Derivative Instrument and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of March 31, 2023 and December 31, 2022 (in thousands):

					Asset derivatives					Liability derivatives
	Gross notional amount					Fair value					Fair value
	March 31, 2023		December 31, 2022		Balance sheet line item	March 31, 2023		December 31, 2022		Balance sheet line item	March 31, 2023		December 31, 2022
Derivatives designated as hedging instruments
Cash flow hedges	$	80,000	$	50,000	Other assets	$	5,972	$	6,725	Other liabilities	$	—	$	—
Total derivatives	$	80,000	$	50,000		$	5,972	$	6,725		$	—	$	—
Derivatives not designated as hedging instruments
Interest rate swaps (1)		1,040,437		1,006,386	Other assets		36,784		47,736	Other liabilities		36,788		47,738
Credit contracts		84,529		104,497	Other assets		—		—	Other liabilities		—		—
Mortgage banking		11,027		7,884	Other assets		93		96	Other liabilities		21		13
Total derivatives	$	1,135,993	$	1,118,767		$	36,877	$	47,832		$	36,809	$	47,751

(1)The Company has posted collateral of $43.6 million and $54.3 million against its net obligations under these contracts at March 31, 2023 and December 31, 2022, respectively.

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three months ended March 31, 2023 and 2022 (in thousands):

		Gain (loss) recognized in income
	Line item of gain (loss)	Three months ended March 31,
Undesignated derivatives	recognized in income	2023			2022
Interest rate swaps	Income from derivative instruments, net		501			762
Credit contracts	Income from derivative instruments, net		7			—
Mortgage banking	Income from derivative instruments, net		(12	)		(243	)
Total undesignated		$	496		$	519

Summary of Company's Outstanding Interest Rate Swaps

The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows as of March 31, 2023 (dollars in thousands):

Effective Date	Expiration Date	Notional Amount		Pay Fixed Rate
4/11/2022	4/11/2027	$	50,000	0.787%
1/24/2023	1/24/2026	$	30,000	3.669%