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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022:

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

$

32,589

​

$

—

​

$

32,589

​

$

—

​

$

31,783

​

$

806

Liabilities

​

(8,601)

​

—

​

(8,601)

​

—

​

—

​

(8,601)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 years ended December 31, 2023, 2022 and 2021:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
(dollars in thousands)			​	2023		​	2022		​	2021
Derivatives in	​	Location of Gain (Loss)	​	Gain (Loss)
Cash Flow Hedging	​	Reclassified	​	Reclassified from
Relationships	​	from AOCI into Income	​	AOCI into Earnings
Interest rate swaps	​	Interest expense	​	$	5,783	​	$	679	​	$	(1,117)
Interest rate caps	​	Interest expense	​	​	319	​	​	(671)	​	​	(403)

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 December 31, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

​

Notional

​

Estimated

​

Notional

​

Estimated

(dollars in thousands)

​

Amount

​

Fair Value

​

Amount

​

Fair Value

Interest rate swap agreements:

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

$

135,000

​

$

6,891

​

$

125,000

​

$

10,477

Liabilities

​

​

48,000

​

​

(1,620)

​

​

38,000

​

​

(1,302)

Interest rate cap agreements:

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

125,000

​

​

18,717

​

​

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 December 31, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

​

Notional

​

Estimated

​

Notional

​

Estimated

(dollars in thousands)

​

Amount

​

Fair Value

​

Amount

​

Fair Value

Interest rate swap agreements:

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

$

63,814

​

$

6,981

​

$

65,315

​

$

8,240

Liabilities

​

63,814

​

(6,981)

​

65,315

​

(8,240)

Total

​

$

127,628

​

$

—

​

$

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 December 31, 2023 and 2022:

​	​	​	​	​	​	​	​
(dollars in thousands)		December 31, 2023			December 31, 2022		​
Notional Amount	​	$	183,000	​	$	163,000	​
Weighted Average Pay Rate	​	​	2.00	%	​	1.90	%
Weighted Average Receive Rate	​	​	5.48	%	​	3.47	%
Weighted Average Maturity (Years)	​	​	4.04	​	​	5.15	​
Net Unrealized Gain	​	$	5,271	​	$	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 December 31, 2023 and 2022:

​	​	​	​	​	​	​	​
(dollars in thousands)		December 31, 2023			December 31, 2022		​
Notional Amount	​	$	125,000	​	$	125,000	​
Unamortized Premium Paid	​	​	5,081	​	​	5,872	​
Weighted Average Strike Rate	​	​	0.96	%	​	0.96	%
Weighted Average Maturity (Years)	​	​	6.34	​	​	7.35	​

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