Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of pre-tax gains or losses

The effect of cash flow hedge accounting on OCI for the periods ending September 30, 2024 and 2023 was as follows:

	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Amount of (loss) gain recognized in OCI	$	(57)	654	870	2,540
Amount of gain reclassified from OCI to net income	1,304		1,244	3,852	3,331

Summary of derivative instruments

The following tables present the notional and estimated fair value amount of derivative positions outstanding:

	September 30, 2024
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,630,500	$	—	$	19,839	1.4 years	SOFR	4.56	%

	December 31, 2023
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,500,000	$	—	$	17,988	2.1 years	SOFR	4.63	%

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:

(Dollars in thousands)	Amortized cost of the Hedged Assets				Amortized Cost of Fair Value Hedging Included in the Carrying Amount of the Hedged Assets
Line item on the balance sheet	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Investment securities available-for-sale	$	3,354,388	$	3,807,239	$	19,839	$	17,988

The effects of the fair value hedge relationships on the income statement were as follows:

		Three Months Ended				Nine Months ended
(Dollars in thousands)	Location of Gain (Loss)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest rate swap	Interest income on investment securities	$	(18,935)	$	—	$	7,023	—
AFS debt    securities	Interest income on investment securities	22,148		—		1,851		—