Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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	March 31, 2023				December 31, 2022
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate contracts	Other Assets	$	305,029	$	10,429	$	258,646	$	11,354
Interest rate lock commitments	Other Assets	135,187		3,382		92,901		1,231
Forward commitments	Other Assets	56,000		215		84,000		484
Totals		$	496,216	$	14,026	$	435,547	$	13,069
Derivative liabilities:
Interest rate contracts	Other Liabilities	$	305,029	$	10,429	$	258,646	$	11,354
Interest rate lock commitments	Other Liabilities	3,120		12		19,488		98
Forward commitments	Other Liabilities	176,000		1,419		73,000		1,198
Totals		$	484,149	$	11,860	$	351,134	$	12,650

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

	Balance Sheet	March 31, 2023				December 31, 2022
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate swaps	Other Assets	$	130,000	$	21,080	$	130,000	$	24,514
Interest rate collars	Other Assets	450,000		1,496		200,000		464
Total		$	580,000	$	22,576	$	330,000	$	24,978
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	—	$	—	$	—	$	—
Interest rate collars	Other Liabilities	—		—		250,000		746
Totals		$	—	$	—	$	250,000	$	746

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

	Balance Sheet	March 31, 2023				December 31, 2022
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	100,000	$	17,268	$	100,000	$	19,789

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 March 31,
	2023		2022
Interest rate contracts:
Included in interest income on loans	$	1,742	$	305
Interest rate lock commitments:
Included in mortgage banking income	2,237		(5,823)
Forward commitments
Included in mortgage banking income	(490)		10,188
Total	$	3,489	$	4,670

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 March 31,
	Location	2023		2022
Derivative liabilities:
Interest rate swaps - subordinated notes	Interest Expense	$	2,521	$	(6,343)
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes	Interest Expense	$	(2,521)	$	6,343

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	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Long-term debt	$	81,445	$	78,881	$	17,268	$	19,789

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
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Gross amounts recognized	$	31,041	$	36,493	$	20,866	$	22,056
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	31,041		36,493		20,866		22,056
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	19,662		22,056		19,662		22,056
Financial collateral pledged	—		—		701		—
Net amounts	$	11,379	$	14,437	$	503	$	—

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
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Gross amounts recognized	$	31,041	$	36,493	$	20,866	$	22,056
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	31,041		36,493		20,866		22,056
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	19,662		22,056		19,662		22,056
Financial collateral pledged	—		—		701		—
Net amounts	$	11,379	$	14,437	$	503	$	—