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DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

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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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

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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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