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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
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.
| June 30, 2025 |  | December 31, 2024
| Fair Value |  |  |  | Fair Value |  |
(dollars in thousands) | Assets |  | Liabilities |  | Notional amount |  | Assets |  | Liabilities |  | Notional amount
Derivatives designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale | $ | 523 |  |  | $ | 3,518 |  |  | $ | 279,658 |  |  | $ | 2,653 |  |  | $ | 654 |  |  | $ | 167,363 |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale | 1,343 |  |  | — |  |  | 90,000 |  |  | — |  |  | — |  |  | — |
Pools of commercial and commercial real estate loans | 2,578 |  |  | 2,394 |  |  | 300,000 |  |  | — |  |  | 4,502 |  |  | 200,000 |
FHLB advances, brokered CDs and other borrowings | 115 |  |  | 522 |  |  | 125,000 |  |  | 863 |  |  | 281 |  |  | 75,000 |
Total derivatives designated as accounting hedges | $ | 4,558 |  |  | $ | 6,434 |  |  | $ | 794,658 |  |  | $ | 3,516 |  |  | $ | 5,437 |  |  | $ | 442,363 |
Derivatives not designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Swaps | $ | 392 |  |  | $ | 392 |  |  | $ | 53,514 |  |  | $ | 218 |  |  | $ | 218 |  |  | $ | 54,390 |
Interest rate lock commitments | 253 |  |  | — |  |  | 8,621 |  |  | 71 |  |  | — |  |  | 3,907 |
Forward commitments to sell mortgage-backed securities | — |  |  | 91 |  |  | 13,750 |  |  | 32 |  |  | — |  |  | 10,198 |
Total derivatives not designated as accounting hedges | $ | 645 |  |  | $ | 483 |  |  | $ | 75,885 |  |  | $ | 321 |  |  | $ | 218 |  |  | $ | 68,495 |
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) | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Investment securities available for sale | $ | 366,460 |  |  | $ | 286,982 |  |  | $ | (2,995) |  |  | $ | 1,999 |
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 |  | Gain (loss) recognized in income on derivative |  | Location of gain (loss) recognized in income on related hedged item |  | Gain (loss) recognized in income on related hedged items
(dollars in thousands) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Three Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Fixed-rate mortgage-backed securities | Interest income on investment securities |  | $ | (1,508) |  |  | $ | 160 |  |  | Interest income on investment securities available for sale |  | $ | 1,549 |  |  | $ | (119) |
Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Fixed-rate mortgage-backed securities | Interest income on investment securities available for sale |  | $ | (4,994) |  |  | $ | 1,178 |  |  | Interest income on investment securities available for sale |  | $ | 5,040 |  |  | $ | (1,137) |
The following table summarizes the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income.
| Gain (loss) recognized in AOCI on derivative |  | Location of gain (loss) recognized in income on derivative |  |  |  | Gain (loss) reclassified from AOCI into income
(dollars in thousands) | 2025 |  | 2024 |  |  |  |  |  |  |  |  | 2025 |  | 2024 |  |
Three Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pools of commercial and commercial real estate loans | $ | 238 |  |  | $ | (931) |  |  |  |  | Interest income on loans |  |  |  |  |  | $ | (741) |  |  | $ | (1,547) |  |  |
Investment securities available for sale | 71 |  |  | — |  |  |  |  | Interest income on investment securities |  |  |  |  |  | (5) |  |  | — |  |  |
FHLB advances, brokered CDs and other borrowings | (86) |  |  | 722 |  |  |  |  | Interest expense |  |  |  |  |  | 104 |  |  | 366 |  |  |
Total gain (loss) on cash flow hedging relationships | $ | 223 |  |  | $ | (209) |  |  |  |  |  |  |  |  |  |  | $ | (642) |  |  | $ | (1,181) |  |  |
Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pools of commercial and commercial real estate loans | $ | 1,355 |  |  | $ | (4,001) |  |  |  |  | Interest income on loans |  |  |  |  |  | $ | (1,806) |  |  | $ | (3,094) |  |  |
Investment securities available for sale | 517 |  |  | — |  |  |  |  | Interest income on investment securities |  |  |  |  |  | 82 |  |  | — |  |  |
FHLB advances, brokered CDs and other borrowings | (785) |  |  | 2,145 |  |  |  |  | Interest expense |  |  |  |  |  | 245 |  |  | 561 |  |  |
Total gain (loss) on cash flow hedging relationships | $ | 1,087 |  |  | $ | (1,856) |  |  |  |  |  |  |  |  |  |  | $ | (1,479) |  |  | $ | (2,533) |  |  |
During the next 12 months, we estimate $1.4 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following table summarizes the effect of derivative instruments not designated as accounting hedges on the consolidated statements of income.
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(dollars in thousands) | Location of gain (loss) recognized in income on derivative | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments not designated as accounting hedges |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Residential mortgage banking revenue | $ | (11) |  |  | $ | 10 |  |  | $ | 59 |  |  | $ | 128 |  |  |
Total (loss) gain on derivative instruments not designated as accounting hedges | $ | (11) |  |  | $ | 10 |  |  | $ | 59 |  |  | $ | 128 |  |  |

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