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Derivatives and hedging activities | 9 Months Ended
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Sep. 30, 2025
Derivatives and hedging activities |
Derivatives and hedging activities | 11. Derivatives and hedging activities ​ Risk Management Objective of Using Derivatives ​ The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts principally related to the Company’s assets and borrowings. ​ Cash Flow Hedges of Interest Rate Risk ​ The Company’s objectives in using interest rate derivatives are to add stability to interest income/expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and floors as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. Such derivatives have been used to hedge the variable cash flows associated with existing variable-rate assets and issuances of debt. ​ For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive (loss) income, (“AOCI”) and subsequently reclassified into interest expense/income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense/income as interest payments are made/received on the Company’s variable-rate debt/assets. During the next twelve months, the Company estimates that no amount will be reclassified as a reduction to interest income. ​ Fair Value Hedges of Interest Rate Risk ​ The Company is exposed to changes in the fair value of certain of its fixed-rate pools of assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, the Secured Overnight Financing Rate (“SOFR”). Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. ​ For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. ​ As of September 30, 2025 and December 31, 2024, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Line Item in the Consolidated Balance Sheets 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) | ​ | ​ | September 30, 2025 | ​ | ​ | December 31, 2024 | ​ | ​ | September 30, 2025 | ​ | ​ | December 31, 2024
AFS Securities (1) | ​ | $ | 139,436 | ​ | $ | 155,731 | ​ | $ | 353 | ​ | $ | 239
Fixed Rate Loans (2) | ​ | ​ | 50,025 | ​ | ​ | 50,195 | ​ | ​ | 25 | ​ | ​ | 195
Total | ​ | $ | 189,461 | ​ | $ | 205,926 | ​ | $ | 378 | ​ | $ | 434
(1) | Fixed Rate AFS Securities. 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. The amounts of the designated hedged items were $75.0 million at September 30, 2025 and $100.0 million at December 31, 2024.
​
(2) | Fixed Rate Loan Assets. These amounts include the carrying value of fixed rate loan 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 September 30, 2025 and December 31, 2024, the principal value of the hedged item was $50.0 million.
​ Non-designated Hedges ​ Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. As of September 30, 2025, the Company had 146 interest rate swaps and 8 associated risk participation agreements with a current asset aggregate notional amount of $310.8 million and a current liability aggregate notional amount of $305.6 million related to this program. ​ The Company’s existing credit derivatives result from participations in or out of interest rate swaps provided by or to external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. ​ Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of September 30, 2025 and December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Values of Derivative Instruments
​ | ​ | ​ | Derivative Assets | ​ | ​ | Derivative Liabilities
​ | ​ | ​ | As of September 30, 2025 (1) | ​ | As of December 31, 2024 (1) | As of September 30, 2025 (1) | ​ | As of December 31, 2024 (1)
(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 | ​ | $ | ​ | ​ | Other assets | ​ | $ | ​ | ​ | Other assets | ​ | $ | ​ | ​ | $ | 125,000 | ​ | Other liabilities | ​ | $ | 398 | ​ | Other liabilities | ​ | $ | 447
Total derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | $ | ​ | ​ | ​ | ​ | $ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 398 | ​ | ​ | ​ | $ | 447
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | $ | 298,552 | ​ | Other assets | ​ | $ | 16,063 | ​ | Other assets | ​ | $ | 21,005 | ​ | $ | 298,552 | ​ | Other liabilities | ​ | $ | 15,825 | ​ | Other liabilities | ​ | $ | 20,619
Other contracts | ​ | ​ | 12,179 | ​ | Other assets | ​ | ​ | 1 | ​ | Other assets | ​ | ​ | 1 | ​ | ​ | 7,031 | ​ | Other liabilities | ​ | ​ | ​ | ​ | Other liabilities | ​ | ​ | ​
Total derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | $ | 16,064 | ​ | ​ | ​ | $ | 21,006 | ​ | ​ | ​ | ​ | ​ | ​ | $ | 15,825 | ​ | ​ | ​ | $ | 20,619
(1) | The notional asset amount of interest rate swaps at September 30, 2025 was $298.6 million and $12.2 million for risk participation agreements. The notional asset amount of interest rate swaps at December 31, 2024 was $297.9 million and $14.8 million for risk participation agreements. The notional liability amount of interest rate swaps at September 30, 2025 was $298.6 million and $7.0 million for risk participation agreements. The notional liability amount of interest rate swaps at December 31, 2024 was $ 297.9 million and $7.2 million for risk participation agreements. Amounts include accrued interest.
​ Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income and Comprehensive Income The tables below present the effect of fair value and cash flow hedge accounting on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and September 30, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location and Amount of Gain or (Loss)
​ | ​ | Recognized in Income on Fair Value and
​ | ​ | Cash Flow Hedging Relationships
​ | ​ | For the Three Months Ended September 30,
​ | ​ | ​ | 2025 | ​ | ​ | 2024
(Dollars in thousands) |  |  | Interest Income |  |  | Interest Income
​ | ​ | ​ | ​ | ​ | ​ | ​
Total amounts of income and expense line items presented in the consolidated statements of income and | ​ | ​ | ​ | ​ | ​ | ​
comprehensive income in which the effects of fair value or cash flow hedges are recorded. | ​ | $ | (11) | ​ | $ | 586
​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging: | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​
Hedged items | ​ | ​ | (57) | ​ | ​ | 2,010
Derivatives designated as hedging instruments | ​ | ​ | 46 | ​ | ​ | (1,424)
Gain or (loss) on cash flow hedging relationships | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) gain reclassified from AOCI into income | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain reclassified from AOCI into income - Included Component | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) reclassified from AOCI into income - Excluded Component | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location and Amount of Gain or (Loss)
​ | ​ | Recognized in Income on Fair Value and
​ | ​ | Cash Flow Hedging Relationships
​ | ​ | For the Nine Months Ended September 30,
​ | ​ | ​ | 2025 | ​ | ​ | 2024
(Dollars in thousands) |  |  | Interest Income |  |  | Interest Income
​ | ​ | ​ | ​ | ​ | ​ | ​
Total amounts of income and expense line items presented in the statements of income and | ​ | ​ | ​ | ​ | ​ | ​
comprehensive income in which the effects of fair value or cash flow hedges are recorded. | ​ | $ | (63) | ​ | $ | 21
​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging: | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​
Hedged items | ​ | ​ | (56) | ​ | ​ | 206
Derivatives designated as hedging instruments | ​ | ​ | (7) | ​ | ​ | (185)
in earnings based on an amortization approach | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on cash flow hedging relationships | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) reclassified from AOCI into income | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain reclassified from AOCI into income - Included Component | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) reclassified from AOCI into income - Excluded Component | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Effect of Derivative Instruments Not Designated as Hedging Instruments on the Consolidated Statements of Income and Comprehensive Income The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2025 and 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of Gain or (Loss) | ​ | Amount of Gain or (Loss) | ​ | Amount of Gain or (Loss) |  | ​ | Amount of Gain or (Loss) |
​ | ​ | ​ | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in |  | ​ | Recognized in |
​ | ​ | Location of Gain or (Loss) | ​ | Income on Derivative | ​ | Income on Derivative | ​ | Income on Derivative |  | ​ | Income on Derivative |
​ | ​ | Recognized in Income | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended |  | ​ | Nine Months Ended |
(Dollars in thousands) |  | on Derivatives |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  |  | September 30, 2024 |
Derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products |  | Other income / (other expense) | ​ | $ | (36) | ​ | $ | (120) | ​ | $ | (148) | ​ | ​ | $ | (170) | ​
Other contracts | ​ | Other income / (other expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4) | ​ | ​ | ​ | ​ | ​
Total |  | ​ | ​ | $ | (36) | ​ | $ | (120) | ​ | $ | (152) | ​ | ​ | $ | (170) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee income | ​ | Fee income | ​ | $ | 219 | ​ | $ | 67 | ​ | $ | 537 | ​ | ​ | $ | 195 | ​
​ Offsetting Derivatives ​ The table below presents a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of September 30, 2025 and December 31, 2024. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheets. ​
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Offsetting of Derivative Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of September 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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
(Dollars in thousands) |  | Assets | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 16,063 | ​ | $ | ​ | ​ | $ | 16,063 | ​ | $ | ​ | ​ | $ | 10,960 | ​ | $ | 5,103
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of September 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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
(Dollars in thousands) | ​ | Liabilities | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted* | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 16,223 | ​ | $ | ​ | ​ | $ | 16,223 | ​ | $ | 16,223 | ​ | $ | ​ | ​ | $ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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
(Dollars in thousands) | ​ | Assets | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 21,005 | ​ | $ | ​ | ​ | $ | 21,005 | ​ | $ | ​ | ​ | $ | 15,900 | ​ | $ | 5,105
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Offsetting of Derivative Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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
(Dollars in thousands) | ​ | Liabilities | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Posted* | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 21,065 | ​ | $ | ​ | ​ | $ | 21,065 | ​ | $ | 21,065 | ​ | $ | ​ | ​ | $ | ​
*Cash collateral of $2.4 million and $0.8 million was paid as of September 30, 2025 and December 31, 2024, respectively, but not presented as an offset above. ​ Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of September 30, 2025, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2.6 million. As of December 31, 2024, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $350 thousand. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $2.4 million and $0.8 million against its obligations under these agreements at September 30, 2025 and December 31, 2024, respectively. Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the agreement. The cash collateral is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the termination value.

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