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Derivatives and hedging activities (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivatives and hedging activities |
Schedule of amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Line Item in the Statement of Financial Position in Which the Hedged Item is Included | ​ | Amortized Amount of the Hedged Assets/(Liabilities) | ​ | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
(Dollars in Thousands) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
AFS Securities (1) | $ | 100,000 | $ | ​ | $ | 1,986 | $ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | $ | 100,000 | $ | ​ | $ | 1,986 | $ | ​
(1) | These amounts include the amortized cost basis of closed portfolios of fixed rate assets 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 March 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $146.1 million. The amounts of the designated hedged items were $138.6 million.
​
Schedule of fair value of derivative financial instruments and balance sheet classification | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Values of Derivative Instruments
​ | ​ | Derivative Assets | ​ | ​ | Derivative Liabilities
​ | ​ | As of March 31, 2023 | ​ | As of December 31, 2022 | ​ | ​ | As of March 31, 2023 | ​ | As of December 31, 2022
(Dollars in Thousands) | ​ | Notional Amount | ​ | Balance Sheet Location | ​ | Fair Value | ​ | Balance Sheet Location | ​ | Fair Value | ​ | ​ | Notional Amount | ​ | Balance Sheet Location | ​ | Fair Value | ​ | Balance Sheet Location | ​ | Fair Value
Derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Rate Products | $ | 25,000 | ​ | Other Assets | $ | 1 | ​ | Other Assets | $ | 1 | ​ | $ | 100,000 | ​ | Other Liabilities | $ | 1,970 | ​ | Other Liabilities | $ | ​
Total derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​ | ​ | $ | 1,970 | ​ | ​ | $ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Rate Products | $ | 208,147 | ​ | Other Assets | $ | 18,963 | ​ | Other Assets | $ | 22,195 | ​ | $ | 208,147 | ​ | Other Liabilities | $ | 18,392 | ​ | Other Liabilities | $ | 21,466
Other Contracts | ​ | 1,522 | ​ | Other Assets | ​ | 6 | ​ | Other Assets | ​ | ​ | ​ | ​ | 6,307 | ​ | Other Liabilities | ​ | 2 | ​ | Other Liabilities | ​ | ​
Total derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | $ | 18,969 | ​ | ​ | $ | 22,195 | ​ | ​ | ​ | ​ | ​ | $ | 18,394 | ​ | ​ | $ | 21,466
(1) | Amounts include accrued interest.
(2) | Notional amount of interest rate floor at December 31, 2022 was $25.0 million. Notional asset amount of interest rate swaps at December 31, 2022 was $187.3 million and $1.5 million for risk participation agreements.
​
Schedule of effect of fair value and cash flow hedge accounting on accumulated other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in Thousands) | Amount of Gain or (Loss) Recognized in OCI on Derivative | Amount of Gain or (Loss) Recognized in OCI Included Component | Amount of Gain or (Loss) Recognized in OCI Excluded Component | Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component
March 31, 2023 | 2023 | ​ | ​ | ​ | 2023 | ​ | ​
Derivatives in Cash Flow Hedging Relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Rate Products | $ 1 | ​ | $ 1 | Interest Income | ($ 16) | ​ | $ 16
Total | $ 1 | ​ | $ 1 | ​ | ($ 16) | ​ | $ 16
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in Thousands) | Amount of Gain or (Loss) Recognized in OCI on Derivative | Amount of Gain or (Loss) Recognized in OCI Included Component | Amount of Gain or (Loss) Recognized in OCI Excluded Component | Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component
March 31, 2022 | 2022 | ​ | ​ | ​ | 2022 | ​ | ​
Derivatives in Cash Flow Hedging Relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Rate Products | ($ 361) | (439) | $ 78 | Interest Income | $ 131 | 147 | ($ 16)
Total | ($ 361) | ($ 439) | $ 78 | ​ | $ 131 | $ 147 | ($ 16)
​
* | Amounts disclosed are gross and not net of taxes.
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Schedule of effect of derivative financial instruments on Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location and Amount of Gain or (Loss)
​ | ​ | Recognized in Income on Fair Value and
​ | ​ | Cash Flow Hedging Relationships
​ | ​ | For the three months ended March 31,
​ | ​ | ​ | 2023 | ​ | ​ | 2022
(Dollars in Thousands) |  |  | Interest Income |  |  | Interest Income
​ | ​ | ​ | ​ | ​ | ​ | ​
Total amounts of income and expense line items presented in the | ​ | ​ | ​ | ​ | ​ | ​
statement of financial performance in which the effects of fair value or | ​ | ​ | ​ | ​ | ​ | ​
cash flow hedges are recorded | ​ | $ | 15 | ​ | $ | 131
​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging: | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​
Hedged items | ​ | ​ | 1,986 | ​ | ​ | ​
Derivatives designated as hedging instruments | ​ | ​ | (1,955) | ​ | ​ | ​
Gain or (loss) on cash flow hedging relationships | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | ​ | ​ | (16) | ​ | ​ | 131
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income - Included Component | ​ | ​ | ​ | ​ | ​ | 147
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income - Excluded Component | ​ | $ | (16) | ​ | $ | (16)
​
Schedule of gain (loss) on derivative instruments not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of Gain or (Loss) | ​ | Amount of Gain or (Loss) |
​ | ​ | ​ | ​ | Recognized in | ​ | Recognized in |
​ | ​ | Location of Gain or (Loss) | ​ | Income on Derivative | ​ | Income on Derivative |
​ | ​ | Recognized in Income on | ​ | Three Months Ended | ​ | Three Months Ended |
(Dollars in thousands) |  | Derivative |  | March 31, 2023 |  | March 31, 2022 |
Derivatives Not Designated as Hedging Instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Rate Products |  | Other income / (expense) | ​ | $ | (161) | ​ | $ | 240 | ​
Other Contracts | ​ | Other income / (expense) | ​ | ​ | ​ | ​ | ​ | 2 | ​
Total |  |  | ​ | $ | (161) | ​ | $ | 242 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee Income | ​ | Fee income | ​ | $ | 384 | ​ | $ | 103 | ​
​
Schedule of offsetting derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of March 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Amounts Not Offset in the Balance Sheet | ​ | ​
​ | ​ | Gross | ​ | ​ | ​ | Net Amounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Gross Amounts | ​ | of Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Recognized | ​ | Offset in the | ​ | presented in the | ​ | Financial | ​ | Cash Collateral | ​ | Net
​ |  | Assets | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 18,964 | ​ | $ | ​ | ​ | $ | 18,964 | ​ | $ | ​ | ​ | $ | 17,280 | ​ | $ | 1,684
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of March 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Amounts Not Offset in the Balance Sheet | ​ | ​
​ | ​ | Gross | ​ | ​ | ​ | Net Amounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Gross Amounts | ​ | of Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Recognized | ​ | Offset in the | ​ | presented in the | ​ | Financial | ​ | Cash Collateral | ​ | Net
​ | ​ | Liabilities | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted* | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 20,365 | ​ | $ | ​ | ​ | $ | 20,365 | ​ | $ | 20,365 | ​ | $ | ​ | ​ | $ | ​
*Cash collateral of $1,710 was paid in March 2023, but not presented in the table above. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Amounts Not Offset in the Balance Sheet | ​ | ​
​ | ​ | Gross | ​ | ​ | ​ | Net Amounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Gross Amounts | ​ | of Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Recognized | ​ | Offset in the | ​ | presented in the | ​ | Financial | ​ | Cash Collateral | ​ | Net
​ | ​ | Assets | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 22,196 | ​ | $ | ​ | ​ | $ | 22,196 | ​ | $ | ​ | ​ | $ | 14,530 | ​ | $ | 7,666
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Amounts Not Offset in the Balance Sheet | ​ | ​
​ | ​ | Gross | ​ | ​ | ​ | Net Amounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Gross Amounts | ​ | of Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Recognized | ​ | Offset in the | ​ | presented in the | ​ | Financial | ​ | Cash Collateral | ​ | Net
​ | ​ | Liabilities | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 21,466 | ​ | $ | ​ | ​ | $ | 21,466 | ​ | $ | 21,466 | ​ | $ | ​ | ​ | $ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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