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DERIVATIVES

9 Months Ended

Sep. 30, 2025

DERIVATIVES

DERIVATIVES

NOTE 14 — 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 September 30, 2025, these derivatives had a notional amount of $1.2 billion and contractual maturities ranging from March 23, 2026 to August 1, 2027. 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 three and nine months ended September 30, 2025. 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 clients 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 client in addition to a swap agreement. This swap agreement effectively converts the client’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 client agreement. As the interest rate swap agreements with the clients and third parties are not designated as hedges, the instruments are marked to market in earnings. At September 30, 2025, 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 September 30, 2025	​	​	​	​	​	​	​	​	​
Derivatives designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps related to client deposits and borrowings	​	$	1,150,000	​	$	—	​	$	3,771
​	​	​	​	​	​	​	​	​	​
Derivatives not designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	$	69,000	​	$	941	​	$	941
​	​	​	​	​	​	​	​	​	​
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

​

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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.

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