Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

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:

March 31, 2025
				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	1.33	4.34	%	3.67	%	$	1,055
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	700,000		1.64	4.34	%	2.76	%	(15,381)
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	150,000		1.70	4.46	%	3.94% - 2.33%		(832)
Total	$	1,250,000						$	(15,158)
December 31, 2024
				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	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)

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:

		Notional Amount Maturing
	Number of  Positions  (1)	Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	March 31, 2025
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	277	$	262,397	$	199,296	$	310,429	$	154,001	$	875,101	$	1,801,224	$	(66,195)
Pay fixed, receive variable	277	262,397		199,296		310,429		154,001		875,101		1,801,224		66,160
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	38	118,366		—		—		—		—		118,366		(137)
Buys U.S. currency, sells foreign currency	38	118,366		—		—		—		—		118,366		199
Risk participation agreements
Participation out	17	—		—		48,261		—		95,085		143,346		81
Participation in	12	—		35,772		—		15,199		—		50,971		(14)
		Notional Amount Maturing
	Number of  Positions  (1)	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)

(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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet and the potential effect of netting arrangements on its financial position, at the dates indicated:

	Asset Derivatives (1)						Liability Derivatives (2)
	Fair Value at			Fair Value at			Fair Value at			Fair Value at
	March 31 2025			December 31 2024			March 31 2025			December 31 2024
	(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives	$	1,106	(3)	$	2,724	(3)	$	16,264	(4)	$	22,734	(4)
Derivatives not designated as hedges
Customer Related Positions
Loan level derivatives	75,729		(3)	95,606		(3)	75,764		(4)	95,644		(4)
Foreign exchange contracts	2,113			5,424			2,051			5,363
Risk participation agreements	81			56			14			12
Mortgage Derivatives
Interest rate lock commitments	329			77			—			2
Forward sale loan commitments	2			13			—			—
Forward sale hedge commitments	—			58			60			—
Total derivatives not designated as hedges	78,254			101,234			77,889			101,021
Total	79,360			103,958			94,153			123,755
Netting Adjustments (5)	(36,002)			(46,664)			15,058			21,078
Net Derivatives on the Balance Sheet	43,358			57,294			79,095			102,677
Financial instruments (6)	5,638			2,894			5,638			2,894
Cash collateral pledged (received)	(19,250)			(33,283)			—			—
Net Derivative Amounts	$	18,470		$	21,117		$	73,457		$	99,783

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

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

(3)Approximately $119,000 and $1.7 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at March 31, 2025, in comparison to accrued interest receivable of approximately $195,000 and $2.2 million, respectively, at December 31, 2024.

(4)Approximately $656,000 and $1.7 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at March 31, 2025, in comparison to accrued interest payable of approximately $825,000 and $2.2 million, respectively, at December 31, 2024.

(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:

	Three Months Ended
	March 31
	2025		2024
	(Dollars in thousands)
Derivatives designated as hedges
Gain (loss) in OCI on derivatives (effective portion), net of tax	$	3,456	$	(1,488)
Loss reclassified from OCI into interest income or interest expense (effective portion)	$	(2,670)	$	(5,856)
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	36	$	35
Other expense	(17)		(72)
Changes in fair value of mortgage derivatives
Mortgage banking income	125		131
Total	$	144	$	94