Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents information regarding our derivative financial instruments at the dates indicated (in thousands):


	Asset derivatives			Liability derivatives
	Notional amount		Fair value	Notional amount	Fair value
At June 30, 2024
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	175,000	2,726	—	—
Derivatives not designated as hedging instruments:
Interest rate swap agreements	743,036		44,420	743,036	44,450
Foreign exchange swap agreements	2,824		2	5,790	25
Interest rate lock commitments	29,284		791	—	—
Forward commitments	2,661		70	—	—
Risk participation agreements	—		—	116,473	106
Total Derivatives	$	952,805	48,009	865,299	44,581

At December 31, 2023


Derivatives designated as hedging instruments:
Interest rate swap agreements	$	75,000	713	100,000	1,198
Derivatives not designated as hedging instruments:
Interest rate swap agreements	725,139		41,406	725,139	41,437
Foreign exchange swap agreements	—		—	12,278	291
Interest rate lock commitments	21,857		641	—	—
Forward commitments	281		12	—	—
Risk participation agreements	—		—	101,727	14
Total derivatives	$	822,277	42,772	939,144	42,940

Schedule of gain (loss) on derivative instruments

The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):


	For the quarter ended June 30,			For the six months ended June 30,
	2024		2023	2024	2023
Hedging derivatives:
Decrease in interest expense	$	734	203	1,467	203

Non-hedging swap derivatives:
(Decrease)/increase in other income	(112)		(128)	175	(330)
Increase in mortgage banking income	323		349	208	176

Schedule of interest rate products designated as hedging instruments

The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended June 30, 2024 (dollars in thousands):


	Notional amount		Effective rate		Estimated decrease to interest expense in the next twelve months		Maturity date	Remaining term (in months)
Interest rate products:
Issued May 11, 2023	$	25,000	3.50	%	$	(543)	5/11/2027	34
Issued May 12, 2023	25,000		3.54	%	(532)		5/12/2028	46
Issued May 19, 2023	25,000		3.83	%	(458)		11/19/2027	41
Issued May 31, 2023	25,000		4.05	%	(404)		11/30/2026	29
Issued July 26, 2023	25,000		4.24	%	(356)		7/26/2028	49
Issued July 31, 2023	25,000		4.35	%	(334)		1/31/2028	43
Issued August 9, 2023	25,000		4.32	%	(337)		8/9/2027	37
Total	$	175,000			$	(2,964)