Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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:

September 30, 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	0.83	4.34	%	3.67	%	$	179
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	600,000		1.36	4.35	%	2.74	%	(9,803)
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	150,000		1.19	4.47	%	3.94% - 2.33%		(341)
Total	$	1,150,000						$	(9,965)
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
	September 30, 2025
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	255	$	119,949	$	265,576	$	158,925	$	219,471	$	850,659	$	1,614,580	$	(43,021)
Pay fixed, receive variable	255	119,949		265,576		158,925		219,471		850,659		1,614,580		42,975
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	57	88,311		10,624		—		—		—		98,935		3,004
Buys U.S. currency, sells foreign currency	57	88,311		10,624		—		—		—		98,935		(2,946)
Risk participation agreements
Participation out	18	—		17,794		37,853		12,556		81,676		149,879		70
Participation in	14	—		22,462		20,428		—		45,942		88,832		(31)
		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
	September 30 2025			December 31 2024			September 30 2025			December 31 2024
	(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives	$	244	(3)	$	2,724	(3)	$	10,209	(4)	$	22,734	(4)
Derivatives not designated as hedges
Customer Related Positions
Loan level derivatives	60,598		(3)	95,606		(3)	60,644		(4)	95,644		(4)
Foreign exchange contracts	3,161			5,424			3,103			5,363
Risk participation agreements	70			56			31			12
Mortgage Derivatives
Interest rate lock commitments	582			77			—			2
Forward sale loan commitments	43			13			—			—
Forward sale hedge commitments	66			58			—			—
Total derivatives not designated as hedges	64,520			101,234			63,778			101,021
Total	64,764			103,958			73,987			123,755
Netting Adjustments (5)	(26,987)			(46,664)			9,824			21,078
Net Derivatives on the Balance Sheet	37,777			57,294			64,163			102,677
Financial instruments (6)	5,993			2,894			5,993			2,894
Cash collateral pledged (received)	(12,284)			(33,283)			3,179			—
Net Derivative Amounts	$	19,500		$	21,117		$	54,991		$	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 $97,000 and $1.3 million of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at September 30, 2025, in comparison to accrued interest receivable of approximately $195,000 and $2.2 million, respectively, at December 31, 2024.

(4)Approximately $571,000 and $1.3 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at September 30, 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 other comprehensive income (“OCI”) and current earnings for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2025		2024		2025		2024
	(Dollars in thousands)
Derivatives designated as hedges
Gain in OCI on derivatives (effective portion), net of tax	$	1,397	$	8,753	$	7,182	$	9,000
Loss reclassified from OCI into interest income or interest expense (effective portion)	$	(2,271)	$	(4,902)	$	(7,450)	$	(15,788)
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	53	$	76	$	105	$	142
Other expense	(51)		(14)		(97)		(119)
Changes in fair value of mortgage derivatives
Mortgage banking income	328		(114)		545		254
Total	$	330	$	(52)	$	553	$	277