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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023. Information about the valuation methods used to measure fair value is provided in note 17. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Asset derivatives fair value | ​ | ​ | ​ | Liability derivatives fair value
​ | ​ | Balance Sheet | ​ | September 30, | ​ | December 31, | ​ | Balance Sheet | ​ | September 30, | ​ | December 31,
​ | ​ | location | ​ | 2024 | ​ | 2023 | ​ | location | ​ | 2024 | ​ | 2023
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | Other assets | ​ | $ | 21,781 | ​ | $ | 28,928 | ​ | Other liabilities | ​ | $ | 4,688 | ​ | $ | 3,400
Total derivatives designated as hedging instruments | ​ | ​ | ​ | $ | 21,781 | ​ | $ | 28,928 | ​ | ​ | ​ | $ | 4,688 | ​ | $ | 3,400
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | Other assets | ​ | $ | 8,678 | ​ | $ | 8,480 | ​ | Other liabilities | ​ | $ | 8,689 | ​ | $ | 8,484
Interest rate lock commitments | ​ | Other assets | ​ | ​ | 603 | ​ | ​ | 287 | ​ | Other liabilities | ​ | ​ | 3 | ​ | ​ | 5
Forward contracts | ​ | Other assets | ​ | ​ | 37 | ​ | ​ | — | ​ | Other liabilities | ​ | ​ | 71 | ​ | ​ | 110
Total derivatives not designated as hedging instruments | ​ | ​ | ​ | $ | 9,318 | ​ | $ | 8,767 | ​ | ​ | ​ | $ | 8,763 | ​ | $ | 8,599
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, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of (loss) gain recognized in income on derivatives
​ | ​ | recognized in income on | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
Derivatives in hedging relationships | ​ | derivatives | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Interest rate products | ​ | Interest and fees on loans | ​ | $ | (12,000) | ​ | $ | 13,005 | ​ | $ | (479) | ​ | $ | 16,855
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of gain (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 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Interest rate products | ​ | Interest and fees on loans | ​ | $ | 13,945 | ​ | $ | (10,255) | ​ | $ | 6,451 | ​ | $ | (9,940)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of 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 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Interest rate products | ​ | Other non-interest expense | ​ | $ | (6) | ​ | $ | (33) | ​ | $ | (6) | ​ | $ | (32)
Interest rate lock commitments | ​ | Mortgage banking income | ​ | ​ | 188 | ​ | ​ | 30 | ​ | ​ | 459 | ​ | ​ | 73
Forward contracts | ​ | Mortgage banking income | ​ | ​ | (48) | ​ | ​ | 49 | ​ | ​ | 77 | ​ | ​ | 74
Total | ​ | ​ | ​ | $ | 134 | ​ | $ | 46 | ​ | $ | 530 | ​ | $ | 115
Summary of effect of fair value cash flow hedge accounting on accumulated other comprehensive income | The tables below present the effect of cash flow hedge accounting on AOCI as of the dates presented. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended September 30, 2024
​ | ​ | Gain recognized in OCI on derivatives | ​ | Gain recognized in OCI included component | ​ | Gain 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 | ​ | $ | 1,011 | ​ | $ | 890 | ​ | $ | 121 | ​ | ​ | Interest income | ​ | $ | (548) | ​ | $ | (429) | ​ | $ | (119)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the nine months ended September 30, 2024
​ | ​ | 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 | ​ | $ | (824) | ​ | $ | (368) | ​ | $ | (456) | ​ | ​ | Interest income | ​ | $ | (1,575) | ​ | $ | (1,220) | ​ | $ | (355)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)

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