Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Assets and Liabilities

This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of September 30, 2023 and December 31, 2022 (in thousands):

	Derivative Assets				Derivative Liabilities
	September 30,		December 31,		September 30,		December 31,
Fair Value	2023		2022		2023		2022
Interest Rate Products:
Derivatives not designated as hedging instruments	$	144,310	$	47,638	$	151,477	$	126,231
Derivatives designated as hedging instruments		—		483		50		103
Total	$	144,310	$	48,121	$	151,527	$	126,334

Summary of Amount of Gain (Loss) Recognized in Interest Income and Other Non-interest Expense in Consolidated Statements of Income Related to Derivative Assets and Liabilities

This table provides a summary of the amount of gain or loss recognized in Interest income and Other noninterest expense in the Consolidated Statements of Income related to the Company’s derivative assets and liabilities for the three and nine months ended September 30, 2023 and September 30, 2022 (in thousands):

	Amount of Gain (Loss) Recognized
	For the Three Months Ended						For the Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2023			2022			2023			2022
Interest Rate Products
Derivatives not designated as hedging instruments	$	82		$	51		$	60		$	425
Total	$	82		$	51		$	60		$	425
Interest Rate Products
Derivatives designated as hedging instruments:
Fair value adjustments on derivatives	$	55		$	24,605		$	904		$	77,316
Fair value adjustments on hedged items		(55	)		(24,631	)		(902	)		(76,795	)
Total	$	—		$	(26	)	$	2		$	521

Summary of Effect of Hedges on AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Assets and Liabilities

These tables provide a summary of the effect of hedges on AOCI in the Consolidated Statements of Comprehensive Income related to the Company’s derivative assets and liabilities for the three and nine months ended September 30, 2023 and September 30, 2022 (in thousands):

	For the Three Months Ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships	Gain Recognized in OCI on Derivative		Gain Recognized in OCI Included Component		Gain Recognized in OCI Excluded Component		Gain Reclassified from AOCI into Earnings		Gain Reclassified from AOCI into Earnings Included Component		Loss Reclassified from AOCI into Earnings Excluded Component
Interest rate floor	$	—	$	—	$	—	$	1,164	$	1,731	$	(567	)
Interest rate swaps		3,927		3,927		—		371		371		—
Total	$	3,927	$	3,927	$	—	$	1,535	$	2,102	$	(567	)

	For the Three Months Ended September 30, 2022
Derivatives in Cash Flow Hedging Relationships	Gain Recognized in OCI on Derivative		Gain Recognized in OCI Included Component		Gain Recognized in OCI Excluded Component		Gain (Loss) Reclassified from AOCI into Earnings			Gain (Loss) Reclassified from AOCI into Earnings Included Component			Loss Reclassified from AOCI into Earnings Excluded Component
Interest rate floor	$	—	$	—	$	—	$	1,297		$	1,864		$	(567	)
Interest rate swaps		3,321		3,321		—		(80	)		(80	)		—
Total	$	3,321	$	3,321	$	—	$	1,217		$	1,784		$	(567	)

	For the Nine Months Ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships	Gain Recognized in OCI on Derivative		Gain Recognized in OCI Included Component		Gain Recognized in OCI Excluded Component		Gain Reclassified from AOCI into Earnings		Gain Reclassified from AOCI into Earnings Included Component		Loss Reclassified from AOCI into Earnings Excluded Component
Interest rate floor	$	—	$	—	$	—	$	3,600	$	5,283	$	(1,683	)
Interest rate swaps		4,248		4,248		—		931		931		—
Total	$	4,248	$	4,248	$	—	$	4,531	$	6,214	$	(1,683	)

	For the Nine Months Ended September 30, 2022
Derivatives in Cash Flow Hedging Relationships	Gain Recognized in OCI on Derivative		Gain Recognized in OCI Included Component		Gain Recognized in OCI Excluded Component		Gain (Loss) Reclassified from AOCI into Earnings			Gain (Loss) Reclassified from AOCI into Earnings Included Component			Loss Reclassified from AOCI into Earnings Excluded Component
Interest rate floor	$	—	$	—	$	—	$	3,710		$	5,393		$	(1,683	)
Interest rate swaps		12,438		12,438		—		(616	)		(616	)		—
Total	$	12,438	$	12,438	$	—	$	3,094		$	4,777		$	(1,683	)