Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
	Notional Amount		Asset		Liability
Interest rate contracts	$	567,594	$	36,068	$	36,087
Forward commitments	268,000		—		691
Interest rate-lock commitments	157,213		2,640		—
Futures contracts	495,500		103		—
Total	$	1,488,307	$	38,811	$	36,778

	December 31, 2022
	Notional Amount		Asset		Liability
Interest rate contracts	$	560,310	$	45,775	$	45,762
Forward commitments	207,000		306		—
Interest rate-lock commitments	118,313		1,433		—
Futures contracts	494,300		—		3,790
Total	$	1,379,923	$	47,514	$	49,552

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

			March 31, 2023			December 31, 2022
	Notional Amount		Estimated fair value		Balance sheet location	Estimated fair value		Balance sheet location
Interest rate swap agreements-    subordinated debt	$	30,000	$	988	Other assets	$	1,255	Other Assets

				March 31, 2023				December 31, 2022
	Remaining Maturity (In Years)	Receive Fixed Rate	Pay Floating Rate	Notional Amount		Estimated fair value		Notional Amount		Estimated fair value
Derivatives included in other liabilities:
Interest rate swap     agreement- subordinated     debt	0.92	1.46%	SOFR	$	100,000	$	(2,952)	$	100,000	$	(3,830)
Interest rate swap     agreement- fixed rate     money market deposits	1.39	1.50%	SOFR	75,000		(3,274)		75,000		(3,693)
Interest rate swap     agreement- fixed rate     money market deposits	1.39	1.50%	SOFR	125,000		(5,457)		125,000		(6,154)
Total	1.23	1.48%		$	300,000	$	(11,683)	$	300,000	$	(13,677)

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,
	2023		2022
Included in mortgage banking income:
Interest rate lock commitments	$	1,207	$	(5,446)
Forward commitments	(295)		37,903
Futures contracts	1,937		(16,535)
Option contracts	(664)		36
Total	$	2,185	$	15,958

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

	Three Months Ended March 31,
	2023		2022
Amount of (loss) gain recognized in other comprehensive income (loss), net of tax (benefit) expense of $(70) and $273	$	(197)	$	774

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following discloses the amount of (expense) income included in interest expense on borrowings and deposits, related to these fair value hedging instruments:

	Three Months Ended March 31,
	2023		2022
Designated fair value hedge:
Interest (expense) income on deposits	$	(1,508)	$	313
Interest (expense) income on borrowings	(760)		162
Total	$	(2,268)	$	475

Schedule of Derivative Liabilities at Fair Value

The following amounts were recorded on the balance sheet related to cumulative adjustments of fair value hedges as of the dates presented:

	Carrying Amount of the Hedged Item					Cumulative Decrease in Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
Line item on the balance sheet	March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Borrowings	$	96,146	$	95,171	(1)	$	(2,952)	$	(3,830)
Money market and savings deposits	196,704		196,520		(2)	(8,731)		(9,847)

(1) The carrying value also includes unamortized subordinated debt issuance costs of $902 and $999 as of March 31, 2023 and December 31, 2022, respectively.

(2) The carrying value also includes an unaccreted purchase accounting fair value premium of $5,435 and $6,367 as of March 31, 2023 and December 31, 2022, respectively.

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:

							Gross amounts not offset in the consolidated balance sheets
	Gross amounts recognized		Gross amounts offset in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets		Financial instruments		Financial collateral pledged		Net Amount
March 31, 2023
Derivative financial assets	$	35,641	$	—	$	35,641	$	12,771	$	—	$	22,870
Derivative financial liabilities	$	18,528	$	—	$	18,528	$	12,771	$	5,757	$	—
December 31, 2022
Derivative financial assets	$	44,273	$	—	$	44,273	$	14,229	$	—	$	30,044
Derivative financial liabilities	$	20,251	$	—	$	20,251	$	14,229	$	6,022	$	—

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:

							Gross amounts not offset in the consolidated balance sheets
	Gross amounts recognized		Gross amounts offset in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets		Financial instruments		Financial collateral pledged		Net Amount
March 31, 2023
Derivative financial assets	$	35,641	$	—	$	35,641	$	12,771	$	—	$	22,870
Derivative financial liabilities	$	18,528	$	—	$	18,528	$	12,771	$	5,757	$	—
December 31, 2022
Derivative financial assets	$	44,273	$	—	$	44,273	$	14,229	$	—	$	30,044
Derivative financial liabilities	$	20,251	$	—	$	20,251	$	14,229	$	6,022	$	—