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Derivatives Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative [Line Items]

Schedule of Hedge Relationships on Income Statement

The following table presents the effect of fair value and cash flow hedge accounting on the income statement (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​	2024		​	2023		​	2022
Total interest income	​	$	251,800	​	$	218,523	​	$	—
Effects of cash flow hedge relationships	​		(681)	​		(480)	​		—
Reported total interest income	​	$	251,119	​	$	218,043	​	$	—
​	​	​	​	​	​	​	​	​	​
Total interest expense	​	$	114,448	​	$	88,374	​	$	—
Effects of cash flow hedge relationships	​		(679)	​		(411)	​		—
Reported total interest expense	​	$	113,769	​	$	87,963	​	$	—

​

Schedule of interest rate swaps related to loan hedging program

At December 31, 2024, and 2023, respectively, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

Notional

​

​

Estimated

​

​

Notional

​

​

Estimated

​

​

​

Amount

​

​

Fair Value

​

​

Amount

​

​

Fair Value

Interest rate swap agreements:

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

$

393,268

​

$

12,135

​

$

294,133

​

$

12,813

Liabilities

​

​

393,268

​

​

(12,135)

​

​

294,133

​

​

(12,813)

Schedule of interest rate swap to facilitate customer's transactions

The Company establishes limits and monitors exposures for customer swap positions.  Any fees received to enter the swap agreements at inception are recognized in earnings when received and is included in noninterest income. Such fees were as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​	2024		​	2023		​	2022
Interest rate swap agreements	​	$	1,843	​	$	1,421	​	$	2,162

Fair Value Hedging [Member]

Derivative [Line Items]

Schedule of Hedge Relationships on Income Statement

​

The effects of the Company’s fair value hedge relationships reported in interest income on taxable and tax-exempt AFS securities on the consolidated income statement were as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended
​	​	​	December 31,
​		2024		​	​	2023		​	2022
Interest income on taxable securities		$	19,750	​	​	$	16,635	​	$	—
Effects of fair value hedge relationships	​		401	​	​		30	​		—
Reported interest income on taxable securities	​	$	20,151	​	​	$	16,665	​	$	—
​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended
​	​	​	December 31,
​	​	2024		​	​	2023		​	2022
Interest income on tax-exempt AFS securities	​	$	—	​	​	$	—	​	$	1,550
Effects of fair value hedge relationships	​		—	​	​		—	​		(336)
Reported interest income on tax-exempt AFS securities	​	$	—	​	​	$	—	​	$	1,214

​

​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
Gain (loss) on fair value hedging relationship	​	2024		​	2023
Interest rate swap agreements - securities:	​			​	​
Hedged items	​	$	(224)	​	$	(536)
Derivative designated as hedging instruments	​	​	224	​	​	536
Carry amount of hedged assets - mortgage-backed securities	​	​	43,105	​	​	24,736

Cash Flow Hedging [Member]

Derivative [Line Items]

Schedule of Fair Value Hedge Relationships in Balance Sheet

At December 31, 2024 and 2023, respectively, cash flow hedges are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

Balance Sheet

​

Notional

​

Estimated

​

Balance Sheet

​

Notional

​

Estimated

​

​

Location

​

Amount

​

Fair Value

​

Location

​

Amount

​

Fair Value

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

Other liabilities

​

$

100,000

​

$

(559)

​

Other liabilities

​

$

100,000

​

$

(556)

Liabilities

​

Other liabilities

​

​

150,000

​

​

(280)

​

Other liabilities

​

​

150,000

​

​

(881)

Liabilities

​

Other assets

​

​

-

​

​

-

​

Other assets

​

​

25,000

​

​

7

Schedule of Hedge Relationships on AOCI

The following table presents the effect of fair value and cash flow hedge accounting on AOCI (in thousands):

​

​	​	​	​	​	​	​	​	​
Derivatives in cash flow hedging relationships:	​	​	Amount of Gain (Loss) Recognized on OCI on Derivative	​	Location of Gain or (Loss) Recognized from AOCI into Income	​	​	Amount of Gain or (Loss) Reclassified from AOCI into Income
Year ended December 31, 2024	​	​	​	​	​	​	​	​
Interest rate swaps - Assets	​	$	3	​	Interest income	​	$	(681)
Interest rate swaps - Liabilities	​	​	(594)	​	Interest expense	​	​	679
​	​	​	​	​	​	​	​	​
Year ended December 31, 2023	​	​	​	​	​	​	​	​
Interest rate swaps - Assets	​	$	(556)	​	Interest income	​	$	(480)
Interest rate swaps - Liabilities	​	​	(874)	​	Interest expense	​	​	411
​	​	​	​	​	​	​	​	​
Year ended December 31, 2022	​	​	​	​	​	​	​	​
Interest rate swaps - Assets	​	$	—	​	Interest income	​	$	—
Interest rate swaps - Liabilities	​	​	(1,304)	​	Interest expense	​	​	—

Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Fair Value Hedge Relationships in Balance Sheet

A summary of the Company’s fair value hedge relationships for the periods presented are as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

​

​

Average

​

​

​

​

​

​

​

​

​

​

​

Balance

​

Remaining

​

Weighted

​

​

​

​

​

​

​

​

​

Sheet

​

Maturity

​

Average

​

Receive

​

Notional

​

Estimated

Asset/Liability derivatives

​

Location

​

(In Years)

​

Pay Rate

​

Rate

​

Amount

​

Fair Value

December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap agreements - securities

​

Other liabilities

1.70

4.31

%

SOFR

​

$

51,507

$

(224)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap agreements - securities

Other liabilities

3.40

4.25

%

SOFR

​

$

27,050

$

(536)

X

- Definition

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