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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | For hedges of the Company’s variable-rate loans, interest rate swaps designated as cash flow hedges involve the receipt of fixed amounts and the Company making variable rate payments. The Company has executed cash flow hedges to reduce a portion of variability in cash flows on the Company’s prime based loan portfolio. Select terms of the hedges are as follows:
($ in thousands) |  |  |  |  |  |
Notional |  | Fixed Rate |  | Effective Date |  | Maturity Date
$ | 50,000 |  |  | 6.56 | % |  | January 25, 2023 |  | February 1, 2027
$ | 100,000 |  |  | 6.63 | % |  | December 20, 2022 |  | January 1, 2028
$ | 100,000 |  |  | 6.66 | % |  | April 1, 2025 |  | April 1, 2030
Select terms of the hedges are as follows:
($ in thousands) |  |
Notional | Fixed Rate | Maturity Date
$18,558 | 2.64% | March 15, 2026
$13,506 | 2.64% | March 17, 2026
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31st of the year presented.
| Notional Amount |  | Derivative Assets |  | Derivative Liabilities
($ in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as hedging instruments
Interest rate swaps | $ | 282,064 |  |  | $ | 211,962 |  |  | $ | 649 |  |  | $ | 1,389 |  |  | $ | 3,139 |  |  | $ | 233 |
Interest rate collars | 150,000 |  |  | 100,000 |  |  | — |  |  | 514 |  |  | 1,056 |  |  | — |
Total | $ | 432,064 |  |  | $ | 311,962 |  |  | $ | 649 |  |  | $ | 1,903 |  |  | $ | 4,195 |  |  | $ | 233 |
Derivatives not designated as hedging instruments
Interest rate swaps | $ | 854,171 |  |  | $ | 779,152 |  |  | $ | 14,495 |  |  | $ | 15,886 |  |  | $ | 14,497 |  |  | $ | 15,951 |
Derivative assets are classified on the Balance Sheet in other assets. Derivative liabilities are classified on the Balance Sheet in other liabilities. The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet.
As of December 31, 2024
|  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
($ in thousands) | Gross Amounts Recognized |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets presented in the Statement of Financial Position |  | Financial Instruments |  | Fair Value Collateral Posted |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 15,144 |  |  | $ | — |  |  | $ | 15,144 |  |  | $ | 4,975 |  |  | $ | 9,710 |  |  | $ | 459 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 17,636 |  |  | $ | — |  |  | $ | 17,636 |  |  | $ | 4,975 |  |  | $ | — |  |  | $ | 12,661 |
Interest rate collars | 1,056 |  |  | — |  |  | 1,056 |  |  | — |  |  | — |  |  | 1,056 |
Securities sold under agreements to repurchase | 244,618 |  |  | — |  |  | 244,618 |  |  | — |  |  | 244,618 |  |  | — |
As of December 31, 2023
|  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
($ in thousands) | Gross Amounts Recognized |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets presented in the Statement of Financial Position |  | Financial Instruments |  | Fair Value Collateral Posted |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 17,275 |  |  | $ | — |  |  | $ | 17,275 |  |  | $ | 1,105 |  |  | $ | 16,170 |  |  | $ | — |
Interest rate collar | 514 |  |  | — |  |  | 514 |  |  | — |  |  | — |  |  | 514 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 16,184 |  |  | $ | — |  |  | $ | 16,184 |  |  | $ | 1,105 |  |  | $ | — |  |  | $ | 15,079 |
Securities sold under agreements to repurchase | 250,197 |  |  | — |  |  | 250,197 |  |  | — |  |  | 250,197 |  |  | — |

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