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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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)
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 35,514 | ​ | $ | — | ​ | $ | 35,514 | ​ | $ | — | ​ | $ | 36,663 | ​ | $ | (1,149)
Liabilities | ​ |  | (8,313) | ​ |  | — | ​ |  | (8,313) | ​ |  | — | ​ |  | — | ​ |  | (8,313)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 32,589 | ​ | $ | — | ​ | $ | 32,589 | ​ | $ | — | ​ | $ | 31,783 | ​ | $ | 806
Liabilities | ​ | ​ | (8,601) | ​ | ​ | — | ​ | ​ | (8,601) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,601)
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 months ended March 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended March 31,
(dollars in thousands) | ​ | 2024 | ​ | 2023
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 | ​ | $ | 1,596 | ​ | $ | 1,177
Interest rate caps | ​ | Interest expense | ​ | ​ | 707 | ​ | ​ | (110)
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 March 31, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ | ​ | Notional | ​ | Estimated | ​ | Notional | ​ | Estimated
(dollars in thousands) | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
Interest rate swap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 152,500 | ​ | $ | 7,020 | ​ | $ | 135,000 | ​ | $ | 6,891
Liabilities | ​ | ​ | 30,500 | ​ | ​ | (264) | ​ | ​ | 48,000 | ​ | ​ | (1,620)
Interest rate cap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | 125,000 | ​ | ​ | 20,445 | ​ | ​ | 125,000 | ​ | ​ | 18,717
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 March 31, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ | ​ | Notional | ​ | Estimated | ​ | Notional | ​ | Estimated
(dollars in thousands) | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
Interest rate swap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 63,380 | ​ | $ | 8,049 | ​ | $ | 63,814 | ​ | $ | 6,981
Liabilities | ​ |  | 63,380 | ​ |  | (8,049) | ​ |  | 63,814 | ​ |  | (6,981)
Total | ​ | $ | 126,760 | ​ | $ | — | ​ | $ | 127,628 | ​ | $ | —
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 March 31, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | March 31, 2024 |  | December 31, 2023 | ​
Notional Amount | ​ | $ | 183,000 | ​ | $ | 183,000 | ​
Weighted Average Pay Rate | ​ | ​ | 2.00 | % | ​ | 2.00 | %
Weighted Average Receive Rate | ​ | ​ | 5.48 | % | ​ | 5.48 | %
Weighted Average Maturity (Years) | ​ | ​ | 3.79 | ​ | ​ | 4.04 | ​
Net Unrealized Gain | ​ | $ | 6,756 | ​ | $ | 5,271 | ​
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 March 31, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | March 31, 2024 |  | December 31, 2023 | ​
Notional Amount | ​ | $ | 125,000 | ​ | $ | 125,000 | ​
Unamortized Premium Paid | ​ | ​ | 4,885 | ​ | ​ | 5,081 | ​
Weighted Average Strike Rate | ​ | ​ | 0.96 | % | ​ | 0.96 | %
Weighted Average Maturity (Years) | ​ | ​ | 6.10 | ​ | ​ | 6.34 | ​

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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