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Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025, and December 31, 2024 (in thousands):

			June 30, 2025
			Balance Sheet Location						Notional Amount						Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges			Other assets						$	400,000					$	606
Interest rate swaps related to cash flow hedges			Other liabilities						$	50,000					$	163
Derivatives not designated as hedges:
Interest rate swaps related to customer loans			Other assets						$	149,499					$	1,970
Interest rate swaps related to customer loans			Other liabilities						149,499						1,970

			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

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 three months ended June 30, 2025, and June 30, 2024 (in thousands):

Derivatives in Cash Flow Hedging Relationships						June 30, 2025																		Location of Gain or (Loss) Reclassified from AOCI into Income						June 30, 2025
						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												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						$	—					$	—					$	—					Interest Income						$	—					$	—					$	—
Interest Rate Products						877						877						—						Interest Expense						732						732						—
Total						$	877					$	877					$	—											$	732					$	732					$	—

Derivatives in Cash Flow Hedging Relationships						June 30, 2024																		Location of Gain or (Loss) Reclassified from AOCI into Income						June 30, 2024
						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												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)					$	(2)					$	—					Interest Income						$	(128)					$	(128)					$	—
Interest Rate Products						1,133						1,133						—						Interest Expense						997						997						—
Total						$	1,131					$	1,131					$	—											$	869					$	869					$	—

The table below presents the effect of cash flow hedge accounting on AOCI for the six months ended June 30, 2025, and June 30, 2024 (in thousands):

Derivatives in Cash Flow Hedging Relationships						June 30, 2025																		Location of Gain or (Loss) Reclassified from AOCI into Income						June 30, 2025
						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												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						$	—					$	—					$	—					Interest Income						$	—					$	—					$	—
Interest Rate Products						396						396						—						Interest Expense						1,158						1,158						—
Total						$	396					$	396					$	—											$	1,158					$	1,158					$	—

Derivatives in Cash Flow Hedging Relationships						June 30, 2024																		Location of Gain or (Loss) Reclassified from AOCI into Income						June 30, 2024
						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												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						4,518						4,518						—						Interest Expense						1,034						1,034						—
Total						$	4,499					$	4,499					$	—											$	423					$	423					$	—

Schedule of Derivative Instruments

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the three and six months ended June 30, 2025, and June 30, 2024 (in thousands).

			Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
			Three months ended
			June 30, 2025												June 30, 2024
			Interest Income						Interest Expense						Interest Income						Interest Expense
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded			$	40					$	732					$	(88)					$	997
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)			40						—						40						—
Derivatives designated as hedging instruments			—						—						—						—
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20
Interest contracts
Amount of gain or (loss) reclassified from AOCI into income			—						732						(128)						997
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			—						732						(128)						997
Amount of gain or (loss) reclassified from AOCI into income - excluded component			—						—						—						—

			Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
			Six months ended
			June 30, 2025												June 30, 2024
			Interest Income						Interest Expense						Interest Income						Interest Expense
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded			$	80					$	1,158					$	(531)					$	1,034
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)			80						—						80						—
Derivatives designated as hedging instruments			—						—						—						—
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20
Interest contracts
Amount of gain or (loss) reclassified from AOCI into income			—						1,158						(611)						1,034
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			—						1,158						(611)						1,034
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 amortization of other discounts or premiums on the assets.

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- References

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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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-Topic 815
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-Section 50
-Paragraph 4A
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- Definition

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://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

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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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