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Derivatives and Hedging Activities (Tables)

9 Months Ended

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 Loans1			$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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Tabular disclosure for cash flow 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.

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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.

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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.

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