Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023.

	March 31, 2024			December 31, 2023
	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
Non-hedging interest rate derivatives:
Financial institution counterparties:
Loan/lease interest rate swaps – assets	1,224,589	$	69,640	1,040,659	$	58,486
Loan/lease interest rate swaps – liabilities	538,648	(9,899)		617,266	(20,293)
Loan/lease interest rate caps – assets	243,648	11,177		275,000	11,747
Customer counterparties:
Loan/lease interest rate swaps – assets	538,648	9,899		617,266	20,482
Loan/lease interest rate swaps – liabilities	1,224,589	(69,639)		1,040,659	(58,485)
Loan/lease interest rate caps – liabilities	243,648	(11,177)		275,000	(11,747)

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 March 31, 2024 were as follows:

	Weighted-Average
	Interest Rate Paid		Interest Rate Received
Interest rate swaps:
Non-hedging interest rate swaps – financial institution counterparties	4.91	%	5.01	%
Non-hedging interest rate swaps – customer counterparties	5.01		4.91

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.

		March 31, 2024			December 31, 2023
	Notional Units	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
Financial institution counterparties:
Oil – assets	Barrels	3,666	$	11,866	5,601	$	37,667
Oil – liabilities	Barrels	6,183	(29,196)		4,581	(18,500)
Natural gas – assets	MMBTUs	15,537	10,208		17,363	11,822
Natural gas – liabilities	MMBTUs	5,593	(1,715)		6,462	(2,499)
Customer counterparties:
Oil – assets	Barrels	6,382	29,855		4,618	18,722
Oil – liabilities	Barrels	3,468	(11,656)		5,564	(36,877)
Natural gas – assets	MMBTUs	5,593	1,717		6,462	2,499
Natural gas – liabilities	MMBTUs	15,537	(9,956)		17,363	(11,571)

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.

		March 31, 2024			December 31, 2023
	Notional Currency	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
Financial institution counterparties:
Forward and option contracts – assets	CAD	125	$	—	250	$	1
Forward and option contracts – liabilities	EUR	—	—		3,000	(14)
Forward and option contracts – liabilities	CAD	125	—		250	(5)
Customer counterparties:
Forward and option contracts – assets	EUR	—	—		3,000	16
Forward and option contracts – assets	CAD	250	1		250	5
Forward and option contracts – liabilities	CAD	—	—		250	—

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 March 31,
	2024		2023
Commercial loan/lease interest rate swaps:
Amount of gain (loss) included in interest income on loans	$	—	$	12

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 March 31,
	2024		2023
Non-hedging interest rate derivatives:
Other non-interest income	$	1,125	$	710
Other non-interest expense	—		(1)
Non-hedging commodity derivatives:
Other non-interest income	379		422
Non-hedging foreign currency derivatives:
Other non-interest income	11		25