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v3.22.2

Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 | ​
​ | ​ | ​ | ​ | June 30, | ​ | 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 | ​ | ​ | ​ | ​ | ​ | 1.83 | % | ​ | 0.20 | %
Weighted average maturity, in years | ​ | ​ | ​ | ​ | ​ | 2.21 | yrs | ​ | 2.71 | yrs
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan Swap | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Notional amount | ​ | ​ | ​ | ​ | $ | 300,000 | ​ | $ | — | ​
Weighted average fixed receive rates | ​ | ​ | ​ | ​ |  | 4.45 | % |  | — | %
Weighted average variable Prime pay rates | ​ | ​ | ​ | ​ | ​ | 4.81 | % | ​ | — | %
Weighted average maturity, in years | ​ | ​ | ​ | ​ | ​ | 6.61 | yrs | ​ | — | yrs
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross aggregate fair value of the swaps | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross aggregate fair value of swap assets | ​ | Other assets | ​ | $ | 1,412 | ​ | $ | — | ​
Gross aggregate fair value of swap liabilities | ​ | Other liabilities | ​ | $ | 19,296 | ​ | $ | 958 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances carried in AOCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gains (losses) on cash flow hedges, net of tax | ​ | AOCI | ​ | $ | (12,844) | ​ | $ | (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 June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2022 | ​ | 2021 |  | 2022 |  | 2021
Interest income (expense) on swap transactions | ​ | $ | 567 | ​ | $ | (288) | ​ | $ | 1,067 | ​ | $ | (566)
Schedule of notional amount and fair value of risk participation agreement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | June 30, | ​ | December 31,
​ |  | 2022 |  | 2021
Risk participation agreement: | ​ | ​ | ​ | ​ | ​ | ​
Notional amount | ​ | $ | 3,946 | ​ | $ | 3,990
Fair value | ​ | ​ | 3 | ​ | ​ | 11
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 June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2022 | ​ | 2021 |  | 2022 |  | 2021
Unrealized gains (losses) on cash flow hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) recognized in OCI, net of tax | ​ | $ | (6,550) | ​ | $ | (69) | ​ | $ | (11,395) | ​ | $ | 341
(Gain) loss reclassified from OCI to interest expense, net of tax | ​ | ​ | (407) | ​ | ​ | 206 | ​ | ​ | (764) | ​ | ​ | 405
Net change in unrealized gains (losses) on cash flow hedges | ​ | $ | (6,957) | ​ | $ | 137 | ​ | $ | (12,159) | ​ | $ | 746
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 June 30, 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 | ​ | $ | 7,201 | ​ | $ | 151 | ​ | $ | 19,384 | ​ | $ | 206
Forward sales commitments | ​ | Other assets | ​ | ​ | 931 | ​ | ​ | 4 | ​ | ​ | 1,884 | ​ | ​ | 10
Mortgage banking derivatives recorded in other assets | ​ | $ | 8,132 | ​ | $ | 155 | ​ | $ | 21,268 | ​ | $ | 216
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives with negative fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate lock commitments | ​ | Other liabilities | ​ | $ | 527 | ​ | $ | 2 | ​ | $ | 499 | ​ | $ | 6
Forward sales commitments | ​ | Other liabilities | ​ | ​ | 11,551 | ​ | ​ | 217 | ​ | ​ | 41,002 | ​ | ​ | 439
Mortgage banking derivatives recorded in other liabilities | ​ | $ | 12,078 | ​ | $ | 219 | ​ | $ | 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 June 30, |  | Six Months Ended June 30,
​ |  | Location |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net gains (losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate lock commitments | ​ | Mortgage revenue | ​ | $ | 134 | ​ | $ | 493 | ​ | $ | 149 | ​ | $ | 965
Forward sales commitments | ​ | Mortgage revenue | ​ |  | (319) | ​ | ​ | (1,358) | ​ |  | (213) | ​ | ​ | (2,178)
Net gains (losses) | ​ | ​ | ​ | ​ | $ | (185) | ​ | $ | (865) | ​ | $ | (64) | ​ | $ | (1,213)
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 June 30, 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 | ​ | $ | 74,892 | ​ | $ | 1,798 | ​ | $ | 368,937 | ​ | $ | 21,761
Interest rate swaps – pay fixed, receive floating | ​ | ​ | 368,937 | ​ | ​ | 21,761 | ​ | ​ | 74,892 | ​ | ​ | 1,798
Total derivatives not designated as hedging instruments | ​ | $ | 443,829 | ​ | $ | 23,559 | ​ | $ | 443,829 | ​ | $ | 23,559
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 June 30, | ​ | Six Months Ended June 30,
​ |  | Location |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest rate swaps | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pay floating, receive fixed | ​ | Noninterest expense | ​ | $ | 7,025 | ​ | $ | 1,264 | ​ | $ | 3,475 | ​ | $ | (9,331)
Pay fixed, receive floating | ​ | Noninterest expense | ​ | ​ | (7,025) | ​ | ​ | (1,264) | ​ | ​ | (3,475) | ​ | ​ | 9,331
Net change in fair value of interest rate swaps | ​ | ​ | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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