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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Summary of the interest-rate swaps designated as cash flow hedges | A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | As of | ​
​ | ​ | ​ | ​ | March 31, | ​ | December 31, | ​
​ |  | Location |  | 2022 |  | 2021 |
Debt Swap | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Notional amount | ​ | ​ | ​ | ​ | $ | 50,000 | ​ | $ | 50,000 | ​
Weighted average fixed pay rates | ​ | ​ | ​ | ​ |  | 1.79 | % |  | 1.79 | %
Weighted average variable 3-month LIBOR receive rates | ​ | ​ | ​ | ​ | ​ | 0.83 | % | ​ | 0.20 | %
Weighted average maturity, in years | ​ | ​ | ​ | ​ | ​ | 2.46 | yrs | ​ | 2.71 | yrs
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan Swap | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Notional amount | ​ | ​ | ​ | ​ | $ | 300,000 | ​ | $ | — | ​
Weighted average fixed receive rates | ​ | ​ | ​ | ​ |  | 4.81 | % |  | — | %
Weighted average variable Prime pay rates | ​ | ​ | ​ | ​ | ​ | 3.40 | % | ​ | — | %
Weighted average maturity, in years | ​ | ​ | ​ | ​ | ​ | 6.85 | yrs | ​ | — | yrs
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross aggregate fair value of the swaps | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross aggregate fair value of swap assets | ​ | Other assets | ​ | $ | 835 | ​ | $ | — | ​
Gross aggregate fair value of swap liabilities | ​ | Other liabilities | ​ | $ | 8,772 | ​ | $ | 958 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances carried in AOCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gains (losses) on cash flow hedges, net of tax | ​ | AOCI | ​ | $ | (5,887) | ​ | $ | (685) | ​
Schedule of interest income (expense) recorded on swap transactions | Interest expense recorded on these swap transactions was as follows for the periods presented (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2022 |  | 2021
Interest income (expense) on swap transactions | ​ | $ | 500 | ​ | $ | (278)
Interest rate contract |
Summary of Net gains (losses) relating to these derivative instruments | The following table reflects the net gains (losses) relating to cash flow derivative instruments that were recorded in AOCI and the unaudited Consolidated Statements of Income during the periods presented (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2022 |  | 2021
Unrealized gains (losses) on cash flow hedges | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) recognized in OCI, net of tax | ​ | $ | (4,845) | ​ | $ | 410
(Gain) loss reclassified from OCI to interest expense, net of tax | ​ | ​ | (357) | ​ | ​ | 199
Net change in unrealized gains (losses) on cash flow hedges | ​ | $ | (5,202) | ​ | $ | 609
Interest rate lock commitments and forward sales commitments |
Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet | Amounts and fair values of mortgage banking derivatives included in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | As of March 31, 2022 | ​ | As of December 31, 2021
​ | ​ | ​ | ​ | ​ | Notional | ​ | Fair | ​ | Notional | ​ | Fair
​ |  | Location |  | Amount |  | Value |  | Amount |  | Value
Derivatives with positive fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate lock commitments | ​ | Other assets | ​ | $ | 3,724 | ​ | $ | 38 | ​ | $ | 19,384 | ​ | $ | 206
Forward sales commitments | ​ | Other assets | ​ | ​ | 8,947 | ​ | ​ | 148 | ​ | ​ | 1,884 | ​ | ​ | 10
Mortgage banking derivatives recorded in other assets | ​ | $ | 12,671 | ​ | $ | 186 | ​ | $ | 21,268 | ​ | $ | 216
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives with negative fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate lock commitments | ​ | Other liabilities | ​ | $ | 2,866 | ​ | $ | 23 | ​ | $ | 499 | ​ | $ | 6
Forward sales commitments | ​ | Other liabilities | ​ | ​ | 4,429 | ​ | ​ | 42 | ​ | ​ | 41,002 | ​ | ​ | 439
Mortgage banking derivatives recorded in other liabilities | ​ | $ | 7,295 | ​ | $ | 65 | ​ | $ | 41,501 | ​ | $ | 445
Summary of Net gains (losses) relating to these derivative instruments | Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Three Months Ended March 31,
​ |  | Location | ​ | 2022 | ​ | 2021
Net gains (losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate lock commitments | ​ | Mortgage revenue | ​ | $ | 15 | ​ | $ | 472
Forward sales commitments | ​ | Mortgage revenue | ​ |  | 106 | ​ | ​ | (820)
Net gains (losses) | ​ | ​ | ​ | ​ | $ | 121 | ​ | $ | (348)
Interest rate swap |
Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet | Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps recorded in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2022
​ | ​ | Derivative Asset | ​ | Derivative Liability
​ | ​ | Notional | ​ | Fair | ​ | Notional | ​ | Fair
​ |  | Amount |  | Value |  | Amount |  | Value
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps – pay floating, receive fixed | ​ | $ | 119,622 | ​ | $ | 3,467 | ​ | $ | 372,968 | ​ | $ | 13,080
Interest rate swaps – pay fixed, receive floating | ​ | ​ | 372,968 | ​ | ​ | 13,080 | ​ | ​ | 119,622 | ​ | ​ | 3,467
Total derivatives not designated as hedging instruments | ​ | $ | 492,590 | ​ | $ | 16,547 | ​ | $ | 492,590 | ​ | $ | 16,547
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021
​ | ​ | Derivative Asset | ​ | Derivative Liability
​ | ​ | Notional | ​ | Fair | ​ | Notional | ​ | Fair
​ |  | Amount |  | Value |  | Amount |  | Value
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps – pay floating, receive fixed | ​ | $ | 404,572 | ​ | $ | 17,839 | ​ | $ | 86,784 | ​ | $ | 2,259
Interest rate swaps – pay fixed, receive floating | ​ | ​ | 86,784 | ​ | ​ | 2,259 | ​ | ​ | 404,572 | ​ | ​ | 17,839
Total derivatives not designated as hedging instruments | ​ | $ | 491,356 | ​ | $ | 20,098 | ​ | $ | 491,356 | ​ | $ | 20,098
Summary of Net gains (losses) relating to these derivative instruments | Changes in fair value of these derivative assets and liabilities are recorded in noninterest expense in the unaudited Consolidated Statements of Income and summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Three Months Ended March 31,
​ |  | Location |  | 2022 |  | 2021
Interest rate swaps | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pay floating, receive fixed | ​ | Noninterest expense | ​ | $ | (3,550) | ​ | $ | (10,595)
Pay fixed, receive floating | ​ | Noninterest expense | ​ | ​ | 3,550 | ​ | ​ | 10,595
Net change in fair value of interest rate swaps | ​ | ​ | ​ | ​ | $ | — | ​ | $ | —

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