Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts and Fair Value of Derivatives Designated as Hedging Instruments

The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.

			Derivative Assets			Derivative Liabilities
(Dollars in thousands)	Notional Amount		Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
At September 30, 2023
Interest rate swap - cash flow hedge	$	250,000		$	—	Other liabilities	$	11,374
Total	$	250,000		$	—		$	11,374
At December 31, 2022
Interest rate swap - cash flow hedge	$	250,000		$	—	Other liabilities	$	8,647
Total	$	250,000		$	—		$	8,647

Notional Amounts and Fair Value of Derivatives Not Designated as Hedging Instruments

The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022:

			Derivative Assets			Derivative Liabilities
(Dollars in thousands)	Notional Amount		Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
At September 30, 2023
Credit derivatives	$	880,933		$	—	Other liabilities	$	167
Interest rate locks with customers	28,744		Other assets	136			—
Forward loan sale commitments	39,467		Other assets	148			—
Total	$	949,144		$	284		$	167
At December 31, 2022
Credit derivatives	$	815,469		$	—	Other liabilities	$	360
Interest rate locks with customers	10,269		Other assets	119			—
Forward loan sale commitments	15,306		Other assets	29			—
Total	$	841,044		$	148		$	360

Income for Derivatives Designated as Hedging Instruments

The following table presents amounts included in the condensed consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:

	Statement of Income Classification	Three Months Ended				Nine Months Ended
		September 30,				September 30,
(Dollars in thousands)		2023		2022		2023		2022
Interest rate swap—cash flow hedge—net interest payments	Interest expense (income)	$	1,558	$	(422)	$	3,989	$	(1,040)
Total net (loss) gain		$	(1,558)	$	422	$	(3,989)	$	1,040

Income for Derivatives Not Designated as Hedging Instruments

The following table presents amounts included in the condensed consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:

	Statement of Income Classification	Three Months Ended				Nine Months Ended
		September 30,				September 30,
(Dollars in thousands)		2023		2022		2023		2022
Credit derivatives	Other noninterest income	$	263	$	316	$	1,170	$	1,355
Interest rate locks with customers	Net (loss) gain on mortgage banking activities	(66)		(862)		16		(1,189)
Forward loan sale commitments	Net (loss) gain on mortgage banking activities	(13)		640		119		584
Total net gain		$	184	$	94	$	1,305	$	750

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at September 30, 2023 and December 31, 2022:

(Dollars in thousands)	Accumulated Other Comprehensive (Loss) Income	At September 30, 2023		At December 31, 2022
Interest rate swap—cash flow hedge	Fair value, net of taxes	$	(8,985)	$	(6,831)
Total		$	(8,985)	$	(6,831)