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v3.23.3

Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments |
Schedule of total notional amounts and gross fair values of the Company's derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ | ​ | ​ | ​ | Fair | ​ | Notional | ​ | Fair | ​ | Notional
(dollars in thousands) |  | ​ |  | Value |  | Amount |  | Value |  | Amount
Designated as hedging instruments: | ​ | Consolidated Balance Sheet Location | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | Other assets | ​ | $ | 3,899 | ​ | $ | 600,000 | ​ | $ | — | ​ | $ | —
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | Other assets | ​ | ​ | 1,011 | ​ | ​ | 200,000 | ​ | ​ | — | ​ | ​ | —
Total derivatives designated as hedging instruments | ​ | ​ | ​ | $ | 4,910 | ​ | $ | 800,000 | ​ | $ | — | ​ | $ | —
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset Derivatives |  | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest rate swaps |  | Other assets | ​ | $ | 6,819 | ​ | $ | 67,716 | ​ | $ | 6,277 | ​ | $ | 43,430
Interest rate lock commitments |  | Other assets | ​ | ​ | 247 | ​ | ​ | 23,352 | ​ | ​ | 121 | ​ | ​ | 10,462
Forward loan sales commitments |  | Other assets | ​ |  | 62 | ​ |  | 3,467 | ​ |  | 7 | ​ |  | 351
To-be-announced mortgage backed securities |  | Other assets | ​ |  | 155 | ​ |  | 41,250 | ​ |  | — | ​ |  | —
Total asset derivatives not designated as hedging instruments |  |  | ​ | $ | 7,283 | ​ | $ | 135,785 | ​ | $ | 6,405 | ​ | $ | 54,243
Liability Derivatives |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest rate swaps |  | Accrued expenses and other liabilities | ​ | $ | 6,820 | ​ | $ | 67,716 | ​ | $ | 6,277 | ​ | $ | 43,430
To-be-announced mortgage backed securities |  | Accrued expenses and other liabilities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | 25,750
Total liability derivatives not designated as hedging instruments |  |  | ​ | $ | 6,820 | ​ | $ | 67,716 | ​ | $ | 6,303 | ​ | $ | 69,180
Schedule of effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) before tax, reclassified from other comprehensive income (loss) into earnings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ | ​ | Gains (Losses) | ​ | Gains (Losses) | ​ | Gains (Losses) | ​ | Gains (Losses)
​ | ​ | Recognized in | ​ | Reclassified | ​ | Recognized in | ​ | Reclassified
​ | ​ | Other | ​ | from Other | ​ | Other | ​ | from Other
​ | ​ | Comprehensive | ​ | Comprehensive | ​ | Comprehensive | ​ | Comprehensive
​ | ​ | Income | ​ | Income (Loss) | ​ | Income | ​ | Income (Loss)
(dollars in thousands) | ​ | (Loss) | ​ | into Earnings | ​ | (Loss) | ​ | into Earnings
Derivatives designated as hedging instruments |  | 2023 |  | 2023 |  | 2023 |  | 2023
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | 1,216 | ​ | $ | 205 | ​ | $ | 1,216 | ​ | $ | 205
Schedule of notional amount, carrying amount and associated cumulative basis adjustments related to the application of hedge accounting | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Cumulative Fair
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Value Hedging
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Adjustment in the
​ | ​ | ​ | ​ | Carrying Amount | ​ | Carrying Amount of
​ | ​ | Notional | ​ | of Hedged Assets/ | ​ | Hedged Assets/
(dollars in thousands) | ​ | Amount | ​ | Liabilities | ​ | Liabilities
Mortgage-backed securities |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Residential agency (1) | ​ | $ | 200,000 | ​ | $ | 196,793 | ​ | $ | (3,207)
Mortgage loan pools (2) | ​ | ​ | 400,000 | ​ | ​ | 399,284 | ​ | ​ | (716)
Total | ​ | $ | 600,000 | ​ | $ | 596,077 | ​ | $ | (3,923)
(1) | Includes amounts related to residential agency mortgage-backed securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At September 30, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $331 million.
(2) | These amounts include the amortized cost basis of residential real estate loans that were used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2023, the amortized cost basis of the residential real estate loans used in these hedging relationships was $706.8 million.
Schedule of gain (loss) recognized on derivatives instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location and Amount of Gains (Losses) Recognized in Income
​ | ​ | Interest Income | ​ | Interest Expense
​ | ​ | Loans, | ​ | Investment | ​ | ​
​ | ​ | including | ​ | securities - | ​ | Short-term
(dollars in thousands) |  | fees |  | Taxable |  | borrowings
Three months ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total amounts in the Consolidated Statements of Income | ​ | $ | 34,986 | ​ | $ | 6,146 | ​ | $ | 6,528
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | ​ | 71 | ​ | ​ | 606 | ​ | ​ | —
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (205)
Nine months ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total amounts in the Consolidated Statements of Income | ​ | $ | 99,187 | ​ | $ | 18,222 | ​ | $ | 15,684
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | ​ | 71 | ​ | ​ | 1,229 | ​ | ​ | —
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (205)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
Derivatives not designated as hedging instruments |  | Consolidated Statements of Income Location |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate swaps |  | Other noninterest income | ​ | $ | 121 | ​ | $ | 1 | ​ | $ | 121 | ​ | $ | 2
Interest rate lock commitments |  | Mortgage banking | ​ | ​ | (342) | ​ | ​ | (1,724) | ​ | ​ | 87 | ​ | ​ | (1,871)
Forward loan sales commitments |  | Mortgage banking | ​ | ​ | (9) | ​ | ​ | (532) | ​ | ​ | 55 | ​ | ​ | (480)
To-be-announced mortgage backed securities |  | Mortgage banking | ​ | ​ | 221 | ​ | ​ | 1,317 | ​ |  | 350 | ​ |  | 5,066
Total gain (loss) from derivatives not designated as hedging instruments |  | ​ | ​ | $ | (9) | ​ | $ | (938) | ​ | $ | 613 | ​ | $ | 2,717
Schedule of derivative positions and the potential effect of netting arrangements on its financial position | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Amount | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Not Offset in the | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Consolidated | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Balance Sheets | ​ | ​ | ​
​ | ​ | Gross Amount | ​ | Gross Amount | ​ | Net Amount | ​ | ​ | ​ | ​ | ​
​ | ​ | Recognized in the | ​ | Offset in the | ​ | Presented in the | ​ | ​ | ​ | ​ | ​
​ | ​ | Consolidated | ​ | Consolidated | ​ | Consolidated | ​ | Cash Collateral | ​ | ​ | ​
(dollars in thousands) | ​ | Balance Sheets | ​ | Balance Sheets | ​ | Balance Sheets | ​ | Pledged (Received) | ​ | Net Amount
September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - Company (1) | ​ | $ | 4,910 | ​ | $ | — | ​ | $ | 4,910 | ​ | $ | (10,150) | ​ | $ | (5,240)
Interest rate swaps - customer (1) | ​ | ​ | 6,819 | ​ | ​ | — | ​ | ​ | 6,819 | ​ | ​ | — | ​ | ​ | 6,819
To-be-announced mortgage backed securities | ​ | ​ | 155 | ​ | ​ | — | ​ | ​ | 155 | ​ | ​ | — | ​ | ​ | 155
Total | ​ | $ | 11,884 | ​ | $ | — | ​ | $ | 11,884 | ​ | $ | (10,150) | ​ | $ | 1,734
Derivative liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - customer (1) | ​ | $ | 6,820 | ​ | $ | — | ​ | $ | 6,820 | ​ | $ | — | ​ | $ | 6,820
To-be-announced mortgage backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 290 | ​ | ​ | (290)
Total | ​ | $ | 6,820 | ​ | $ | — | ​ | $ | 6,820 | ​ | $ | 290 | ​ | $ | 6,530
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - Company (1) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Interest rate swaps - customer (1) | ​ | ​ | 6,277 | ​ | ​ | — | ​ | ​ | 6,277 | ​ | ​ | (6,030) | ​ | ​ | 247
To-be-announced mortgage backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 6,277 | ​ | $ | — | ​ | $ | 6,277 | ​ | $ | (6,030) | ​ | $ | 247
Derivative liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - customer (1) | ​ | $ | 6,277 | ​ | $ | — | ​ | $ | 6,277 | ​ | $ | — | ​ | $ | 6,277
To-be-announced mortgage backed securities | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | 309 | ​ | ​ | (283)
Total | ​ | $ | 6,303 | ​ | $ | — | ​ | $ | 6,303 | ​ | $ | 309 | ​ | $ | 5,994
(1) | The Company maintains a master netting arrangement with each counterparty and settles collateral on a net basis for all interest rate swaps.

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