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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
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