Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Condition and Statements of Income Related to Cumulative Basis Adjustment for Fair Value Hedges

The following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustment for fair value hedges as of the dates indicated:

Line Item in the Statement of Financial Position in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
(Dollars in thousands)	December 31, 2024		December 31, 2023		December 31, 2024			December 31, 2023
Loans held for investment(1)	$	283,558	$	1,320,449	$	(15,815)	(2)	$	(29,551)
Total	$	283,558	$	1,320,449	$	(15,815)		$	(29,551)

______________________________

(1) These amounts were included in the amortized cost basis of closed portfolios of loans held for investment used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2024 and 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $990.6 million and 3.25 billion, respectively; the cumulative basis adjustments associated with these hedging relationships was $(16.4) million and $(29.6) million, respectively; and the amounts of the designated hedged items were $300.0 million and $1.35 billion, respectively.

(2) At December 31, 2024, the balance included $628,000 hedging adjustment on discontinued hedging relationships.

The following table presents the effect of fair value hedge accounting on the consolidated statements of income:

		For the Year Ended December 31,
(Dollars in thousands)	Location of Gain (Loss) Recognized in Income on Derivative Instruments	2024		2023		2022
Gain (loss) on fair value hedging relationships:
Hedged items - loans	Interest Income	$	13,109	$	32,375	$	(56,328)
Interest rate swap contracts	Interest Income	12,541		5,721		68,322

Schedule of Derivative Instruments

The following tables summarize the Company’s derivative instruments included in “other assets” and “other liabilities” in the consolidated statements of financial condition as of the dates indicated:

	December 31, 2024
	Derivative Assets				Derivative Liabilities
(Dollars in thousands)	Notional		Fair Value		Notional		Fair Value
Derivative instruments designated as hedging instruments:
Fair value hedge - interest rate swap contracts	$	300,000	$	17,108	$	—	$	—
Total derivative designated as hedging instruments	300,000		17,108		—		—
Derivative instruments not designated as hedging instruments:
Foreign exchange contracts	361		6		—		—
Interest rate swap contracts	93,732		11,047		93,732		11,052
Total derivative not designated as hedging instruments	94,093		11,053		93,732		11,052
Total derivatives	$	394,093	$	28,161	$	93,732	$	11,052
Netting adjustments - cleared positions (1)			22,517				(100)
Total derivatives in the Balance Sheet			$	5,644			$	11,152

	December 31, 2023
	Derivative Assets				Derivative Liabilities
(Dollars in thousands)	Notional		Fair Value		Notional		Fair Value
Derivative instruments designated as hedging instruments:
Fair value hedge - interest rate swap contracts	$	600,000	$	34,541	$	750,000	$	3,184
Total derivative designated as hedging instruments	600,000		34,541		750,000		3,184
Derivative instruments not designated as hedging instruments:
Foreign exchange contracts	19		1		410		10
Interest rate swap contracts	103,954		10,397		103,954		10,409
Total derivative not designated as hedging instruments	103,973		10,398		104,364		10,419
Total derivatives	$	703,973	$	44,939	$	854,364	$	13,603
Netting adjustments - cleared positions (1)			39,295				2,888
Total derivatives in the Balance Sheet			$	5,644			$	10,715

______________________________

(1) Netting adjustments represents the variation margin payments that are considered legal settlements of derivative exposure and applied to net the fair value of the respective derivative contracts in accordance with the applicable accounting guidance on the settle-to-market rule for cleared derivatives.

The following table summarizes the effect of the derivative not designated as hedging instruments in the consolidated statements of income.

(Dollars in thousands)		For the Year Ended December 31,
Derivative Not Designated as Hedging Instruments:	Location of Gain (loss) Recognized in Income on Derivative Instruments	2024		2023		2022
Foreign exchange contracts	Other income	$	704	$	952	$	490
Interest rate products	Other income	7		(11)		4
Equity warrants	Other income	—		(1,194)		4
Total		$	711	$	(253)	$	498