XML 47 R33.htm IDEA: XBRL DOCUMENT v3.24.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivatives on the Consolidated Balance Sheet
The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2024 and December 31, 2023, and their impact on earnings and other comprehensive income for the six months ended June 30, 2024 and June 30, 2023. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities.

Impact of Derivatives on the Consolidated Balance Sheets
Cash Flow HedgesFair Value HedgesTradingTotal
June 30,December 31,June 30,December 31,June 30,December 31,June 30,December 31,
(Dollars in thousands)20242023202420232024202320242023
Fair Values(1)
Hedged Risk Exposure
Derivative Assets:(2)
Interest rate swapsInterest rate$— $— $— $— $— $— $— $— 
Derivative Liabilities:(2)
Interest rate swaps Interest rate(87)(339)(29)(31)— (116)(370)
Total net derivatives$(87)$(339)$(29)$(31)$— $— $(116)$(370)
 
(1)    Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.
(2)    The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
Other AssetsOther Liabilities
June 30,December 31,June 30,December 31,
(Dollars in thousands)2024202320242023
Gross position(1)
$— $— $(116)$(370)
Impact of master netting agreement— — — — 
Derivative values with impact of master netting agreements (as carried on balance sheet)— — (116)(370)
Cash collateral pledged(2)
6,362 9,228 — — 
Net position$6,362 $9,228 $(116)$(370)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Schedule of Offsetting Assets The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
Other AssetsOther Liabilities
June 30,December 31,June 30,December 31,
(Dollars in thousands)2024202320242023
Gross position(1)
$— $— $(116)$(370)
Impact of master netting agreement— — — — 
Derivative values with impact of master netting agreements (as carried on balance sheet)— — (116)(370)
Cash collateral pledged(2)
6,362 9,228 — — 
Net position$6,362 $9,228 $(116)$(370)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Schedule of Offsetting Liabilities The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
Other AssetsOther Liabilities
June 30,December 31,June 30,December 31,
(Dollars in thousands)2024202320242023
Gross position(1)
$— $— $(116)$(370)
Impact of master netting agreement— — — — 
Derivative values with impact of master netting agreements (as carried on balance sheet)— — (116)(370)
Cash collateral pledged(2)
6,362 9,228 — — 
Net position$6,362 $9,228 $(116)$(370)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional Values
Cash FlowFair ValueTradingTotal
(Dollars in thousands)June 30,December 31,June 30,December 31,June 30,December 31,June 30,December 31,
20242023202420232024202320242023
Interest rate swaps$1,157,621 $1,203,783 $281,520 $702,309 $— $— $1,439,141 $1,906,092 
Net total notional$1,157,621 $1,203,783 $281,520 $702,309 $— $— $1,439,141 $1,906,092 
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
(Dollars in thousands)Carrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:June 30,December 31,June 30,December 31,
2024202320242023
Deposits$(274,091)$(689,137)$7,237 $12,910 
Schedule of Impact of Derivatives on the Consolidated Statements of Income
Impact of Derivatives on the Consolidated Statements of Income
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
(Dollars in thousands)2024202320242023
Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives$(3,566)$(5,980)$(9,104)$(12,385)
Hedged items recorded in interest expense(2,468)877 (5,673)(6,158)
Derivatives recorded in interest expense2,480 (765)5,709 6,331 
Total $(3,554)$(5,868)$(9,068)$(12,212)
Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense$12,295 $11,826 $24,756 $22,104 
Total $12,295 $11,826 $24,756 $22,104 
Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings$— $— $— $— 
Total— — — — 
Total$8,741 $5,958 $15,688 $9,892 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in thousands)2024202320242023
Amount of gain (loss) recognized in other comprehensive income (loss)$3,035 $19,401 $12,447 $14,680 
Less: amount of gain (loss) reclassified in interest expense12,295 11,826 24,756 22,104 
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit$(9,260)$7,575 $(12,309)$(7,424)