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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below presents the fair value of Company’s derivative financial instruments as of the date indicated.
|  | As of December 31, 2023 |  |
|  |  |  | Fair Value |  |  |  |
($ in thousands) |  | Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Customer interest rate contracts |  | $ | 13,000 |  |  | $ | 295 |  |  | — |  |  |  |  |
Offsetting counterparty interest rate contracts |  | 13,000 |  |  | — |  |  | 349 |  |  |  |  |
Total derivatives not designated as hedging instruments |  |  |  | $ | 295 |  |  | 349 |  |  |  |  |
The table below presents the gains and losses recognized in income related to derivative financial instruments that are not designated as hedging instruments. Gains and losses on interest rate swap undesignated hedges are included in "Other gains, net" on the consolidated statements of income for the date indicated.
| Gains (Losses)
($ in thousands) | Year Ended December 31, 2023 |  |
Customer interest rate swaps and counterparty offsets | $ | (54) |  |  |
Total | $ | (54) |  |  |
Schedule of Offsetting Assets | The Company’s interest rate swaps are subject to master netting arrangements between the Company and its counterparties, however, the Company has not made a policy election to offset its derivative positions. The interest rate swaps with borrowers are cross collateralized with the underlying loan and, therefore, there is no posted collateral. Interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position.
As of December 31, 2023 |  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Interest rate swaps |  | $ | 295 |  |  | — |  |  | 295 |  |  | — |  |  | — |  |  | 295 |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets
|  |  |  |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
Interest rate swaps |  | $ | 349 |  |  | — |  |  | 349 |  |  | — |  |  | 330 |  |  | 19 |
Schedule of Offsetting Liabilities | The Company’s interest rate swaps are subject to master netting arrangements between the Company and its counterparties, however, the Company has not made a policy election to offset its derivative positions. The interest rate swaps with borrowers are cross collateralized with the underlying loan and, therefore, there is no posted collateral. Interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position.
As of December 31, 2023 |  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Interest rate swaps |  | $ | 295 |  |  | — |  |  | 295 |  |  | — |  |  | — |  |  | 295 |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets
|  |  |  |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
Interest rate swaps |  | $ | 349 |  |  | — |  |  | 349 |  |  | — |  |  | 330 |  |  | 19 |

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