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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

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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