Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023. 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 March 31, 2024
Interest rate swap - cash flow hedge	$	250,000		$	—	Other liabilities	$	8,206
Total	$	250,000		$	—		$	8,206
At December 31, 2023
Interest rate swap - cash flow hedge	$	250,000		$	—	Other liabilities	$	5,779
Total	$	250,000		$	—		$	5,779

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 March 31, 2024 and December 31, 2023:

			Derivative Assets			Derivative Liabilities
(Dollars in thousands)	Notional Amount		Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
At March 31, 2024
Credit derivatives	$	878,530		$	—	Other liabilities	$	120
Interest rate locks with customers	28,963		Other assets	511			—
Forward loan sale commitments	42,152			—		Other liabilities	46
Total	$	949,645		$	511		$	166
At December 31, 2023
Credit derivatives	$	862,756		$	—	Other liabilities	$	186
Interest rate locks with customers	21,174		Other assets	717			—
Forward loan sale commitments	32,811			—		Other liabilities	427
Total	$	916,741		$	717		$	613

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
		March 31,
(Dollars in thousands)		2024		2023
Interest rate swap—cash flow hedge—net interest payments	Interest expense	$	1,586	$	1,060
Total net loss		$	(1,586)	$	(1,060)

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
		March 31,
(Dollars in thousands)		2024		2023
Credit derivatives	Other noninterest income	$	227	$	86
Interest rate locks with customers	Net (loss) gain on mortgage banking activities	(206)		146
Forward loan sale commitments	Net gain (loss) on mortgage banking activities	381		(34)
Total net gain		$	402	$	198

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 March 31, 2024 and December 31, 2023:

(Dollars in thousands)	Accumulated Other Comprehensive (Loss) Income	At March 31, 2024		At December 31, 2023
Interest rate swap—cash flow hedge	Fair value, net of taxes	$	(6,483)	$	(4,566)
Total		$	(6,483)	$	(4,566)