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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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)
June 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 34,845 | ​ | $ | — | ​ | $ | 34,845 | ​ | $ | — | ​ | $ | 35,843 | ​ | $ | (998)
Liabilities | ​ |  | (8,137) | ​ |  | — | ​ |  | (8,137) | ​ |  | — | ​ |  | — | ​ |  | (8,137)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 and six months ended June 30, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
(dollars in thousands) | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Derivatives in | ​ | Location of Gain (Loss) | ​ | Gain (Loss) | ​ | Gain (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 | ​ | $ | 1,475 | ​ | $ | 1,418 | ​ | $ | 3,071 | ​ | $ | 2,594
Interest rate caps | ​ | Interest expense | ​ | ​ | 854 | ​ | ​ | (97) | ​ | ​ | 1,561 | ​ | ​ | (207)
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 June 30, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ | ​ | Notional | ​ | Estimated | ​ | Notional | ​ | Estimated
(dollars in thousands) | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
Interest rate swap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 135,500 | ​ | $ | 6,317 | ​ | $ | 135,000 | ​ | $ | 6,891
Liabilities | ​ | ​ | 17,500 | ​ | ​ | (88) | ​ | ​ | 48,000 | ​ | ​ | (1,620)
Interest rate cap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | 125,000 | ​ | ​ | 20,479 | ​ | ​ | 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 June 30, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ | ​ | Notional | ​ | Estimated | ​ | Notional | ​ | Estimated
(dollars in thousands) | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
Interest rate swap agreements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 62,950 | ​ | $ | 8,049 | ​ | $ | 63,814 | ​ | $ | 6,981
Liabilities | ​ |  | 62,950 | ​ |  | (8,049) | ​ |  | 63,814 | ​ |  | (6,981)
Total | ​ | $ | 125,900 | ​ | $ | — | ​ | $ | 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 June 30, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2024 |  | December 31, 2023 | ​
Notional Amount | ​ | $ | 153,000 | ​ | $ | 183,000 | ​
Weighted Average Pay Rate | ​ | ​ | 1.94 | % | ​ | 2.00 | %
Weighted Average Receive Rate | ​ | ​ | 5.46 | % | ​ | 5.48 | %
Weighted Average Maturity (Years) | ​ | ​ | 4.27 | ​ | ​ | 4.04 | ​
Net Unrealized Gain | ​ | $ | 6,229 | ​ | $ | 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 June 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2024 |  | December 31, 2023 | ​
Notional Amount | ​ | $ | 125,000 | ​ | $ | 125,000 | ​
Unamortized Premium Paid | ​ | ​ | 4,686 | ​ | ​ | 5,081 | ​
Weighted Average Strike Rate | ​ | ​ | 0.96 | % | ​ | 0.96 | %
Weighted Average Maturity (Years) | ​ | ​ | 5.85 | ​ | ​ | 6.34 | ​

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