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INTEREST RATE SWAPS | 12 Months Ended
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Dec. 31, 2023
INTEREST RATE SWAPS |
INTEREST RATE SWAPS | ​ ​
8. | INTEREST RATE SWAPS
​ Non-hedge Interest Rate Swaps ​ The Bank enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments to meet client needs, the Bank enters into offsetting positions in order to minimize the Bank’s interest rate risk. These swaps are derivatives, but are not designated as hedging instruments, and therefore changes in fair value are reported in current year earnings. ​ Interest rate swap contracts involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument contract is positive, this generally indicates that the counter party or client owes the Bank, and results in credit risk to the Bank. When the fair value of a derivative instrument contract is negative, the Bank owes the client or counterparty and has no credit risk. ​ A summary of the Bank’s interest rate swaps related to clients as of December 31, 2023 and 2022 is included in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  |  | 2023 | ​ | 2022
​ | ​ | ​ | ​ |  | Notional | ​ | ​ | ​ | ​ | Notional | ​ | ​ | ​
December 31, (in thousands) |  | Bank Position | ​ |  | Amount |  | Fair Value |  | Amount |  | Fair Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps with Bank clients - Assets |  | Pay variable/receive fixed |  | ​ | $ | 120,442 |  | $ | 4,066 |  | $ | 40,032 |  | $ | 1,386
Interest rate swaps with Bank clients - Liabilities |  | Pay variable/receive fixed |  | ​ | ​ | 95,820 | ​ | ​ | (4,867) | ​ | ​ | 91,636 | ​ | ​ | (6,742)
Interest rate swaps with Bank clients - Total |  | Pay variable/receive fixed |  | ​ | $ | 216,262 |  | $ | (801) | ​ | $ | 131,668 |  | $ | (5,356)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting interest rate swaps with institutional swap dealer - Assets | ​ | Pay fixed/receive variable | ​ | ​ | ​ | 95,820 | ​ | ​ | 4,867 | ​ | ​ | 91,636 | ​ | ​ | 6,742
Offsetting interest rate swaps with institutional swap dealer - Liabilities | ​ | Pay fixed/receive variable | ​ | ​ | ​ | 120,442 | ​ | ​ | (4,066) | ​ | ​ | 40,032 | ​ | ​ | (1,386)
Offsetting interest rate swaps with institutional swap dealer - Total | ​ | Pay fixed/receive variable | ​ | ​ | $ | 216,262 |  | $ | 801 | ​ | $ | 131,668 |  | $ | 5,356
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ |  | ​ | $ | 432,524 |  | $ | — |  | $ | 263,336 |  | $ | —
​ The Bank and its counterparties are required to pledge securities or cash as collateral when either party is in a net loss position exceeding $250,000 with the other party. As of December 31, 2023 and 2022, the Bank’s counterparties had cash of $1.9 million and $3.6 million pledged to the Bank, which were included in Interest-bearing deposits on the Company’s Balance Sheet. Conversely, the Bank had $1.0 million and $901,000 pledged to its counterparties as of December 31, 2023 and 2022, which were included in Cash and cash equivalents on the Company’s Balance Sheet.

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