Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of June 30, 2026 and December 31, 2025, the notional amount, the location of the asset and liability, and their respective fair values, are summarized in the tables below.


	June 30, 2026
	Asset Derivatives					Liability Derivatives
	Notional		Balance Sheet Location	Fair Value		Notional		Balance Sheet Location	Fair Value
	(Dollars in thousands)
Derivatives not designated as hedging instruments:
Interest rate swaps	$	277,647	Other assets	$	25,321	$	277,647	Other liabilities	$	25,321
Total derivatives				$	25,321				$	25,321

Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps	$	700,000	Other assets	$	3,820	$	—	Other liabilities	$	—
Cash flow hedges: interest rate swaps		—	Other assets		—		300,000	Other liabilities		414
Total				$	3,820				$	414


	December 31, 2025
	Asset Derivatives					Liability Derivatives
	Notional		Balance Sheet Location	Fair Value		Notional		Balance Sheet Location	Fair Value
	(Dollars in thousands)
Derivatives not designated as hedging instruments:
Interest rate swaps	$	318,385	Other assets	$	161	$	318,385	Other liabilities	$	161
Total derivatives				$	161				$	161

Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps	$	—	Other assets	$	—	$	700,000	Other liabilities	$	8,650
Cash flow hedges: interest rate swaps		—	Other assets		—		300,000	Other liabilities		2,619
Total				$	—				$	11,269

Effect of Derivative Instruments on Consolidated Statement of Earnings

The following table summarizes the effect of derivatives not designated as hedging instruments on the condensed consolidated statements of earnings for the periods presented.


	Location of Gain Recognized in Income on Derivative Instruments	Amount of Gain Recognized in Income on Derivative Instruments
		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
		(Dollars in thousands)
Derivatives Not Designated as Hedging Instruments:
Interest rate swaps	Other income	$	41	$	—	$	41	$	—
Total		$	41	$	—	$	41	$	—

The following table summarizes the effect of fair value and cash flow hedge on the condensed consolidated statements of earnings for the periods presented.


	Location of Gain Recognized in Income on Derivative Instruments	Amount of (Losses) Gains Recognized in Interest Income on Derivative Instruments
		Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026			2025
		(Dollars in thousands)
Derivatives Designated as Hedging Instruments:
Fair value hedges: interest rate swaps	Interest income	$	(149	)	$	1,257	$	(245	)	$	2,309
Cash flow hedges: interest rate swaps	Interest expense		(368	)		162		(700	)		330
Total		$	(517	)	$	1,419	$	(945	)	$	2,639

Schedule of Estimated Fair Value of Financial Instruments

The following table presents amounts recorded on our condensed consolidated balance sheet related to cumulative basis adjustments for fair value hedges as of the dates indicated.


	Amortized Cost of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets
	June 30, 2026		December 31, 2025		June 30, 2026			December 31, 2025
	(Dollars in thousands)
Line Item in the Consolidated Balance Sheet
Investment securities available-for-sale (1)	$	1,634,283	$	1,719,962	$	(2,038	)	$	10,866
Total	$	1,634,283	$	1,719,962	$	(2,038	)	$	10,866

(1)

These amounts were included in the amortized cost basis of closed portfolios of available-for-sale securities designated in 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. At June 30, 2026 and December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.6 billion and $1.7 billion, respectively. The cumulative basis adjustments associated with these hedging relationships were ($2.0) million and $10.9 million, respectively, of which $1.5 million and $1.5 million, respectively, related to discontinued hedging relationships. At June 30, 2026 and December 31, 2025, the notional amount of the designated hedged items was $700.0 million.