Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments

The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:

	March 31, 2022
	Notional Amount		Asset		Liability
Interest rate contracts	$	587,309	$	23,245	$	23,195
Forward commitments	805,000		12,921		—
Interest rate-lock commitments	541,560		1,752		—
Futures contracts	382,000		—		4,754
Total	$	2,315,869	$	37,918	$	27,949

	December 31, 2021
	Notional Amount		Asset		Liability
Interest rate contracts	$	600,048	$	19,265	$	19,138
Forward commitments	1,180,000		—		1,077
Interest rate-lock commitments	487,396		7,197		—
Futures contracts	429,000		922		—
Total	$	2,696,444	$	27,384	$	20,215

 The following presents a summary of the Company's designated cash flow hedges as of the dates presented:

			March 31, 2022			December 31, 2021
	Notional Amount		Estimated fair value		Balance sheet location	Estimated fair value		Balance sheet location
Interest rate swap agreements-    subordinated debt	$	30,000	$	262	Other assets	$	(785)	Accrued expenses and other liabilities

	March 31, 2022
	Notional Amount		Remaining Maturity (In Years)	Receive Fixed Rate	Pay Floating Rate	Estimated fair value
Derivatives included in other liabilities:
Interest rate swap     agreement- subordinated     debt	$	100,000	1.92	1.45625%	SOFR	$	(1,333)
Interest rate swap     agreement- fixed rate     money market deposits	75,000		2.39	1.49500%	SOFR	(1,405)
Interest rate swap     agreement- fixed rate     money market deposits	125,000		2.39	1.49500%	SOFR	(2,342)
Total	$	300,000	2.23	1.48208%		$	(5,080)

Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments

Gains (losses) included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:

	Three Months Ended March 31,
	2022		2021
Included in mortgage banking income:
Interest rate lock commitments	$	(5,446)	$	(21,442)
Forward commitments	37,903		43,258
Futures contracts	(16,535)		(16,332)
Option contracts	36		—
Total	$	15,958	$	5,484

The following discloses the amount included in other comprehensive income, net of tax, for derivative instruments designated as cash flow hedges for the periods presented: 

	Three Months Ended March 31,
	2022		2021
Amount of gain recognized in other comprehensive    (loss) income, net of tax expense of $273 and $112	$	774	$	316

Schedule of Derivative Liabilities at Fair Value

The following amounts were recorded on the balance sheet related to cumulative adjustments for fair value hedges as of March 31, 2022:

Line item on the balance sheet	Carrying Amount of the Hedged Item			Cumulative Decrease in Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
Borrowings	$	97,378	(1)	$	(1,333)
Money market and savings deposits	205,415		(2)	(3,747)

(1) The carrying value also includes unamortized subordinated debt issuance costs of $1,289.

(2) The carrying value also includes and purchase accounting fair value premium of $9,162.

Schedule of Offsetting Assets

The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Gross amounts recognized	$	18,895	$	4,990	$	12,134	$	15,733
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	18,895		4,990		12,134		15,733
Gross amounts not offset in the consolidated balance sheets
Less: financial instruments	9,681		4,297		9,681		4,297
Less: financial collateral pledged	—		—		2,453		11,436
Net amounts	$	9,214	$	693	$	—	$	—

Schedule of Offsetting Liabilities

The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Gross amounts recognized	$	18,895	$	4,990	$	12,134	$	15,733
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	18,895		4,990		12,134		15,733
Gross amounts not offset in the consolidated balance sheets
Less: financial instruments	9,681		4,297		9,681		4,297
Less: financial collateral pledged	—		—		2,453		11,436
Net amounts	$	9,214	$	693	$	—	$	—