Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of pre-tax gains or losses

The effect of cash flow hedge accounting on OCI for the periods ending June 30, 2024 and 2023 was as follows:

	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2024		June 30, 2023	June 30, 2024	June 30, 2023
Amount of gain recognized in OCI	$	270	1,922	927	1,886
Amount of gain reclassified from OCI to net income	1,288		1,113	2,548	2,087

Summary of derivative instruments

The following tables present the notional and estimated fair value amount of derivative positions outstanding:

	June 30, 2024
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,500,000	$	2,771	$	462	1.7 years	SOFR	4.63	%

	December 31, 2023
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,500,000	$	—	$	17,988	2.1 years	SOFR	4.63	%

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:

(Dollars in thousands)	Amortized cost of the Hedged Assets				Amortized Cost of Fair Value Hedging Included in the Carrying Amount of the Hedged Assets
Line item on the balance sheet	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Investment securities available-for-sale	$	3,543,848	$	3,807,239	$	(2,309)	$	17,988

The effects of the fair value hedge relationships on the income statement were as follows:

		Three Months Ended				Six Months ended
(Dollars in thousands)	Location of Gain (Loss)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest rate swap	Interest income on investment securities	$	6,358	$	—	$	25,958	—
AFS debt    securities	Interest income on investment securities	(3,520)		—		(20,297)		—