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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of the Derivatives | The following table summarizes key elements of the Company’s derivative instruments as of the periods ended, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2024 |  | December 31, 2023
​ | ​ | ​ | ​ | ​ | Derivative (2) | ​ | ​ | ​ | ​ | Derivative (2)
​ |  | Notional or |  | ​ | ​ |  | ​ | ​ |  | Notional or |  | ​ | ​ |  | ​ | ​
​ | ​ | Contractual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Contractual | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount (1) | ​ | Assets | ​ | Liabilities | ​ | Amount (1) | ​ | Assets | ​ | Liabilities
Derivatives designated as accounting hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts: (3) |  | ​ | ​ |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |  |  | ​ |
Cash flow hedges | ​ | $ | 900,000 | ​ | $ | 2,412 | ​ | $ | 1,258 | ​ | $ | 900,000 | ​ | $ | 1,419 | ​ | $ | 4,359
Fair value hedges: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Loans | ​ | ​ | 74,075 | ​ | ​ | 1,079 | ​ | ​ | — | ​ | ​ | 78,072 | ​ | ​ | 1,633 | ​ | ​ | —
Securities | ​ | ​ | 50,000 | ​ | ​ | 653 | ​ | ​ | — | ​ | ​ | 50,000 | ​ | ​ | 1,329 | ​ | ​ | —
Derivatives not designated as accounting hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts (3)(4) | ​ |  | 7,001,510 | ​ |  | 87,264 | ​ |  | 167,696 | ​ |  | 6,595,975 | ​ |  | 88,646 | ​ |  | 202,202
Foreign exchange contracts | ​ | ​ | 14,325 | ​ | ​ | 10 | ​ | ​ | 1,164 | ​ | ​ | 12,726 | ​ | ​ | 16 | ​ | ​ | 1,219
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash collateral (received)/pledged (5) | ​ | $ | — | ​ | $ | (15,494) | ​ | $ | — | ​ | $ | — | ​ | $ | (14,879) | ​ | $ | —
(1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes and is reported on a net basis. (4) Includes RPAs. (5) The fair value of derivative assets and liabilities is presented on a gross basis. The Company has not applied collateral netting; as such the amounts of cash collateral received or pledged are not offset against the derivative assets and derivative liabilities in the Consolidated Balance Sheets.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of the periods ended (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024 | ​ | December 31, 2023
​ |  | ​ | ​ |  | Cumulative |  | ​ |  | Cumulative
​ | ​ | ​ | ​ | ​ | Amount of Basis | ​ | ​ | ​ | Amount of Basis
​ | ​ | ​ | ​ | ​ | Adjustments | ​ | ​ | ​ | Adjustments
​ | ​ | ​ | ​ | ​ | Included in the | ​ | ​ | ​ | Included in the
​ | ​ | Carrying Amount | ​ | Carrying | ​ | Carrying Amount | ​ | Carrying
​ | ​ | of Hedged | ​ | Amount of the | ​ | of Hedged | ​ | Amount of the
​ | ​ | Assets/(Liabilities) | ​ | Hedged | ​ | Assets/(Liabilities) | ​ | Hedged
​ | ​ | Amount (1) |  | Assets/(Liabilities) | ​ | Amount (1) |  | Assets/(Liabilities)
Line items on the Consolidated Balance Sheets in which the hedged item is included: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities available-for-sale (1) (2) | ​ | $ | 75,699 | ​ | $ | (639) | ​ | $ | 82,203 | ​ | $ | (1,323)
Loans (3) | ​ |  | 74,075 | ​ |  | (7,913) | ​ |  | 78,072 | ​ |  | (9,392)
​ (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amount of the designated hedged item at September 30, 2024 and December 31, 2023 totaled $50 million. (2) Carrying value represents amortized cost. (3) The fair value of the swaps associated with the derivative related to hedged items at September 30, 2024 and December 31, 2023 was an unrealized gain of $8.1 million and $9.6 million, respectively.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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