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DERIVATIVES

12 Months Ended

Dec. 31, 2024

DERIVATIVES

DERIVATIVES

NOTE 20 — DERIVATIVES

On occasion, the Company enters into derivative contracts as a part of its asset liability management strategy to help manage its interest rate risk position. At December 31, 2024, these derivatives had a notional amount of $550.0 million and contractual maturities ranging from August 1, 2025 to March 23, 2026. The notional amount of the derivatives does not represent the amount exchanged by the parties. The derivatives were designated as cash flow hedges of certain deposit liabilities and borrowings of the Company. The hedges were determined to be highly effective during the year ended December 31, 2024. The Company expects the hedges to remain highly effective during the remaining term of the derivatives.

In addition, the Company periodically enters into certain commercial loan interest rate swap agreements to provide commercial loan customers the ability to convert loans from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate loan. The Company then enters into a corresponding swap agreement with a third party to offset its exposure on the variable and fixed components of the customer agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges, the instruments are marked to market in earnings. At December 31, 2024, these interest rate swaps have a notional amount of $69.0 million and a contractual maturity of August 15, 2028.

​

The following tables reflect the derivatives recorded on the balance sheet (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Fair Value
​	​	​	Notional	​	​	Other	​	​	Other
​	​	​	Amount	​	​	Assets	​	​	Liabilities
At December 31, 2024	​	​	​	​	​	​	​	​	​
Derivatives designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps related to client deposits and borrowings	​	$	550,000	​	$	585	​	$	1,205
​	​	​	​	​	​	​	​	​	​
Derivatives not designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	$	69,000	​	$	334	​	$	334
​	​	​	​	​	​	​	​	​	​
At December 31, 2023	​	​	​	​	​	​	​	​	​
Derivatives designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps related to client deposits and borrowings	​	$	700,000	​	$	1,530	​	$	4,880
​	​	​	​	​	​	​	​	​	​
Derivatives not designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	$	69,000	​	$	1,157	​	$	1,157

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​

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- References

No definition available.

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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

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