XML 47 R35.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following discloses the amount of expense included in interest expense on deposits and borrowings, related to the Company's fair value hedging instruments:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Designated fair value hedge:
     Interest expense on deposits$— $(1,769)$— $(3,277)
     Interest expense on borrowings— (894)(645)(1,654)
       Total$— $(2,663)$(645)$(4,931)
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 December 31, 2023:
December 31, 2023
Line item on the balance sheetCarrying amount of the hedged itemCumulative decrease in fair value hedging adjustment included in the carrying amount of the hedged item
Money market and savings deposits$198,143 
(1)
$(4,497)
Borrowings98,715 
(2)
(673)
      Total$296,858 $(5,170)
(1) The carrying value also includes an unaccreted purchase accounting fair value premium of $2,640 as of December 31, 2023.
(2) The carrying value also includes unamortized subordinated debt issuance costs of $612 as of December 31, 2023.
Schedule of Derivative Financial Instruments
The following presents a summary of the Company's designated cash flow hedges as of the dates presented:
June 30, 2024December 31, 2023
Notional AmountEstimated fair valueBalance sheet locationNotional AmountEstimated fair valueBalance sheet location
Interest rate swap agreements-
   subordinated debt		$9,000 $80 Other assets$30,000 $579 Other assets
The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
June 30, 2024
Notional AmountAssetLiability
  Interest rate contracts$549,564 $34,935 $34,967 
  Forward commitments201,000 191 — 
  Interest rate-lock commitments108,694 1,380 — 
  Futures contracts232,500 490 — 
    Total$1,091,758 $36,996 $34,967 
 December 31, 2023
 Notional AmountAssetLiability
  Interest rate contracts$569,865 $32,179 $32,184 
  Forward commitments159,000 — 861 
  Interest rate-lock commitments69,217 1,203 — 
  Futures contracts254,000 777 — 
    Total$1,052,082 $34,159 $33,045 
Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments
The following discloses the amount included in other comprehensive loss, net of tax, for derivative instruments designated as cash flow hedges for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Amount of (loss) gain recognized in other comprehensive
 income (loss), net of tax (benefit) expense of $(68), $6,
 $(130) and $(64)
$(195)$17 $(369)$(180)
(Losses) gains included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2024 2023 2024 2023 
Included in mortgage banking income:
  Interest rate lock commitments$(693)$(1,028)$176 $179 
  Forward commitments334 1,031 434 736 
  Futures contracts(1,402)(2,521)(4,399)(584)
  Option contracts— (461)— (1,125)
    Total$(1,761)$(2,979)$(3,789)$(794)
Schedule of Offsetting Assets
Gross amounts not offset on the consolidated balance sheets
Gross amounts recognizedGross amounts offset on the consolidated balance sheetsNet amounts presented on the consolidated balance sheetsFinancial instrumentsFinancial collateral pledgedNet Amount
June 30, 2024
Derivative financial assets$34,541 $— $34,541 $561 $— $33,980 
Derivative financial liabilities$10,066 $— $10,066 $561 $9,505 $— 
December 31, 2023
Derivative financial assets$31,468 $— $31,468 $6,502 $— $24,966 
Derivative financial liabilities$11,330 $— $11,330 $6,502 $4,828 $— 
Schedule of Offsetting Liabilities
Gross amounts not offset on the consolidated balance sheets
Gross amounts recognizedGross amounts offset on the consolidated balance sheetsNet amounts presented on the consolidated balance sheetsFinancial instrumentsFinancial collateral pledgedNet Amount
June 30, 2024
Derivative financial assets$34,541 $— $34,541 $561 $— $33,980 
Derivative financial liabilities$10,066 $— $10,066 $561 $9,505 $— 
December 31, 2023
Derivative financial assets$31,468 $— $31,468 $6,502 $— $24,966 
Derivative financial liabilities$11,330 $— $11,330 $6,502 $4,828 $—