Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts Outstanding

The notional amounts and estimated fair values of interest rate derivative contracts are presented in the following table. The fair values of interest rate derivative contracts are estimated utilizing internal valuation methods with observable market data inputs, or as determined by the Chicago Mercantile Exchange (“CME”) for centrally cleared derivative contracts. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives' exposure rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero as of September 30, 2023 and December 31, 2022.

	September 30, 2023				December 31, 2022
	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
Derivatives designated as hedges of fair value:
Financial institution counterparties:
Loan/lease interest rate swaps – assets	$	—	$	—	$	1,614	$	19
Non-hedging interest rate derivatives:
Financial institution counterparties:
Loan/lease interest rate swaps – assets	1,339,716		95,361		1,165,812		70,416
Loan/lease interest rate swaps – liabilities	60,450		(674)		78,798		(1,102)
Loan/lease interest rate caps – assets	226,507		14,062		246,442		15,256
Customer counterparties:
Loan/lease interest rate swaps – assets	60,450		674		53,570		1,102
Loan/lease interest rate swaps – liabilities	1,339,716		(95,361)		1,175,563		(79,175)
Loan/lease interest rate caps – liabilities	226,507		(14,062)		246,442		(15,256)

Schedule of Weighted-Average Rates Paid and Received for Interest Rate Swaps Outstanding

The weighted-average rates paid and received for interest rate swaps outstanding at September 30, 2023 were as follows:

	Weighted-Average
	Interest Rate Paid		Interest Rate Received
Interest rate swaps:
Non-hedging interest rate swaps – financial institution counterparties	4.27	%	5.46	%
Non-hedging interest rate swaps – customer counterparties	5.46		4.27

Schedule of Notional Amounts and Estimated Fair Values of Commodity Derivative Positions

The notional amounts and estimated fair values of non-hedging commodity swap and option derivative positions outstanding are presented in the following table. We obtain dealer quotations and use internal valuation methods with observable market data inputs to value our commodity derivative positions.

		September 30, 2023			December 31, 2022
	Notional Units	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
Financial institution counterparties:
Oil – assets	Barrels	3,819	$	13,764	4,024	$	27,082
Oil – liabilities	Barrels	7,103	(49,509)		6,068	(53,579)
Natural gas – assets	MMBTUs	17,873	6,126		16,539	6,220
Natural gas – liabilities	MMBTUs	8,382	(5,726)		15,682	(19,138)
Customer counterparties:
Oil – assets	Barrels	7,380	50,384		6,068	54,219
Oil – liabilities	Barrels	3,542	(13,471)		4,024	(26,551)
Natural gas – assets	MMBTUs	8,824	5,745		15,682	19,164
Natural gas – liabilities	MMBTUs	17,431	(5,901)		16,539	(6,124)

Schedule of Foreign Exchange Contracts, Statement of Financial Position

The notional amounts and fair values of open foreign currency forward and option contracts are presented in the following table.

		September 30, 2023			December 31, 2022
	Notional Currency	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
Financial institution counterparties:
Forward and option contracts – assets	EUR	—	$	—	875	$	1
Forward and option contracts – liabilities	EUR	—	—		875	(10)
Customer counterparties:
Forward and option contracts – assets	EUR	—	—		875	10
Forward and option contracts – liabilities	EUR	—	—		875	(1)

Schedule of Amounts Related to Interest Rate Derivatives Designated as Hedges of Fair Value

Amounts included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commercial loan/lease interest rate swaps:
Amount of gain (loss) included in interest income on loans	$	—	$	2	$	16	$	(16)
Amount of (gain) loss included in other non-interest expense	(4)		1		—		6

Schedule of Amounts Related to Non-Hedging Interest Rate and Commodity Derivatives

Amounts included in the consolidated statements of income related to non-hedge related derivative instruments are presented in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Non-hedging interest rate derivatives:
Other non-interest income	$	2,049	$	140	$	3,761	$	1,171
Other non-interest expense	—		—		—		—
Non-hedging commodity derivatives:
Other non-interest income	697		485		1,622		2,063
Non-hedging foreign currency derivatives:
Other non-interest income	—		—		25		63