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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value hedging instruments, statements of financial performance and financial position, location

As of March 31, 2024 and December 31, 2023, the following amounts were recorded on the consolidated statements of condition related to cumulative basis adjustment for fair value hedges.

Line Item in the Statement of Financial Position in Which the Hedged Item is Included			Carrying Amount of the Hedged Assets/(Liabilities)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)			Carrying Amount of the Hedged Assets/(Liabilities)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
			March 31, 2024			March 31, 2024			December 31, 2023			December 31, 2023
Fixed Rate Loans1			$147,467			$(2,533)			$148,633			$(1,367)
Total			$147,467			$(2,533)			$148,633			$(1,367)
1 These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At March 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $753.0 million and $763.4 million respectively; the cumulative basis adjustments associated with these hedging relationships was $2.5 million and $1.4 million, respectively; and the amounts of the designated hedged items were $150.0 million for both periods.

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of condition as of March 31, 2024 and December 31, 2023. The Company began entering into derivative transactions in the second quarter of 2022.

Derivative Assets
			March 31, 2024
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value*
Derivatives designated as hedging instruments
Interest Rate Products			$	150,000		Other Assets			$	2,653
Total derivatives designated as hedging instruments									$	2,653
Derivatives not designated as hedging instruments
Interest Rate Products			$	52,545		Other Assets			$	887
Risk Participation Agreement			0			Other Assets			0
Total derivatives not designated as hedging instruments									$	887

Derivative Assets
			December 31, 2023
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value
Derivatives designated as hedging instruments
Interest Rate Products			$	150,000		Other Assets			$	1,503
Total derivatives designated as hedging instruments									$	1,503
Derivatives not designated as hedging instruments
Interest Rate Products			$	34,930		Other Assets			$	1,610
Risk Participation Agreement			0			Other Assets			0
Total derivatives not designated as hedging instruments									$	1,610

Derivative Liabilities
			March 31, 2024
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value*
Derivatives not designated as hedging instruments
Interest Rate Products			$	52,545		Other Liabilities			$	1,019
Risk Participation Agreement			17,302			Other Liabilities			25
Total derivatives not designated as hedging instruments									$	1,044
			December 31, 2023
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value
Derivatives not designated as hedging instruments
Interest Rate Products			$	34,930		Other Liabilities			$	1,778
Risk Participation Agreement			7,542			Other Liabilities			48
Total derivatives not designated as hedging instruments									$	1,826

Schedule of derivative instruments in statement of income

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the three months ended March 31, 2024 and 2023:

The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Consolidated Income
			Location of Gain or (Loss) Recognized in Income on Derivative
			Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
(In thousands)			Interest Income
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded			$	664		$	0
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items			(1,165)			0
Derivatives designated as hedging instruments			1,829			0

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the three months ending March 31, 2024 and March 31, 2023:

Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Consolidated Income
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20			Location of Gain or (Loss) Recognized in Income on Derivative			Amount of Gain or (Loss) Recognized in Income on Derivative			Amount of Gain or (Loss) Recognized in Income on Derivative
						Three Months Ended
(In thousands)						March 31, 2024			March 31, 2023
Interest Rate Products			Other Income			$	36		$	0
Risk Participation Agreement			Other Income			72			(6)
Total						$	108		$	(6)
Fee Income			Other income			$	239		$	0

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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