XML 40 R28.htm IDEA: XBRL DOCUMENT v3.26.1

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities

Schedule of notional amounts and gross fair values of derivatives

The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of March 31, 2026 and December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Assets

​

Derivative Liabilities

​

​

Notional

​

Estimated

​

Notional

​

Estimated

(dollars in thousands)

​

Amount

​

Fair Value

​

Amount

​

Fair Value

March 31, 2026

​

​

​

​

​

​

​

​

​

​

​

​

Designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value hedges:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

$

—

​

$

—

​

​

45,144

​

$

137

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

​

195,500

​

​

2,623

​

​

67,500

​

​

298

Interest rate caps

​

​

125,000

​

​

13,280

​

​

—

​

​

—

Total derivatives designated as hedging instruments

​

$

320,500

​

$

15,903

​

$

112,644

​

$

435

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

$

314,218

​

$

7,745

​

$

314,218

​

$

7,745

Risk participation agreements

​

​

12,805

​

​

—

​

​

34,859

​

​

11

Total derivatives not designated as hedging instruments

​

$

327,023

​

$

7,745

​

$

349,077

​

$

7,756

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value hedges:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

$

145,850

​

$

10,968

​

​

96,464

​

$

419

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

​

185,500

​

​

2,012

​

​

77,500

​

​

725

Interest rate caps

​

​

125,000

​

​

13,221

​

​

—

​

​

—

Total derivatives designated as hedging instruments

​

$

456,350

​

$

26,201

​

$

173,964

​

$

1,144

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

$

267,831

​

$

8,699

​

$

267,831

​

$

8,699

Risk participation agreements

​

​

12,851

​

​

1

​

​

9,902

​

​

13

Total derivatives not designated as hedging instruments

​

$

280,682

​

$

8,700

​

$

277,733

​

$

8,712

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, 2026 and 2025:

​

​	​	​	​	​	​	​
​	​	Gains (Losses)		​	Gains (Losses)
​	​	Recognized in		​	Reclassified from
(dollars in thousands)	​	OCI		​	OCI into Earnings
March 31, 2026	​	​	​	​	​	​
Cash flow hedges:	​	​	​	​	​	​
Interest rate swaps	​	$	(1,039)	​	$	468
Interest rate caps	​	​	(254)	​	​	689
March 31, 2025	​	​	​	​	​	​
Cash flow hedges:	​	​	​	​	​	​
Interest rate swaps	​	$	2,462	​	$	928
Interest rate caps	​	​	2,411	​	​	903

Effects of the company's hedging relationships on the income statement

The effects of the Company’s hedging relationships on the income statement during the three months ended March 31, 2026 and 2025 are presented in the table below:

​	​	​	​	​	​	​	​	​	​
​	​	Location and Amount of Gains (Losses) Recognized in Income
​	​	Interest Income		​	Interest Expense
​	​	Investment		​	​
​	​	Securities -		​	​
(dollars in thousands)	​	Taxable		​	Deposits		​	FHLB Advances
March 31, 2026	​	​	​	​	​	​	​	​	​
Total amounts in the Consolidated Statements of Income	​	$	6,923	​	$	28,793	​	$	2,438
Fair value hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	​	(113)	​	​	—	​	​	—
Cash flow hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	​	—	​	​	34	​	​	434
Interest rate caps	​	​	—	​	​	347	​	​	342
March 31, 2025	​	​	​	​	​	​	​	​	​
Total amounts in the Consolidated Statements of Income	​	$	9,397	​	$	32,103	​	$	2,156
Fair value hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	​	(3,925)	​	​	—	​	​	—
Cash flow hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	​	—	​	​	102	​	​	826
Interest rate caps	​	​	—	​	​	—	​	​	903

Schedule of fair value hedge relationships on the balance sheet

The following table presents amounts that were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at March 31, 2026 and December 31, 2025:

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	Cumulative Fair
​	​	​	​	​	​	​	​	Value Hedging
​	​	​	​	​	​	​	​	Adjustment in the
​	​	​	​	​	Carrying Amount		​	Carrying Amount of
​	​	Notional		​	of Hedged Assets/		​	Hedged Assets/
(dollars in thousands)	​	Amount		​	Liabilities		​	Liabilities
March 31, 2026	​	​	​	​	​	​	​	​	​
Available for sale securities	​	$	45,144	​	$	45,007	​	$	(137)
​	​	​	​	​	​	​	​	​	​
December 31, 2025	​	​	​	​	​	​	​	​	​
Available for sale securities	​	$	242,314	​	$	252,863	​	$	10,549

Schedule of gain or (loss) recognized on derivatives not designated as hedging relationships

The gain recognized on derivatives not designated as hedging relationships for the three months ended March 31, 2026 and 2025 was as follows:

​

​	​	​	​	​	​	​	​
(dollars in thousands)	​	​	​	​	​	​	​
Derivatives not designated	Consolidated Statements	​	Three Months Ended March 31,
as hedging Instruments	of Income Location	​	2026		​	2025
Risk participation agreements	Other Income	​	$	11	​	$	—

Schedule of derivative instruments eligible for offset

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Amounts of

​

​

​

​

​

​

​

Gross Amounts

​

Gross Amounts

​

Assets (Liabilities)

​

Gross Amounts Not Offset in the Balance Sheet

​

​

​

​

​

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, 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

$

23,648

​

$

—

​

$

23,648

​

$

—

​

$

19,963

​

$

3,685

Liabilities

​

(8,180)

​

—

​

(8,180)

​

—

​

—

​

(8,180)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

$

34,900

​

$

—

​

$

34,900

​

$

—

​

$

26,183

​

$

8,717

Liabilities

​

​

(9,844)

​

—

​

(9,844)

​

—

​

—

​

(9,844)

​

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 March 31, 2026 and December 31, 2025:

​	​	​	​	​	​	​	​
(dollars in thousands)	​ ​ ​	March 31, 2026		​	December 31, 2025		​
Notional Amount	​	$	45,144	​	$	242,314	​
Weighted Average Pay Rate	​	​	3.82	%	​	3.55	%
Weighted Average Receive Rate	​	​	3.66	​	​	4.20	​
Weighted Average Maturity (Years)	​	​	13.24	​	​	14.54	​

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 March 31, 2026 and December 31, 2025:

​

​	​	​	​	​	​	​	​
(dollars in thousands)	​ ​ ​	March 31, 2026		​ ​ ​	December 31, 2025		​
Notional Amount	​	$	263,000	​	$	263,000	​
Weighted Average Pay Rate	​	​	2.96	%	​	2.96	%
Weighted Average Receive Rate	​	​	3.71	%	​	3.94	%
Weighted Average Maturity (Years)	​	​	3.65	​	​	3.90	​
Net Unrealized Gain	​	$	2,326	​	$	1,286	​

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 March 31, 2026 and December 31, 2025:

​

​	​	​	​	​	​	​	​
(dollars in thousands)	​ ​ ​	March 31, 2026		​ ​ ​	December 31, 2025		​
Notional Amount	​	$	125,000	​	$	125,000	​
Unamortized Premium Paid	​	​	3,293	​	​	3,488	​
Weighted Average Strike Rate	​	​	0.96	%	​	0.96	%
Weighted Average Maturity (Years)	​	​	4.10	​	​	4.34	​

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