XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Derivatives | 3 Months Ended
--- | ---
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. The notional amounts of these interest rate swaps and the offsetting counterparty derivative instruments were $150,251 at March 31, 2024 and $139,751 at December 31, 2023. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions with approved, reputable, independent counterparties with substantially matching terms. The agreements are considered stand-alone derivatives and changes in the fair value of derivatives are reported in earnings as non-interest income. While the derivatives represent economic hedges, they do not qualify as hedges for accounting purposes. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Company’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. There are provisions in the agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, the Company minimizes credit risk through credit approvals, limits, and monitoring procedures. The following table reflects the fair value of derivative instruments included in the Consolidated Balance Sheets as of:
|  | March 31, 2024 |  | December 31, 2023
|  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Included in Other Assets: |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 150,251 |  |  | $ | 8,287 |  |  | $ | 139,751 |  |  | $ | 7,458 |
Included in Other Liabilities: |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 150,251 |  |  | $ | 8,294 |  |  | $ | 139,751 |  |  | $ | 7,467 |
The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented:
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Interest Rate Swaps: |  |  |  |  |  |  |  |
Included in Other Operating Income |  | $ | 225 |  |  | $ | (50) |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
Name: | us-gaap_DerivativesAndFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration