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Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, which includes accrued interest, as well as their classification on the Consolidated Balance Sheets as of December 31, 2024, and December 31, 2023 (in thousands):

			December 31, 2024
			Balance Sheet Location						Notional Amount						Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges			Other assets						$	250,000					$	1,368
Interest rate swaps related to cash flow hedges			Other liabilities						50,000						165
Derivatives not designated as hedges:
Interest rate swaps related to customer loans			Other assets						$	99,899					$	1,823
Interest rate swaps related to customer loans			Other liabilities						99,899						1,823

			December 31, 2023
			Balance Sheet Location						Notional Amount						Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges			Other assets						$	100,000					$	65
Interest rate swaps related to cash flow hedges			Other liabilities						150,000						1,047
Derivatives not designated as hedges:
Interest rate swaps related to customer loans			Other assets						$	72,572					$	998
Interest rate swaps related to customer loans			Other liabilities						72,572						998

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands):

						December 31, 2024																								December 31, 2024
Derivatives in Cash Flow Hedging Relationships						Amount of Gain or (Loss) Recognized in OCI on Derivative						Amount of Gain or (Loss) Recognized in OCI Included Component						Amount of Gain or (Loss) Recognized in OCI Excluded Component						Location of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products						$	(19)					$	(19)					$	—					Interest Income						$	(611)					$	(611)					$	—
Interest Rate Products						4,021						4,021						—						Interest Expense						2,794						2,794						—
Total						$	4,002					$	4,002					$	—											$	2,183					$	2,183					$	—

						December 31, 2023																								December 31, 2023
Derivatives in Cash Flow Hedging Relationships						Amount of Gain or (Loss) Recognized in OCI on Derivative						Amount of Gain or (Loss) Recognized in OCI Included Component						Amount of Gain or (Loss) Recognized in OCI Excluded Component						Location of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products						$	(329)					$	(329)					$	—					Interest Income						$	(1,749)					$	(1,749)					$	—
Interest Rate Products						(29)						(29)						—						Interest Expense						—						—						—
Total						$	(358)					$	(358)					$	—											$	(1,749)					$	(1,749)					$	—

						December 31, 2022																								December 31, 2022
Derivatives in Cash Flow Hedging Relationships						Amount of Gain or (Loss) Recognized in OCI on Derivative						Amount of Gain or (Loss) Recognized in OCI Included Component						Amount of Gain or (Loss) Recognized in OCI Excluded Component						Location of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products						$	(2,178)					$	(2,178)					$	—					Interest Income						$	(167)					$	(167)					$	—
Total						$	(2,178)					$	(2,178)					$	—											$	(167)					$	(167)					$	—

Schedule of Derivative Instruments

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands).

			Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
			December 31, 2024												December 31, 2023												December 31, 2022
			Interest Income						Interest Expense						Interest Income						Interest Expense						Interest Income						Interest Expense
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.			$	(451)					$	2,794					$	(895)					$	—					$	(167)					$	—
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedging items(1)			160						—						(1,025)						—						—						—
Derivatives designated as hedging instruments			—						—						1,879						—						—						—
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20
Interest contracts
Amount of gain or (loss) reclassified from AOCI into income			(611)						2,794						(1,749)						—						(167)						—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring			—						—						—						—						—						—
Amount of Gain or (Loss) Reclassified from AOCI into Income - Included Component			(611)						2,794						(1,749)						—						(167)						—
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component			—						—						—						—						—						—

(1) The Company voluntarily discontinued a fair value hedging relationship and these amounts include the gain or (loss) and the hedging adjustment on a voluntary discontinued hedging relationship. The Company has allocated the basis adjustment to the remaining individual assets in the closed portfolio and will amortize the basis adjustment over a period consistent with the amortization of other discounts or premiums on the hedged assets.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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