Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments

The notional amount and fair value of the Company’s derivative financial instruments as of December 31, 2023, and December 31, 2022, were as follows:

	December 31, 2023					December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value			Notional Amount		Fair Value
Derivatives designated as hedging instruments
Interest Rate Swap Agreements	$	3,000,000	$	(48,672	)	$	—	$	—
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments		5,899		148			3,860		58
Forward Commitments		8,583		(105	)		3,256		6
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps		2,067,624		(114,701	)		1,821,433		(160,914	)
Pay Fixed/Receive Variable Swaps		2,067,624		114,542			1,821,433		38,785
Foreign Exchange Contracts		745		—			52,065		1,745
Conversion Rate Swap Agreement		155,196	NA 1				124,752	NA 1

1.The conversation rate swap agreements were valued at zero as further reductions to the conversion rate were deemed neither probable nor reasonably estimable.

Derivative Financial Instruments, their Fair Values, and Balance Sheet Location

The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of December 31, 2023, and December 31, 2022:

	December 31, 2023					December 31, 2022
(dollars in thousands)	Asset Derivatives1			Liability Derivatives1		Asset Derivatives1		Liability Derivatives1
Interest Rate Swap Agreements
Not designated as hedging instruments	$	143,593		$	143,752	$	45,831	$	167,960
Designated as hedging instruments		(48,672	)		—		—		—
		94,921			143,752		45,831		167,960
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments		148			—		64		6
Forward Commitments		—			105		10		4
Foreign Exchange Contracts		—			—		1,812		67
Total Derivatives	$	95,069		$	143,857	$	47,717	$	168,037

1.Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition.

Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income

The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the consolidated statements of income for the years ended December 31, 2023, December 31, 2022, and December 31, 2021:

	Location of Net Gains	Year Ended December 31,
(dollars in thousands)	(Losses) Recognized in the Statements of Income	2023			2022			2021
Derivatives designated as hedging instruments
Recognized on Interest Rate Swap Agreements	Interest Income on Investment Securities Available-for-Sale	$	(20,293	)	$	—		$	—
Recognized on Hedged Item	Interest Income on Investment Securities Available-for-Sale		20,260						—
Recognized on Interest Rate Swap Agreements	Interest and Fees on Loans and Leases		(28,379	)		—			—
Recognized on Hedged Item	Interest and Fees on Loans and Leases		28,386			—			—
Derivatives not designated as hedging instruments
Interest Rate Lock Commitments	Mortgage Banking		828			(915	)		8,771
Forward Commitments	Mortgage Banking		—			2,348			1,580
Interest Rate Swap Agreements 1	Other Noninterest Income		(96	)		44			77
Foreign Exchange Contracts	Other Noninterest Income		3,745			1,792			1,462
Conversion Rate Swap Agreement	Investment Securities Gains (Losses), Net		(1,598	)		—			—
Total		$	2,853		$	3,269		$	11,890

1.The net gain amount presented in the table above for the year ended December 31, 2021, have been updated to properly exclude the fee income generated from the execution of these derivative financial instruments.

Schedule of derivative instruments in statement of financial position related to cumulative basis adjustment for fair value hedges

The following amounts were recorded on the consolidated statement of financial condition related to the cumulative basis adjustment for fair value hedges as of December 31, 2023 and December 31, 2022:

Derivative Financial Instruments Designated as Hedging Instruments
Line Item in the Consolidated Statement of Condition	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)	2023		2022		2023		2022
Investment Securities, Available-for-Sale1	$	1,320,260	$	—	$	20,260	$	—
Loans and Leases2		1,728,386		—		28,386		—

1.These amounts were included in the fair value of closed portfolios of investment securities, available-for-sale used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of December 31, 2023, the fair value of the closed portfolios used in these hedging relationships was $1.8 billion.

2.These amounts were included in the amortized cost basis of closed portfolios of loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. As of December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $3.2 billion.