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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2024
Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges | The following table presents information about the interest rate swaps designated as cash flow hedges as of September 30, 2024 and December 31, 2023:
(Dollars in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Notional amount |  | $ | 360,000 |  |  | $ | 310,000 |
Weighted average pay rate |  |  | 2.29 | % |  |  | 2.22 | %
Weighted average receive rate |  |  | 4.20 | % |  |  | 4.14 | %
Weighted average maturity |  | 2.60 years |  |  | 2.98 years |
Unrealized gain/(loss), net |  | $ | 3,861 |  |  | $ | 6,814 |
Number of contracts |  |  | 14 |  |  |  | 12 |
Schedule of Cash Flow Hedges Included in Financial Statements |
|  | September 30, 2024 |
|  | Notional |  |  | Fair |
(In thousands) |  | Amount |  |  | Value |
Interest rate swaps related to interest-bearing deposits |  | $ | 360,000 |  |  | $ | 3,861 |
Total included in other assets |  | $ | 335,000 |  |  |  | 3,970 |
Total included in other liabilities |  | $ | 25,000 |  |  |  | (109 | )
|  | December 31, 2023 |
|  | Notional |  |  | Fair |
(In thousands) |  | Amount |  |  | Value |
Interest rate swaps related to interest-bearing deposits |  | $ | 310,000 |  |  | $ | 6,814 |
Total included in other assets |  |  | 310,000 |  |  |  | 6,814 |
Total included in other liabilities |  |  | — |  |  |  | — |
Cash Flow Hedges The following table presents the net gains/(losses) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three month and nine months ended September 30, 2024 and 2023:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
Gain/(loss) recognized in other comprehensive income (effective portion) |  | $ | (5,600 | ) |  | $ | 1,861 |  |  | $ | (2,953 | ) |  | $ | 3,904 |
Gain/(loss) recognized in other noninterest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (84 | )
Net interest income recorded on these swap transactions totaled $1.5 million and $4.5 million for the three and nine months ended September 30, 2024, respectively. Net interest income recorded on these swap transactions totaled $1.5 million and $3.5 million for the three and nine months ended September 30, 2023, respectively. Net interest income/expense for these swap transactions is reported as a component of interest expense. Derivatives Not Designated as Accounting Hedges The Company offers facility specific/loan level swaps to its customers and offsets its exposure from such contracts by entering mirror image swaps with a financial institution/swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The accrued interest receivable and payable related to these swaps of $1.2 million and $1.4 million at September 30, 2024 and December 31, 2023, respectively, is recorded in other assets and other liabilities. Information about these swaps is as follows:
(Dollars in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Notional amount |  | $ | 466,777 |  |  | $ | 545,983 |
Fair value |  | $ | (13,138 | ) |  | $ | (22,452 | )
Weighted average pay rates |  |  | 3.91 | % |  |  | 3.95 | %
Weighted average receive rates |  |  | 6.90 | % |  |  | 7.09 | %
Weighted average maturity |  | 3.64 years |  |  | 3.93 years |
Number of contracts |  |  | 60 |  |  |  | 71 |
Schedule of Net Gains/(Losses) Recorded in Accumulated Other Comprehensive Income/(Loss) | The following table presents the net gains/(losses) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three month and nine months ended September 30, 2024 and 2023:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
Gain/(loss) recognized in other comprehensive income (effective portion) |  | $ | (5,600 | ) |  | $ | 1,861 |  |  | $ | (2,953 | ) |  | $ | 3,904 |
Gain/(loss) recognized in other noninterest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (84 | )
Not Designated as Hedging Instrument [Member] |
Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges | Information about these swaps is as follows:
(Dollars in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Notional amount |  | $ | 466,777 |  |  | $ | 545,983 |
Fair value |  | $ | (13,138 | ) |  | $ | (22,452 | )
Weighted average pay rates |  |  | 3.91 | % |  |  | 3.95 | %
Weighted average receive rates |  |  | 6.90 | % |  |  | 7.09 | %
Weighted average maturity |  | 3.64 years |  |  | 3.93 years |
Number of contracts |  |  | 60 |  |  |  | 71 |

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