Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 (in thousands):

	Derivative Assets				Derivative Liabilities
	June 30,		December 31,		June 30,		December 31,
Fair Value	2024		2023		2024		2023
Interest Rate Products:
Derivatives not designated as hedging instruments	$	114,133	$	99,574	$	119,943	$	105,016
Derivatives designated as hedging instruments		97,838		61,922		—		67
Total	$	211,971	$	161,496	$	119,943	$	105,083

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 six months ended June 30, 2024 and June 30, 2023 (in thousands):

	Amount of Gain (Loss) Recognized
	For the Three Months Ended						For the Six Months Ended
	June 30,			June 30,			June 30,		June 30,
	2024			2023			2024		2023
Interest Rate Products
Derivatives not designated as hedging instruments	$	(14	)	$	51		$	67	$	(22	)
Total	$	(14	)	$	51		$	67	$	(22	)
Interest Rate Products
Derivatives designated as hedging instruments:
Fair value adjustments on derivatives	$	—		$	656		$	—	$	849
Fair value adjustments on hedged items		—			(657	)		—		(847	)
Total	$	—		$	(1	)	$	—	$	2

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 six months ended June 30, 2024 and June 30, 2023 (in thousands):

	For the Three Months Ended June 30, 2024
Derivatives in Cash Flow Hedging Relationships	(Loss) Gain Recognized in OCI on Derivative			(Loss) 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 floors and floor spreads	$	(9,622	)	$	(12,657	)	$	3,035	$	514	$	1,538	$	(1,024	)
Interest rate swaps		847			847			—		376		376		—
Total	$	(8,775	)	$	(11,810	)	$	3,035	$	890	$	1,914	$	(1,024	)

	For the Three Months Ended June 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	$	—	$	—	$	—	$	1,205	$	1,766	$	(561	)
Interest rate swaps		1,848		1,848		—		296		296		—
Total	$	1,848	$	1,848	$	—	$	1,501	$	2,062	$	(561	)

	For the Six Months Ended June 30, 2024
Derivatives in Cash Flow Hedging Relationships	(Loss) Gain Recognized in OCI on Derivative			(Loss) 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	$	(25,158	)	$	(37,713	)	$	12,555	$	1,217	$	3,126	$	(1,909	)
Interest rate swaps		2,725			2,725			—		751		751		—
Total	$	(22,433	)	$	(34,988	)	$	12,555	$	1,968	$	3,877	$	(1,909	)

	For the Six Months Ended June 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	$	—	$	—	$	—	$	2,436	$	3,552	$	(1,116	)
Interest rate swaps		321		321		—		560		560		—
Total	$	321	$	321	$	—	$	2,996	$	4,112	$	(1,116	)