Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments

The notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2023, and December 31, 2022, were as follows:

	March 31, 2023					December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value			Notional Amount		Fair Value
Interest Rate Lock Commitments	$	6,748	$	17		$	3,860	$	58
Forward Commitments		6,757		(19	)		3,256		6
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps		1,879,140		(118,554	)		1,821,433		(160,914	)
Pay Fixed/Receive Variable Swaps		1,879,140		65,542			1,821,433		38,785
Foreign Exchange Contracts		24,789		201			52,065		1,745
Conversion Rate Swap Agreement 1		135,380	NA				124,752	NA

1The conversation rate swap agreements were valued at zero as further reductions to the conversion rate were deemed neither probable nor reasonable estimable.

Derivative Financial Instruments, their Fair Values, and Balance Sheet Location

The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of March 31, 2023, and December 31, 2022:

Derivative Financial Instruments	March 31, 2023				December 31, 2022
Not Designated as Hedging Instruments 1	Asset		Liability		Asset		Liability
(dollars in thousands)	Derivatives		Derivatives		Derivatives		Derivatives
Interest Rate Lock Commitments	$	174	$	—	$	64	$	6
Forward Commitments		5		24		10		4
Interest Rate Swap Agreements		84,666		137,678		45,831		167,960
Foreign Exchange Contracts		205		4		1,812		67
Total	$	85,050	$	137,706	$	47,717	$	168,037

1Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition. The Company’s free-standing derivative financial instruments are required to be carried at their fair value on the Company’s consolidated statements of condition.

Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income

The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the consolidated statements of income for the three months ended March 31, 2023, and March 31, 2022:

	Location of
Derivative Financial Instruments	Net Gains (Losses)	Three Months Ended
Not Designated as Hedging Instruments	Recognized in the	March 31,
(dollars in thousands)	Statements of Income	2023			2022
Interest Rate Lock Commitments	Mortgage Banking	$	204		$	(1,079	)
Forward Commitments	Mortgage Banking		(31	)		1,908
Interest Rate Swap Agreements 1	Other Noninterest Income		(16	)		(6	)
Foreign Exchange Contracts	Other Noninterest Income		841			274
Total		$	998		$	1,097

1The net gains and losses presented in the table above have been updated to properly exclude the fee income generated from the execution of these derivative financial instruments.