Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Balance Sheet Category and Fair Value Schedule

The table below identifies the balance sheet category and fair value of the Company’s designated cash flow hedge derivative instruments and non-designated hedges as of December 31, 2023 and 2022.

	December 31, 2023					December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value		Balance Sheet Category	Notional Amount		Fair Value		Balance Sheet Category
Derivatives in an asset position:
Derivatives designated as hedging instruments:
Interest rate product	$	300,000	$	374	Other Assets	$	—	$	—	Other Assets
Derivatives not designated as hedging instruments:
Interest rate product	651,429		30,288		Other Assets	396,024		31,039		Other Assets
Credit risk participation agreements	49,480		3		Other Liabilities	—		—		Other Assets
Mortgage banking derivatives	—		—		Other Assets	6,963		93		Other Assets
	700,909		30,291			402,987		31,132
Total derivatives in an asset position	$	1,000,909	$	30,665		$	402,987	$	31,132
Derivatives in a liability position:
Derivatives not designated as hedging instruments:
Interest rate product	$	654,757	$	30,555	Other Liabilities	$	396,024	$	30,065	Other Liabilities
Credit risk participation agreements	—		—		Other Liabilities	25,902		2		Other Liabilities
	$	654,757	30,555			$	421,926	30,067
Gross amounts not offset in the consolidated balance sheets:
Cash and other collateral (1)			—					—
Net derivatives in a liability position			$	30,555				$	30,067

(1)Collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consist of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.

Schedule of Pretax Net Gains (Losses) of Designated Cash Flow Hedges

The table below presents the pre-tax net gains (losses) of the Company’s designated cash flow hedges for the years ended December 31, 2023, 2022 and 2021.

The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income
	Amount of Gain (Loss) Recognized in OCI						Location of Gain (Loss) Recognized from Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
(dollars in thousands)	Total		Included Component		Excluded Component			Total		Included Component		Excluded Component
Year ended December 31, 2023:
Derivatives in cash flow hedging relationships:
Interest rate products	$	(256)	$	—	$	(256)	Interest expense	$	(14)	$	—	$	(14)
Year ended December 31, 2022:
Derivatives in cash flow hedging relationships:
Interest rate products	$	—	$	—	$	—	Interest expense	$	—	$	—	$	—
Year ended December 31, 2021:
Derivatives in cash flow hedging relationships:
Interest rate products	$	—	$	—	$	—	Interest expense	$	(516)	$	(516)	$	—

Schedule of the Effect of Derivative Financial Instruments on the Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021.

The Effect of Cash Flow Hedge Accounting on the Consolidated Statements of Income
	Year Ended December 31,
	2023		2022		2021
(dollars in thousands)	Interest Expense		Interest Expense		Interest Expense
Total amounts of expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	(14)	$	—	$	(516)
The effect of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest rate products:
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	$	(14)	$	—	$	(516)
Amount of gain (loss) reclassified from accumulated other comprehensive income into income - included component	$	—	$	—	$	(516)
Amount of gain (loss) reclassified from accumulated other comprehensive income into income - excluded component	$	(14)	$	—	$	—

Effect of Derivatives Not Designated as Hedging Instruments on the Statements of Income
(dollars in thousands)	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Year Ended December 31,
		2023		2022		2021
Derivatives Not Designated as Hedging Instruments under ASC 815-20:
Interest rate products	Other income / (expense)	$	2,712	$	3,057	$	2,797
Mortgage banking derivatives	Other income	—		671		636
Total		$	2,712	$	3,728	$	3,433