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Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying Value and Fair Value Hedging Adjustment of Portfolio Layer Method Hedged Asset

The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustments included in the carrying value of the hedged assets as of September 30, 2023 and December 31, 2022:

						September 30, 2023												December 31, 2022
(Dollars in thousands)						Amortized Cost Basis			Hedged Asset			Basis Adjustment						Amortized Cost Basis			Hedged Asset			Basis Adjustment
Fixed Rate Assets						$	486,167		$	145,709		$	(2,809)					$	—		$	—		$	—

Summary of Outstanding Financial Derivative Instruments

The following tables summarize outstanding financial derivative instruments as of September 30, 2023 and December 31, 2022:

						September 30, 2023
(Dollars in thousands)			Balance Sheet Location			Notional Amount			Fair Value of Asset (Liability)			Gain (Loss)
Fair value hedge of interest rate risk:
Pay fixed rate swaps with counterparty			Accrued interest receivable and other assets			$	145,709		$	2,814		$	2,814
Not designated hedges of interest rate risk:
Matched interest rate swaps with borrowers			Accrued interest receivable and other assets			265,286			10,160			—
Matched interest rate swaps with counterparty			Accrued interest payable and other liabilities			132,643			(10,160)			—
Pay fixed rate swaps with counterparty			Accrued interest payable and other liabilities			250,000			(449)			(449)
Total derivatives						$	793,638		$	2,365		$	2,365

						December 31, 2022
(Dollars in thousands)			Balance Sheet Location			Notional Amount			Fair Value of Asset (Liability)			Gain (Loss)
Fair value hedge of interest rate risk:
Pay fixed rate swaps with counterparty			Accrued interest receivable and other assets			$	—		$	—		$	—
Not designated hedges of interest rate risk:
Matched interest rate swaps with borrowers			Accrued interest receivable and other assets			275,478			8,427			—
Matched interest rate swaps with counterparty			Accrued interest payable and other liabilities			137,739			(8,427)			—
Pay fixed rate swaps with counterparty			Accrued interest payable and other liabilities			—			—			—
Total derivatives						$	413,217		$	—		$	—

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- References

No definition available.

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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