings | Interest expense |  |  |  |  |  | 773 |  |  | 223 |
Total gain (loss) on cash flow hedging relationships |  |  |  |  |  |  | $ | (3,869) |  |  | $ | (3,801) |

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