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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivatives |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated statements of financial condition as of September 30, 2023 and December 31, 2022. Information about the valuation methods used to measure fair value is provided in note 18. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Asset derivatives fair value | ​ | ​ | ​ | Liability derivatives fair value
​ | ​ | Balance Sheet | ​ | September 30, | ​ | December 31, | ​ | Balance Sheet | ​ | September 30, | ​ | December 31,
​ |  | location |  | 2023 |  | 2022 |  | Location |  | 2023 |  | 2022
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products |  | Other assets | ​ | $ | 41,612 | ​ | $ | 34,164 |  | Other liabilities | ​ | $ | 2,464 | ​ | $ | 1,929
Total derivatives designated as hedging instruments | ​ | ​ | ​ | $ | 41,612 | ​ | $ | 34,164 | ​ | ​ | ​ | $ | 2,464 | ​ | $ | 1,929
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products |  | Other assets | ​ | $ | 10,972 | ​ | $ | 10,657 |  | Other liabilities | ​ | $ | 13,471 | ​ | $ | 10,660
Interest rate lock commitments | ​ | Other assets | ​ | ​ | 252 | ​ | ​ | 197 | ​ | Other liabilities | ​ | ​ | 55 | ​ | ​ | 174
Forward contracts | ​ | Other assets | ​ | ​ | 183 | ​ | ​ | 210 | ​ | Other liabilities | ​ | ​ | 2 | ​ | ​ | 104
Total derivatives not designated as hedging instruments | ​ | ​ | ​ | $ | 11,407 | ​ | $ | 11,064 | ​ | ​ | ​ | $ | 13,528 | ​ | $ | 10,938
Derivative Instruments, Gain (Loss) | The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of gain recognized in income on derivatives
Derivatives in fair value | ​ | recognized in income on | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
hedging relationships |  | derivatives |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate products |  | Interest and fees on loans | ​ | $ | 13,005 | ​ | $ | 13,893 | ​ | $ | 16,855 | ​ | $ | 44,183
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of loss recognized in income on hedged items
​ | ​ | recognized in income on | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
Hedged items |  | hedged items |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate products |  | Interest and fees on loans | ​ | $ | (10,255) |  | $ | (14,589) | ​ | $ | (9,940) |  | $ | (47,601)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of (loss) gain recognized in income on derivatives
Derivatives not designated | ​ | recognized in income on | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
as hedging instruments |  | derivatives |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate products |  | Other non-interest expense |  | $ | (33) |  | $ | 49 | ​ | $ | (32) |  | $ | 5
Interest rate lock commitments | ​ | Mortgage banking income | ​ | ​ | 30 | ​ | ​ | (1,936) | ​ | ​ | 73 | ​ | ​ | (2,780)
Forward contracts | ​ | Mortgage banking income | ​ | ​ | 49 | ​ | ​ | 2,179 | ​ | ​ | 74 | ​ | ​ | 2,095
Total | ​ | ​ |  | $ | 46 |  | $ | 292 | ​ | $ | 115 |  | $ | (680)
Summary of effect of fair value cash flow hedge accounting on accumulated other comprehensive income | The table below presents the effect of fair value cash flow hedge accounting on AOCI as of the dates presented. The Company did not utilize cash flow hedges until the third quarter of 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended September 30, 2023
​ | ​ | ​ | Loss recognized in OCI on derivatives | ​ | ​ | Loss recognized in OCI included component | ​ | ​ | Loss recognized in OCI excluded component | ​ | Location of Loss recognized from AOCI into income | ​ | ​ | Loss reclassified from AOCI into income | ​ | ​ | Loss reclassified from AOCI into income included component | ​ | ​ | Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products |  | $ | (1,122) | ​ | $ | (818) | ​ | $ | (304) |  | Interest income | ​ | $ | (493) | ​ | $ | (374) | ​ | $ | (119)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the nine months ended September 30, 2023
​ | ​ | ​ | Loss recognized in OCI on derivatives | ​ | ​ | Loss recognized in OCI included component | ​ | ​ | Loss recognized in OCI excluded component | ​ | Location of Loss recognized from AOCI into income | ​ | ​ | Loss reclassified from AOCI into income | ​ | ​ | Loss reclassified from AOCI into income included component | ​ | ​ | Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products |  | $ | (2,773) | ​ | $ | (2,254) | ​ | $ | (519) |  | Interest income | ​ | $ | (1,158) | ​ | $ | (821) | ​ | $ | (337)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three and nine months ended September 30, 2022
​ | ​ | ​ | Loss recognized in OCI on derivatives | ​ | ​ | Loss recognized in OCI included component | ​ | ​ | Loss recognized in OCI excluded component | ​ | Location of Loss recognized from AOCI into income | ​ | ​ | Gain reclassified from AOCI into income | ​ | ​ | Loss reclassified from AOCI into income included component | ​ | ​ | Gain reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products |  | $ | (2,355) | ​ | $ | (1,827) | ​ | $ | (528) |  | Interest income | ​ | $ | (14) | ​ | $ | — | ​ | $ | (14)

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