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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments
The following table presents a summary of the notional amounts and fair values of derivative financial instruments:
 March 31, 2024December 31, 2023
 Notional
Amount		Asset
(Liability)
Fair Value		Notional
Amount		Asset
(Liability)
Fair Value
 (dollars in thousands)
Interest Rate Locks with Customers
Positive fair values$164,041 $763 $119,558 $460 
Negative fair values1,018 (4)1,015 (2)
Forward Commitments
Positive fair values48,250 11 — — 
Negative fair values— — 42,000 (854)
Interest Rate Derivatives with Customers
Positive fair values622,369 8,264 824,659 22,656 
Negative fair values4,044,521 (272,875)3,784,236 (222,530)
Interest Rate Derivatives with Dealer Counterparties(1)
Positive fair values 4,044,521 164,762 3,784,236 128,235 
Negative fair values622,369 (8,630)824,659 (23,023)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values2,300,000 1,060 2,500,000 6,189 
Negative fair values950,000 (72)750,000 — 
Foreign Exchange Contracts with Customers
Positive fair values16,861 396 4,159 40 
Negative fair values4,192 (179)13,353 (446)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values5,656 222 15,969 532 
Negative fair values18,449 (304)6,112 (31)
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income
The following table presents the effect of cash flow hedge accounting on AOCI:

Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included ComponentAmount of Gain (Loss) Recognized in OCI Excluded ComponentLocation of Gain (Loss) Recognized from AOCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
(dollars in thousands)
Three months ended March 31, 2024
Interest Rate Products$(5,659)$(5,659)$— Interest Income$(7,032)$(7,032)$— 
Interest Rate Products11,215 11,215 — Interest Expense2,020 2,020 — 
Total$5,556 $5,556 $— $(5,012)$(5,012)$— 
Three months ended March 31, 2023
Interest Rate Products$12,535 $12,535 — Interest Income$(7,157)$(7,157)— 
Total$12,535 $12,535 — $(7,157)$(7,157)— 
During the next twelve months, the Corporation estimates that an additional $19.7 million of unrealized losses will be reclassified as a decrease to net interest income.

The following table presents the effect of fair value and cash flow hedge accounting on the income statement:

Consolidated Statements of Income Classification
20242023
Interest IncomeInterest ExpenseInterest IncomeInterest Expense
(dollars in thousands)
Three months ended March 31
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded$(7,032)$2,020 $(7,157)$— 
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income(7,032)2,020 (7,157)— 
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring— — — — 
Amount of gain (loss) reclassified from AOCI into income - included component(7,032)2,020 (7,157)— 
Amount of gain (loss) reclassified from AOCI into income - excluded component— — — — 
Summary of Fair Value Gains and Losses on Derivative Financial Instruments
The following table presents a summary of the net fair value gains (losses) on derivative financial instruments:

Consolidated Statements of Income ClassificationThree months ended March 31
 20242023
(dollars in thousands)
Mortgage banking derivatives(1)
Mortgage banking income$1,167 $394 
Interest rate derivativesOther income151 — 
Foreign exchange contractsOther income39 91 
Net fair value gains/(losses) on derivative financial instruments$1,357 $485 
(1) Includes interest rate locks with customers and forward commitments.
Summary of Corporation's Mortgage Loans Held for Sale The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements:
March 31,
2024		December 31,
2023
 (dollars in thousands)
Amortized cost(1)
$10,434 $14,792 
Fair value10,624 15,158 
(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.
Summary of Offsetting Derivative Assets The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
Gross AmountsGross Amounts Not Offset
Recognized on the Consolidated
on the Balance Sheets
ConsolidatedFinancialCashNet
Balance Sheets
Instruments(1)
Collateral(2)
Amount
(dollars in thousands)
March 31, 2024
Interest rate derivative assets$174,086 $(9,663)$— $164,423 
Foreign exchange derivative assets with correspondent banks222 (222)— — 
Total $174,308 $(9,885)$— $164,423 
Interest rate derivative liabilities$281,577 $(10,651)$(109,005)$161,921 
Foreign exchange derivative liabilities with correspondent banks304 (222)— 82 
Total$281,881 $(10,873)$(109,005)$162,003 
December 31, 2023
Interest rate derivative assets$157,080 $(15,154)$— $141,926 
Foreign exchange derivative assets with correspondent banks532 (532)— — 
Total$157,612 $(15,686)$— $141,926 
Interest rate derivative liabilities$245,553 $(21,343)$(93,841)$130,369 
Foreign exchange derivative liabilities with correspondent banks31 (532)— (501)
Total$245,584 $(21,875)$(93,841)$129,868 
(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.
For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange
contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying
loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
Summary of Offsetting Derivative Liabilities The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
Gross AmountsGross Amounts Not Offset
Recognized on the Consolidated
on the Balance Sheets
ConsolidatedFinancialCashNet
Balance Sheets
Instruments(1)
Collateral(2)
Amount
(dollars in thousands)
March 31, 2024
Interest rate derivative assets$174,086 $(9,663)$— $164,423 
Foreign exchange derivative assets with correspondent banks222 (222)— — 
Total $174,308 $(9,885)$— $164,423 
Interest rate derivative liabilities$281,577 $(10,651)$(109,005)$161,921 
Foreign exchange derivative liabilities with correspondent banks304 (222)— 82 
Total$281,881 $(10,873)$(109,005)$162,003 
December 31, 2023
Interest rate derivative assets$157,080 $(15,154)$— $141,926 
Foreign exchange derivative assets with correspondent banks532 (532)— — 
Total$157,612 $(15,686)$— $141,926 
Interest rate derivative liabilities$245,553 $(21,343)$(93,841)$130,369 
Foreign exchange derivative liabilities with correspondent banks31 (532)— (501)
Total$245,584 $(21,875)$(93,841)$129,868 
(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.
For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange
contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying
loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.