Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following tables summarize the Company’s derivative instruments included in “other assets” and “other liabilities” in the consolidated statements of financial condition as of the dates indicated:

	December 31, 2021
	Derivative Assets				Derivative Liabilities
(Dollars in thousands)	Notional		Fair Value		Notional		Fair Value
Derivative instruments designated as hedging instruments:
Fair value hedge - interest rate swap contracts	$	1,100,000	$	4,874	$	100,000	$	33
Total derivative designated as hedging instruments	1,100,000		4,874		100,000		33
Derivative instruments not designated as hedging instruments:
Interest rate swap contracts	132,056		5,226		132,056		5,230
Equity warrants	—		1,889		—		—
Total derivative not designated as hedging instruments	132,056		7,115		132,056		5,230
Total derivatives	$	1,232,056	$	11,989	$	232,056	$	5,263

	December 31, 2020
	Derivative Assets				Derivative Liabilities
(Dollars in thousands)	Notional		Fair Value		Notional		Fair Value
Derivative instruments not designated as hedging instruments:
Interest rate swap contracts	$	145,181	$	12,053	$	145,181	$	12,066
Equity warrants	—		1,914		—		—
Total derivative not designated as hedging instruments	$	145,181	$	13,967	$	145,181	$	12,066

The following table summarizes the effect of the derivative financial instruments in the consolidated statements of income.

(Dollars in thousands)		For the Year Ended December 31,
Derivative Not Designated as Hedging Instruments:	Location of Gain Recognized in Income on Derivative Instruments	2021		2020		2019
Interest rate products	Other income	$	9	$	297	$	—
Other contracts	Other income	—		197		—
Equity warrants	Other income	(24)		(42)		—
Total		$	(15)	$	452	$	—

Schedule of derivative instruments in statement of financial condition and statements of income related to cumulative basis adjustment for fair value hedges

The following amounts were recorded on the consolidated statement of financial condition related to cumulative basis adjustment for fair value hedges as of the dates indicated:

Line Item in the Statement of Financial Position in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
(Dollars in thousands)	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Loans held for investment(1)	$	1,194,702	$	—	$	(5,298)	$	—
Total	$	1,194,702	$	—	$	(5,298)	$	—

______________________________

(1) These amounts were included in the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $3.61 billion; the cumulative basis adjustments associated with these hedging relationships was $5.3 million; and the amounts of the designated hedged items were $1.20 billion.

The following table presents the effect of fair value hedge accounting on the consolidated statements of income:

		For the Year Ended December 31,
(Dollars in thousands)	Location of Gain (Loss) Recognized in Income on Derivative Instruments	2021
Gain (loss) on fair value hedging relationships:
Hedged items - loans	Interest Income	$	(5,298)
Interest rate swap contracts	Interest Income	4,383