Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Derivative Financial Instruments According to Type of Hedge Designation |
Our derivative financial instruments according to the type of hedge in which they are designated follows: | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Notional
Amount | | Average
Maturity
(years) | | Fair
Value | | (Dollars in thousands) | | Fair value hedge designation | | | | | | | Pay-fixed interest rate swap agreement - commercial | $ | 5,446 | | | 3.9 | | $ | 214 | | | Pay-fixed interest rate swap agreements - securities available for sale | 148,895 | | | 2.4 | | 9,093 | | | Pay-fixed interest rate swap agreements - installment | 100,000 | | | 1.9 | | (902) | | Pay-fixed interest rate swap agreements - mortgage | 127,000 | | | 2.0 | | (1,181) | | | Interest rate cap agreements - securities available for sale | 40,970 | | | 2.8 | | 94 | | | Total | $ | 422,311 | | | 2.2 | | $ | 7,318 | | | | | | | | Cash flow hedge designation | | | | | | Interest rate floor agreements - commercial | $ | 425,000 | | | 2.0 | | $ | 5,779 | | Interest rate cap agreements - short-term funding liabilities | 25,000 | | | 2.9 | | 101 | | | Total | 450,000 | | | 2.1 | | 5,880 | | | | | | | | | No hedge designation | | | | | | | Rate-lock mortgage loan commitments | $ | 27,787 | | | 0.1 | | $ | 371 | | | Mandatory commitments to sell mortgage loans | 39,425 | | | 0.1 | | (132) | | | Pay-fixed interest rate swap agreements - commercial | 606,325 | | | 4.8 | | (1,543) | | | Pay-variable interest rate swap agreements - commercial | 606,325 | | | 4.8 | | 1,543 | | | Total | $ | 1,279,862 | | | 4.5 | | $ | 239 | |
| | | | | | | | | | | | | | | | | | | December 31, 2024 | | Notional
Amount | | Average
Maturity
(years) | | Fair
Value | | (Dollars in thousands) | | Fair value hedge designation | | | | | | | Pay-fixed interest rate swap agreement - commercial | $ | 5,647 | | | 4.4 | | $ | 361 | | | Pay-fixed interest rate swap agreements - securities available for sale | 148,895 | | | 2.8 | | 13,265 | | | Pay-fixed interest rate swap agreements - installment | 100,000 | | | 2.4 | | 77 | | Pay-fixed interest rate swap agreements - mortgage | 147,000 | | | 2.2 | | 283 | | | Interest rate cap agreements - securities available for sale | 40,970 | | | 3.3 | | 334 | | | Total | $ | 442,512 | | | 2.6 | | $ | 14,320 | | | | | | | | Cash flow hedge designation | | | | | | Interest rate floor agreements - commercial | $ | 375,000 | | | 2.3 | | $ | 3,642 | | Interest rate cap agreements - short-term funding liabilities | 25,000 | | | 3.4 | | 312 | | | Total | 400,000 | | | 2.1 | | 3,954 | | | | | | | | | No hedge designation | | | | | | | Rate-lock mortgage loan commitments | 12,703 | | | 0.1 | | 100 | | | Mandatory commitments to sell mortgage loans | 19,874 | | | 0.1 | | 62 | | | Pay-fixed interest rate swap agreements - commercial | 538,053 | | | 5.0 | | 13,325 | | | Pay-variable interest rate swap agreements - commercial | 538,053 | | | 5.0 | | (13,325) | | | Total | $ | 1,108,683 | | | 4.9 | | $ | 162 | |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
Fair Values of Derivative Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | June 30,
2025 | | December 31,
2024 | | June 30,
2025 | | December 31,
2024 | | Balance
Sheet
Location | | Fair
Value | | Balance
Sheet
Location | | Fair
Value | | Balance
Sheet
Location | | Fair
Value | | Balance
Sheet
Location | | Fair
Value | | (In thousands) | | Derivatives designated as hedging instruments | | | | | | | | | | | | | | | | | Pay-fixed interest rate swap agreements | Other assets | | $ | 9,391 | | | Other assets | | $ | 14,336 | | | Other liabilities | | $ | 2,167 | | | Other liabilities | | $ | 350 | | | Interest rate cap agreements | Other assets | | 195 | | | Other assets | | 646 | | | Other liabilities | | — | | | Other liabilities | | — | | Interest rate floor agreements | Other assets | | 5,779 | | | Other assets | | 3,642 | | | Other liabilities | | — | | | Other liabilities | | — | | | | | 15,365 | | | | | 18,624 | | | | | 2,167 | | | | | 350 | | | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | Rate-lock mortgage loan commitments | Other assets | | 371 | | | Other assets | | 100 | | | Other liabilities | | — | | | Other liabilities | | — | | | Mandatory commitments to sell mortgage loans | Other assets | | — | | | Other assets | | 62 | | | Other liabilities | | 132 | | | Other liabilities | | — | | | Pay-fixed interest rate swap agreements - commercial | Other assets | | 8,456 | | | Other assets | | 15,799 | | | Other liabilities | | 9,999 | | | Other liabilities | | 2,474 | | | Pay-variable interest rate swap agreements - commercial | Other assets | | 9,999 | | | Other assets | | 2,474 | | | Other liabilities | | 8,456 | | | Other liabilities | | 15,799 | | | | | 18,826 | | | | | 18,435 | | | | | 18,587 | | | | | 18,273 | | | Total derivatives | | | $ | 34,191 | | | | | $ | 37,059 | | | | | $ | 20,754 | | | | | $ | 18,623 | |
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| Derivative Instruments, Gain (Loss) |
The effect of derivative financial instruments on the interim Condensed Consolidated Statements of Operations follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in Other Comprehensive Income (loss) (Effective Portion) | | Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | | Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | | | | Gain (Loss)
Recognized
in Income | | Three Month
Periods Ended
June 30, | | | Three Month
Periods Ended
June 30, | | Location of
Gain (Loss)
Recognized
in Income | | Three Month
Periods Ended
June 30, | | 2025 | | 2024 | | | 2025 | | 2024 | | | 2025 | | 2024 | | | | | | | | | | | | | | (In thousands) | | Fair Value Hedges | | | | | | | | | | | | | | | | Pay-fixed interest rate swap agreement - commercial | | | | | | | | | | | Interest and fees on loans | | $ | (62) | | | $ | (5) | | Pay-fixed interest rate swap agreements - securities available for sale | | | | | | | | | | | Interest on securities | | (1,797) | | | (694) | | Pay-fixed interest rate swap agreements - Installment | | | | | | | | | | | Interest and fees on loans | | (297) | | | 220 | | Pay-fixed interest rate swap agreements - Mortgage | | | | | | | | | | | Interest and fees on loans | | (499) | | | 290 | | Pay-variable interest rate swap agreements - FHLB Advance | | | | | | | | | | | Interest expense - other borrowings and subordinated debt and debentures | | — | | | 25 | | | Interest rate cap agreements - securities available for sale | $ | (85) | | | $ | 23 | | | Interest on securities | | $ | (63) | | | $ | (56) | | | Interest on securities | | — | | | (2) | | | | | | | | | | | | | | | | | | | Total | $ | (85) | | | $ | 23 | | | | | $ | (63) | | | $ | (56) | | | | | $ | (2,655) | | | $ | (166) | | | | | | | | | | | | | | | | | | Cash Flow Hedges | | | | | | | | | | | | | | | | Interest rate floor agreements - commercial | $ | 385 | | | $ | (486) | | | Interest and fees on loans | | $ | (444) | | | $ | (293) | | | Interest and fees on loans | | $ | (444) | | | $ | (293) | | Interest rate cap agreements - short-term funding liabilities | (69) | | | — | | | Interest expense | | (2) | | | — | | | Interest expense | | (2) | | | — | | Total | $ | 316 | | | $ | (486) | | | | | $ | (446) | | | $ | (293) | | | | | $ | (446) | | | $ | (293) | | | | | | | | | | | | | | | | | | | No hedge designation | | | | | | | | | | | | | | | | | Rate-lock mortgage loan commitments | | | | | | | | | | | Net gains on mortgage loans | | $ | 3 | | | $ | (125) | | | Mandatory commitments to sell mortgage loans | | | | | | | | | | | Net gains on mortgage loans | | (101) | | | 197 | | | Pay-fixed interest rate swap agreements - commercial | | | | | | | | | | | Interest and fees on loans | | (5,593) | | | 579 | | | Pay-variable interest rate swap agreements - commercial | | | | | | | | | | | Interest and fees on loans | | 5,593 | | | (579) | | | Total | | | | | | | | | | | | | $ | (98) | | | $ | 72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in Other Comprehensive Income (loss) (Effective Portion) | | Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | | Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | | | | Gain (Loss)
Recognized
in Income | | Six Month
Periods Ended
June 30, | | | Six Month
Periods Ended
June 30, | | Location of
Gain (Loss)
Recognized
in Income | | Six Month
Periods Ended
June 30, | | 2025 | | 2024 | | | 2025 | | 2024 | | | 2025 | | 2024 | | | | | | | | | | | | | | (In thousands) | | Fair Value Hedges | | | | | | | | | | | | | | | | Pay-fixed interest rate swap agreement - commercial | | | | | | | | | | | Interest and fees on loans | | $ | (147) | | | $ | 74 | | Pay-fixed interest rate swap agreements - securities available for sale | | | | | | | | | | | Interest on securities | | (4,172) | | | 854 | | Pay-fixed interest rate swap agreements - installment | | | | | | | | | | | Interest and fees on loans | | (979) | | | 1,908 | | Pay-fixed interest rate swap agreements - mortgage | | | | | | | | | | | Interest and fees on loans | | (1,464) | | | 2,292 | | Pay-variable interest rate swap agreements - FHLB Advance | | | | | | | | | | | Interest expense - other borrowings and subordinated debt and debentures | | — | | | — | | | Interest rate cap agreements - securities available for sale | $ | (240) | | | $ | 61 | | | Interest on securities | | $ | (117) | | | $ | (110) | | | Interest on securities | | — | | | 38 | | | | | | | | | | | | | | | | | | | Total | $ | (240) | | | $ | 61 | | | | | $ | (117) | | | $ | (110) | | | | | $ | (6,762) | | | $ | 5,166 | | | | | | | | | | | | | | | | | | Cash Flow Hedges | | | | | | | | | | | | | | | | Interest rate floor agreements - commercial | $ | 1,137 | | | $ | (2,753) | | | Interest and fees on loans | | $ | (812) | | | $ | (505) | | | Interest and fees on loans | | $ | (812) | | | $ | (505) | | Interest rate cap agreements - short-term funding liabilities | (200) | | | — | | | Interest expense | | (4) | | | — | | | Interest expense | | (4) | | | — | | Total | $ | 937 | | | $ | (2,753) | | | | | $ | (816) | | | $ | (505) | | | | | $ | (816) | | | $ | (505) | | | | | | | | | | | | | | | | | | | No hedge designation | | | | | | | | | | | | | | | | | Rate-lock mortgage loan commitments | | | | | | | | | | | Net gains on mortgage loans | | $ | 271 | | | $ | (31) | | | Mandatory commitments to sell mortgage loans | | | | | | | | | | | Net gains on mortgage loans | | (194) | | | 426 | | | Pay-fixed interest rate swap agreements - commercial | | | | | | | | | | | Interest and fees on loans | | (14,868) | | | 6,549 | | | Pay-variable interest rate swap agreements - commercial | | | | | | | | | | | Interest and fees on loans | | 14,868 | | | (6,549) | | | Total | | | | | | | | | | | | | $ | 77 | | | $ | 395 | |
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