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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair value hedging instruments, statements of financial performance and financial position, location | As of September 30, 2024 and December 31, 2023, the following amounts were recorded on the balance sheet 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)
| 9/30/2024 | 9/30/2024 | 12/31/2023 | 12/31/2023
Fixed Rate Loans 1 | $149,734 | $(266) | $148,633 | $(1,367)
Total | $149,734 | $(266) | $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 September 30, 2024 and 12/31/2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $721.9 million and $763.4 million respectively; the cumulative basis adjustments associated with these hedging relationships was $0.3 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 tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of condition as of September 30, 2024 and December 31, 2023. Amounts below are presented on a net basis in accordance with applicable accounting guidance.
Derivative Assets |  |  |
| September 30, 2024
(In thousands) | Notional Amount | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |
Interest Rate Products | $ | 150,000 |  | Other Assets | $ | 362 |
Total derivatives designated as hedging instruments |  |  | $ | 362 |
Derivatives not designated as hedging instruments |  |  |
Interest Rate Products | $ | 150,475 |  | Other Assets | $ | 4,452 |
Risk Participation Agreement | 0 |  | Other Assets | 0 |
Total derivatives not designated as hedging instruments |  |  | $ | 4,452 |
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 |
| September 30, 2024
(In thousands) | Notional Amount | Balance Sheet Location | Fair Value
Derivatives not designated as hedging instruments
Interest Rate Products | $ | 150,475 |  | Other Liabilities | $ | 4,843 |
Risk Participation Agreement | 18,963 |  | Other Liabilities | 37 |
Total derivatives not designated as hedging instruments | $ | 4,880 |
Derivative Liabilities |  |  |
| 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 cash flow hedging instruments, statements of financial performance and financial position, location | The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of income for the three and nine months ended September 30, 2024 and 2023:
The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income
| Location of Gain or (Loss) Recognized in Income on Derivative
| Three Months Ended
| 9/30/2024 | 9/30/2023
(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 | $ | 675 |  | $ | 647 |
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 | 2,114 |  | (555) |
Derivatives designated as hedging instruments | (1,439) |  | 1,202 |
The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income
| Location of Gain or (Loss) Recognized in Income on Derivative
| Nine Months Ended
| 9/30/2024 | 9/30/2023
(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 | $ | 2,010 |  | $ | 952 |
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 | 1,101 |  | (3,875) |
Derivatives designated as hedging instruments | 909 |  | 4,827 |
Schedule of derivatives and hedging activities, effect of fair value and cash flow hedge accounting on the statement of financial performance | The tables below present 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 and nine months ended September 30, 2024 and 2023:
Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of 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) |  | 9/30/2024 | 9/30/2023
Interest Rate Products | Other Income | $ | (259) |  | $ | (2) |
Risk Participation Agreement | Other Income | (18) |  | 12 |
Total |  | $ | (277) |  | $ | 10 |
Fee Income | Other income | $ | 791 |  | $ | 70 |
Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of 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
|  | Nine Months Ended
(In thousands) |  | 9/30/2024 | 9/30/2023
Interest Rate Products | Other Income | $ | (223) |  | $ | (2) |
Risk Participation Agreement | Other Income | 61 |  | 14 |
Total |  | $ | (162) |  | $ | 12 |
Fee Income | Other income | $ | 1,175 |  | $ | 70 |

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