DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes

The following tables reflect information about the Company’s derivative positions at the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:

December 31, 2024
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Received		Pay Fixed Swap Rate		Fair Value
	(in thousands)		(in years)					(in thousands)
Interest rate swaps on borrowings	$	400,000	1.58	4.56	%	3.67	%	$	2,724
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	750,000		1.77	4.57	%	2.78	%	(21,205)
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	150,000		1.94	4.70	%	3.94% - 2.33%		(1,529)
Total	$	1,300,000						$	(20,010)
December 31, 2023
				Weighted Average Rate
	Notional Amount		Average Maturity	Current Rate Received		Pay Fixed Swap Rate		Fair Value
	(in thousands)		(in years)					(in thousands)
Interest rate swaps on borrowings	$	400,000	2.58	5.34	%	3.67	%	$	1,901
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	850,000		2.50	5.36	%	2.72	%	(27,350)
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	350,000		1.48	5.45	%	3.09% - 2.12%		(4,714)
Total	$	1,600,000						$	(30,163)

Summary of customer related derivative positions, not designated as hedging

The following tables reflect the Company’s customer related derivative positions at the dates indicated below for those derivatives not designated as hedging:

	Number of Positions (1)	Notional Amount Maturing
		Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	December 31, 2024
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	276	$	261,222	$	225,043	$	252,911	$	208,762	$	869,095	$	1,817,033	$	(92,913)
Pay fixed, receive variable	276	261,222		225,043		252,911		208,762		869,095		1,817,033		92,875
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	34	112,156		12,120		—		—		—		124,276		(5,363)
Buys U.S. currency, sells foreign currency	34	112,156		12,120		—		—		—		124,276		5,424
Risk participation agreements
Participation out	18	23,672		—		27,140		21,256		91,053		163,121		56
Participation in	12	—		13,016		22,904		15,334		—		51,254		(12)
	Number of Positions (1)	Notional Amount Maturing
		Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	December 31, 2023
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	281	$	80,682	$	252,260	$	223,928	$	230,513	$	997,108	$	1,784,491	$	(88,415)
Pay fixed, receive variable	281	80,682		252,260		223,928		230,513		997,108		1,784,491		88,280
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	22	65,586		12,957		—		—		—		78,543		2,197
Buys U.S. currency, sells foreign currency	22	65,586		12,957		—		—		—		78,543		(2,160)
Risk participation agreements
Participation out	17	—		24,193		—		13,119		114,027		151,339		200
Participation in	8	—		—		13,016		18,989		15,725		47,730		(44)

(1)     The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.

Fair value of derivative financial instruments as well as their classification on the balance sheet

	Asset Derivatives (1)						Liability Derivatives (2)
	Fair Value at			Fair Value at			Fair Value at			Fair Value at
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives	$	2,724	(3)	$	1,927	(3)	$	22,734	(4)	$	32,090	(4)
Derivatives not designated as hedges
Customer Related Positions:
Loan level derivatives	95,606		(3)	99,416		(3)	95,644		(4)	99,551		(4)
Foreign exchange contracts	5,424			2,220			5,363			2,183
Risk participation agreements	56			200			12			44
Mortgage Derivatives
Interest rate lock commitments	77			168			2			—
Forward sale loan commitments	13			17			—			—
Forward sale hedge commitments	58			—			—			—
Total derivatives not designated as hedges	101,234			102,021			101,021			101,778
Total	103,958			103,948			123,755			133,868
Netting Adjustments (5)	(46,664)			(48,253)			21,078			25,360
Net Derivatives on the Balance Sheet	57,294			55,695			102,677			108,508
Financial instruments (6)	2,894			12,018			2,894			12,018
Cash collateral pledged (received)	(33,283)			(17,076)			—			—
Net Derivative Amounts	$	21,117		$	26,601		$	99,783		$	96,490

(1)All asset derivatives are located in other assets on the balance sheet.

(2)All liability derivatives are located in other liabilities on the balance sheet.

(3)Approximately $195,000 and $2.2 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at December 31, 2024, in comparison to accrued interest receivable of approximately $316,000 and $3.0 million, respectively at December 31, 2023.

(4)Approximately $825,000 and $2.2 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at December 31, 2024, in comparison to accrued interest payable of approximately $1.9 million and $3.0 million, respectively, at December 31, 2023.

(5)Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance.

(6)Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet.

Effect of derivative financial instruments included in OCI and current earnings

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:    

	Years Ended December 31
	2024		2023		2022
	(Dollars in thousands)
Derivatives designated as hedges
Gain (loss) in OCI on derivatives (effective portion), net of tax	$	6,713	$	16,055	$	(50,767)
(Loss) gain reclassified from OCI into interest income or interest expense (effective portion)	$	(19,372)	$	(27,414)	$	5,054
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	231	$	517	$	260
Other expenses	(212)		(679)		(268)
Changes in fair value of mortgage derivatives
Mortgage banking income	(38)		112		(679)
Total	$	(19)	$	(50)	$	(687)