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Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
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