Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments

The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

	Balance Sheet	September 30, 2022				December 31, 2021
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate contracts	Other Assets	$	223,569	$	11,343	$	185,447	$	4,711
Interest rate lock commitments	Other Assets	44,785		657		310,941		5,304
Forward commitments	Other Assets	225,000		8,941		280,000		667
Totals		$	493,354	$	20,941	$	776,388	$	10,682
Derivative liabilities:
Interest rate contracts	Other Liabilities	$	223,569	$	11,343	$	185,447	$	4,711
Interest rate lock commitments	Other Liabilities	84,830		1,861		19,961		43
Forward commitments	Other Liabilities	10,000		49		320,000		736
Totals		$	318,399	$	13,253	$	525,408	$	5,490

The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:

	Balance Sheet	September 30, 2022				December 31, 2021
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate swaps	Other Assets	$	130,000	$	25,266	$	100,000	$	7,016
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	—	$	—	$	62,000	$	2,902
Interest rate collars	Other Liabilities	250,000		1,934		—		—
Totals		$	250,000	$	1,934	$	62,000	$	2,902

The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:

	Balance Sheet	September 30, 2022				December 31, 2021
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	100,000	$	20,643	$	100,000	$	5,411

Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income

Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest rate contracts:
Included in interest income on loans	$	811	$	589	$	1,255	$	1,795
Interest rate lock commitments:
Included in mortgage banking income	(4,046)		(3,251)		(6,466)		(12,655)
Forward commitments
Included in mortgage banking income	9,381		5,310		8,962		8,590
Total	$	6,146	$	2,648	$	3,751	$	(2,270)

The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:

		Amount of Gain (Loss) Recognized in Income
	Income Statement	Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2022		2021		2022		2021
Derivative liabilities:
Interest rate swaps - subordinated notes	Interest Expense	$	(10,495)	$	(764)	$	(15,232)	$	(4,941)
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes	Interest Expense	$	10,495	$	764	$	15,232	$	4,941

Schedule of derivatives instruments statements of financial performance and financial position, location

The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:

	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet Location	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Long-term debt	$	77,984	$	93,085	$	20,643	$	5,411

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:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Gross amounts recognized	$	45,510	$	8,007	$	22,665	$	13,436
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	45,510		8,007		22,665		13,436
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	22,665		7,208		22,665		7,208
Financial collateral pledged	—		—		—		6,228
Net amounts	$	22,845	$	799	$	—	$	—

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:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Gross amounts recognized	$	45,510	$	8,007	$	22,665	$	13,436
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	45,510		8,007		22,665		13,436
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	22,665		7,208		22,665		7,208
Financial collateral pledged	—		—		—		6,228
Net amounts	$	22,845	$	799	$	—	$	—