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DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2025

DERIVATIVES

Schedule of amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustment for fair value hedges

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Cumulative Amount of Fair Value

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Hedging Adjustment Included in the

Line Item in the Consolidated Balance Sheets

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Carrying Amount of the Hedged

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Carrying Amount of the Hedged

in Which the Hedged Item is Included

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Assets

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Assets

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March 31,

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December 31,

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March 31,

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December 31,

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2025

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2024

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2025

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2024

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(in thousands)

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Loans held for investment (1)

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$

100,567

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$

100,080

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$

567

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$

80

Total

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$

100,567

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$

100,080

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$

567

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$

80

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⁽¹⁾ These amounts were included in the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.12 billion; the cumulative basis adjustments associated with these hedging relationships was $567,000 and the amount of the designated hedged items were $100.0 million.

Schedule of outstanding notional balances and fair values of outstanding derivative instruments

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Assets		​	Liabilities
​	​	Notional		​	Fair		​	Fair
​		Amount			Value			Value
​	​	(in thousands)
March 31, 2025:	​	​	​	​	​	​		​	​
Derivatives designated as hedging instruments	​	​	​	​	​	​	​	​	​
Fair value hedge - interest rate swaps	​	$	100,000	​	$	—	​	$	455
Cashflow hedge - interest rate swaps	​	​	100,000	​	​	76	​	​	—
Total derivatives designated as hedging instruments	​	​	​	​	$	76	​	$	455
Derivatives not designated as hedging instruments	​	​	​	​	​	​	​	​	​
Derivative loan commitments	​	$	41,938	​	$	540	​	$	54
Forward loan sale commitments	​	​	28,500	​	​	9	​	​	63
Interest rate swaps	​	​	980,343	​	​	18,850	​	​	18,850
Risk participation agreements	​	​	215,355	​	​	—	​	​	—
Interest Rate Futures	​	​	31,600	​	​	595	​	​	—
Total derivatives not designated as hedging instruments	​	​	​	​	$	19,994	​	$	18,967
Total derivatives	​	​	​	​	$	20,070	​	$	19,422
​	​	​	​	​	​	​	​	​	​
December 31, 2024:	​	​	​	​	​	​	​	​	​
Derivatives designated as hedging instruments	​	​	​	​	​	​	​	​	​
Fair value hedge - interest rate swaps	​	$	100,000	​	$	112	​	$	84
Cashflow hedge - interest rate swaps	​	$	100,000	​	$	1,040	​	$	—
Total derivatives designated as hedging instruments	​	​	​	​	$	1,152	​	$	84
Derivatives not designated as hedging instruments	​	​	​	​	​	​	​	​	​
Derivative loan commitments	​	$	38,929	​	$	374	​	$	61
Forward loan sale commitments	​	​	50,500	​	​	382	​	​	4
Interest rate swaps	​	​	1,015,448	​	​	23,021	​	​	23,021
Risk participation agreements	​	​	216,245	​	​	—	​	​	—
Interest Rate Futures	​	​	35,400	​	​	—	​	​	376
Total derivatives not designated as hedging instruments	​	​	​	​	$	23,777	​	$	23,462
Total derivatives	​	​	​	​	$	24,929	​	$	23,546

Schedule of net gains and losses on derivative instruments

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​	​	​	​	​	​	​	​	​	​
​	​	Location of gain (loss)	​	​	​	​	​	​	​
​	​	recognized in	​	Three Months Ended March 31,					​
​	​	Income		2025		​	2024
​	​	​	​	(in thousands)
Derivatives designated as fair value hedge	​	​	​	​	​	​	​	​	​
Hedged items - loans	​	Interest income	​	$	488	​	$	(1,429)	​
Interest rate swap contracts	​	Interest income	​	​	(483)	​	​	1,420	​
Total	​	​	​	$	5	​	$	(9)	​
Derivatives not designated as hedging instruments	​	​	​	​	​	​	​	​	​
Derivative loan commitments	​	Mortgage banking income	​	$	174	​	$	57	​
Forward loan sale commitments	​	Mortgage banking income	​	​	(431)	​	​	310	​
Interest rate futures	​	Mortgage banking income	​	​	561	​	​	(221)	​
Interest rate swaps	​	Other income	​	​	—	​	​	—	​
Total	​	​	​	$	304	​	$	146	​

Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income

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​	​	​	​	Three Months Ended March 31,					​
​	​	​	​	2025		​	2024		​
​	​	​	​	(in thousands)
Derivatives designated as hedging instruments	​	​	​	​	​	​	​	​
Loss in OCI on derivatives (effective portion), net of tax	​	​	​	$	(708)	​	$	(369)	​
Gain reclassified from OCI into interest income (effective portion)	​	​	​	$	987	​	$	1,235	​

Schedule of offsetting of derivative and amounts subject to an enforceable master netting arrangement, not offset in the Consolidated Balance Sheets

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Gross Amounts Not Offset in the Consolidated Balance Sheets

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Net Amounts

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Gross Amounts

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Gross Amounts

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Assets (Liabilities)

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Cash

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of Recognized

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Offset in the

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presented in the

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Collateral

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Assets

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Consolidated

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Consolidated

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Financial

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(Received)

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Net

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(Liabilities)

Balance Sheets

Balance Sheets

Instruments

Posted

Amount

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(in thousands)

Derivatives designated as hedging instruments

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Interest rate swap on deposits

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$

76

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$

—

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$

76

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$

—

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$

(76)

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$

—

Interest rate swap on residential real estate loans

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$

(455)

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$

—

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$

(455)

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$

—

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$

510

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$

55

Derivatives not designated as hedging instruments

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Customer interest rate swaps

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$

15,842

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—

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$

15,842

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—

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$

(14,524)

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$

1,318

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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