XML 55 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
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 RateEffective DateMaturity Date
$50,000 6.56 %January 25, 2023February 1, 2027
$100,000 6.63 %December 20, 2022January 1, 2028
$100,000 6.66 %April 1, 2025April 1, 2030
Select terms of the hedges are as follows:

($ in thousands)
Notional Fixed RateMaturity Date
$18,5582.64%March 15, 2026
$13,5062.64%March 17, 2026
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31st of the year presented.
Notional AmountDerivative AssetsDerivative Liabilities
($ in thousands)202420232024202320242023
Derivatives designated as hedging instruments
Interest rate swaps$282,064 $211,962 $649 $1,389 $3,139 $233 
Interest rate collars150,000 100,000 — 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 RecognizedGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets presented in the Statement of Financial PositionFinancial InstrumentsFair Value Collateral PostedNet Amount
Assets:
Interest rate swaps$15,144 $— $15,144 $4,975 $9,710 $459 
Liabilities:
Interest rate swaps$17,636 $— $17,636 $4,975 $— $12,661 
Interest rate collars1,056 — 1,056 — — 1,056 
Securities sold under agreements to repurchase244,618 — 244,618 — 244,618 — 
As of December 31, 2023
Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands)Gross Amounts RecognizedGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets presented in the Statement of Financial PositionFinancial InstrumentsFair Value Collateral PostedNet Amount
Assets:
Interest rate swaps$17,275 $— $17,275 $1,105 $16,170 $— 
Interest rate collar514 — 514 — — 514 
Liabilities:
Interest rate swaps$16,184 $— $16,184 $1,105 $— $15,079 
Securities sold under agreements to repurchase250,197 — 250,197 — 250,197 —