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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities |
Schedule of derivative instruments eligible for offset | The following table summarizes gross and net information about derivative instruments that are eligible for offset in the balance sheet at September 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Amounts Not Offset in the Balance Sheet | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Gross Amounts | ​ | Assets (Liabilities) | ​ | ​ | ​ | ​ | ​
​ | ​ | of Recognized | ​ | Offset in the | ​ | Presented in the | ​ | Financial | ​ | Cash Collateral | ​ | Net Assets
(dollars in thousands) | ​ | Assets (Liabilities) | ​ | Balance Sheet | ​ | Balance Sheet | ​ | Instruments | ​ | Received (Paid) | ​ | (Liabilities)
September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 44,107 | ​ | $ | — | ​ | $ | 44,107 | ​ | $ | — | ​ | $ | 46,023 | ​ | $ | (1,916)
Liabilities | ​ |  | (9,962) | ​ |  | — | ​ |  | (9,962) | ​ |  | — | ​ |  | — | ​ |  | (9,962)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 38,123 | ​ | $ | — | ​ | $ | 38,123 | ​ | $ | — | ​ | $ | 36,353 | ​ | $ | 1,770
Liabilities | ​ | ​ | (9,542) | ​ | ​ | — | ​ | ​ | (9,542) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9,542)
Effect of derivative instruments in cash flow hedging relationships | The following table presents the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income for the three and nine months ended September 30, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
(dollars in thousands) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Derivatives in | ​ | Location of Gain (Loss) | ​ | Gain (Loss) | ​ | Loss
Cash Flow Hedging | ​ | Reclassified | ​ | Reclassified from | ​ | Reclassified from
Relationships | ​ | from AOCI into Income | ​ | AOCI into Earnings | ​ | AOCI into Earnings
Interest rate swaps | ​ | Interest expense | ​ | $ | 1,575 | ​ | $ | 288 | ​ | $ | 4,169 | ​ | $ | (24)
Interest rate caps | ​ | Interest expense | ​ | ​ | 48 | ​ | ​ | (169) | ​ | ​ | (159) | ​ | ​ | (539)
Cash flow hedge |
Derivative Instruments and Hedging Activities |
Summary of interest rate derivatives | The following table presents a summary of the Company’s interest rate contracts as of September 30, 2023 and December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ | ​ | Notional | ​ | Estimated | ​ | Notional | ​ | Estimated
(dollars in thousands) | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
Interest rate swap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 183,000 | ​ | $ | 11,139 | ​ | $ | 125,000 | ​ | $ | 10,477
Liabilities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 38,000 | ​ | ​ | (1,302)
Interest rate cap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | 125,000 | ​ | ​ | 23,006 | ​ | ​ | 125,000 | ​ | ​ | 19,406
Interest Rate Swap |
Derivative Instruments and Hedging Activities |
Summary of interest rate derivatives | The following table presents a summary of the Company’s interest rate swaps to facilitate customer transactions as of September 30, 2023 and December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ | ​ | Notional | ​ | Estimated | ​ | Notional | ​ | Estimated
(dollars in thousands) | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
Interest rate swap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 64,241 | ​ | $ | 9,962 | ​ | $ | 65,315 | ​ | $ | 8,240
Liabilities | ​ |  | 64,241 | ​ |  | (9,962) | ​ |  | 65,315 | ​ |  | (8,240)
Total | ​ | $ | 128,482 | ​ | $ | — | ​ | $ | 130,630 | ​ | $ | —
Interest Rate Swap | Cash flow hedge |
Derivative Instruments and Hedging Activities |
Derivative Instruments and Hedging Activities | The following table presents a summary of the Company’s interest rate swaps designated as cash flow hedges as of September 30, 2023 and December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2023 |  | December 31, 2022 | ​
Notional Amount | ​ | $ | 183,000 | ​ | $ | 163,000 | ​
Weighted Average Pay Rate | ​ | ​ | 2.00 | % | ​ | 1.90 | %
Weighted Average Receive Rate | ​ | ​ | 5.40 | % | ​ | 3.47 | %
Weighted Average Maturity (Years) | ​ | ​ | 4.30 | ​ | ​ | 5.15 | ​
Net Unrealized Gain | ​ | $ | 11,139 | ​ | $ | 9,175 | ​
Interest Rate Cap | Cash flow hedge |
Derivative Instruments and Hedging Activities |
Derivative Instruments and Hedging Activities | The following table presents a summary of the Company’s interest rate caps designated as cash flow hedges as of September 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2023 |  | December 31, 2022 | ​
Notional Amount | ​ | $ | 125,000 | ​ | $ | 125,000 | ​
Unamortized Premium Paid | ​ | ​ | 5,279 | ​ | ​ | 5,872 | ​
Weighted Average Strike Rate | ​ | ​ | 0.96 | % | ​ | 0.96 | %
Weighted Average Maturity (Years) | ​ | ​ | 6.60 | ​ | ​ | 7.35 | ​

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