XML 69 R49.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities  
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, 2024, 2023 and 2022:

Year Ended December 31, 

(dollars in thousands)

2024

2023

2022

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

$

5,721

$

5,783

$

679

Interest rate caps

Interest expense

3,524

319

(671)

Schedule of fair value hedge relationships on the income statement and balance sheet

The effects of the Company’s fair value hedge relationships on the income statement during the year ending December 31, 2024 was as follows:

Amount of Gain (Loss)

(dollars in thousands)

Recognized in Income

Securities

Location of Gain (Loss)

December 31, 2024

Interest Rate Swaps

Interest Income

$

(10,487)

Securities Available for Sale

Interest Income

10,487

The following table presents amounts that were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2024:

Cumulative Amount of Fair Value Hedging Adjustment

Included in the Carrying Amount of the Hedged

(dollars in thousands)

Carrying Amount of The Hedged Assets/Liabilities

Assets/Liabilities

Line Item on the Balance Sheet

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Securities Available for Sale

$

156,337

$

$

10,487

$

Schedule of derivative instruments eligible for offset

The following table summarizes gross and net information about derivative instruments that are eligible for offset on the balance sheet at December 31, 2024 and 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)

December 31, 2024

Assets

$

43,155

$

$

43,155

$

$

44,233

$

(1,078)

Liabilities

 

(8,210)

 

 

(8,210)

 

 

 

(8,210)

December 31, 2023

Assets

$

32,589

$

$

32,589

$

$

31,783

$

806

Liabilities

(8,601)

 

 

(8,601)

 

 

 

(8,601)

Interest Rate Swaps  
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, 2024 and 2023:

December 31, 2024

December 31, 2023

Notional

Estimated

Notional

Estimated

(dollars in thousands)

Amount

Fair Value

Amount

Fair Value

Interest rate swap agreements:

Assets

$

115,577

$

8,210

$

63,814

$

6,981

Liabilities

 

115,577

 

(8,210)

 

63,814

 

(6,981)

Total

$

231,154

$

$

127,628

$

Designated as Hedging Instrument  
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, 2024 and 2023:

December 31, 2024

December 31, 2023

Notional

Estimated

Notional

Estimated

(dollars in thousands)

Amount

Fair Value

Amount

Fair Value

Interest Rate Swap Agreements - Borrowings:

Assets

$

178,000

$

5,139

$

135,000

$

6,891

Liabilities

48,000

(1,620)

Interest Rate Swap Agreements - Securities:

Assets

145,850

10,487

Interest Rate Cap Agreements:

Assets

125,000

19,319

125,000

18,717

Designated as Hedging Instrument | Interest Rate Swaps | Cash Flow Hedging  
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, 2024 and 2023:

(dollars in thousands)

    

December 31, 2024

    

December 31, 2023

Notional Amount

$

178,000

$

183,000

Weighted Average Pay Rate

2.20

%

2.00

%

Weighted Average Receive Rate

4.80

%

5.48

%

Weighted Average Maturity (Years)

4.02

4.04

Net Unrealized Gain

$

5,139

$

5,271

Designated as Hedging Instrument | Interest Rate Swaps | Fair Value Hedging  
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 fair value hedges as of December 31, 2024:

(dollars in thousands)

    

December 31, 2024

Notional Amount

$

145,850

Weighted Average Pay Rate

3.52

%

Weighted Average Receive Rate

4.82

Weighted Average Maturity (Years)

19.47

Designated as Hedging Instrument | Interest Rate Caps | Cash Flow Hedging  
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, 2024 and 2023:

(dollars in thousands)

    

December 31, 2024

    

December 31, 2023

Notional Amount

$

125,000

$

125,000

Unamortized Premium Paid

4,281

5,081

Weighted Average Strike Rate

0.96

%

0.96

%

Weighted Average Maturity (Years)

5.34

6.34