Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

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:

June 30, 2026
				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	$	200,000	0.46	3.60	%	3.48	%	$	381
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	500,000		1.80	3.61	%	2.80	%	(9,426)
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	200,000		1.59	3.70	%	4.22% - 2.50%		(168)
Total	$	900,000						$	(9,213)
December 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	0.58	3.87	%	3.67	%	$	(209)
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	550,000		1.21	3.89	%	2.73	%	(7,903)
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	150,000		0.94	4.05	%	3.94% - 2.33%		(140)
Total	$	1,100,000						$	(8,252)

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
	June 30, 2026
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	250	$	207,566	$	214,841	$	185,239	$	220,858	$	807,114	$	1,635,618	$	(48,012)
Pay fixed, receive variable	250	207,566		214,841		185,239		220,858		807,114		1,635,618		48,014
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	50	123,313		9,241		—		—		—		132,554		(3,310)
Buys U.S. currency, sells foreign currency	50	123,313		9,241		—		—		—		132,554		3,392
Risk participation agreements
Participation out	17	—		47,562		20,008		25,512		47,632		140,714		40
Participation in	14	19,243		5,500		6,845		21,499		61,682		114,769		(41)
		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, 2025
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	259	$	151,688	$	261,876	$	224,449	$	192,734	$	878,490	$	1,709,237	$	(41,517)
Pay fixed, receive variable	259	151,688		261,876		224,449		192,734		878,490		1,709,237		41,503
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	47	95,672		—		—		—		—		95,672		1,385
Buys U.S. currency, sells foreign currency	47	95,672		—		—		—		—		95,672		(1,328)
Risk participation agreements
Participation out	19	—		26,865		28,643		33,850		79,953		169,311		59
Participation in	15	—		22,314		20,291		—		61,994		104,599		(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

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
	June 30 2026			December 31 2025			June 30 2026			December 31 2025
	(Dollars in thousands)
Derivatives designated as hedges:
Interest rate derivatives	$	422	(3)	$	77	(3)	$	9,635	(4)	$	8,329	(4)
Derivatives not designated as hedges:
Customer Related Positions
Loan level derivatives	52,311		(3)	57,790		(3)	52,309		(4)	57,804		(4)
Foreign exchange contracts	3,405			1,814			3,323			1,757
Risk participation agreements	40			59			41			44
Mortgage Derivatives
Interest rate lock commitments	333			355			—			—
Forward sale loan commitments	89			35			—			—
Forward sale hedge commitments	—			—			15			31
Total derivatives not designated as hedges	56,178			60,053			55,688			59,636
Total gross derivatives on the balance sheet	56,600			60,130			65,323			67,965
Netting Adjustments (5)	(25,317)			(25,765)			8,353			8,135
Net derivatives on the balance sheet	31,283			34,365			56,970			59,830
Gross amounts not offset on the balance sheet:
Financial instruments (6)	3,405			5,164			3,405			5,164
Cash collateral	12,060			12,420			—			3,130
Net derivatives not offset	$	15,818		$	16,781		$	53,565		$	51,536

(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 $14,000 and $937,000 of accrued interest receivable is included in the fair value of interest rate and loan level derivative assets, respectively, at June 30, 2026, in comparison to accrued interest payable of approximately $9,000 and accrued interest receivable of approximately $1.2 million, respectively, at December 31, 2025.

(4)Approximately $250,000 and $937,000 of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities, respectively, at June 30, 2026, in comparison to accrued interest payable of approximately $363,000 and $1.2 million, respectively, at December 31, 2025.

(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				Six Months Ended
	June 30				June 30
	2026		2025		2026		2025
	(Dollars in thousands)
Derivatives designated as hedges
(Loss) gain in OCI on derivatives (effective portion), net of tax	$	(763)	$	2,329	$	(795)	$	5,785
Loss reclassified from OCI into interest income or interest expense (effective portion)	$	(1,191)	$	(2,509)	$	(2,558)	$	(5,179)
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	29	$	16	$	61	$	52
Other expense	(19)		(29)		(41)		(46)
Changes in fair value of mortgage derivatives
Mortgage banking income	(40)		92		48		217
Total	$	(30)	$	79	$	68	$	223