Derivatives (Notes)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivatives

The Company utilizes interest rate swaps, designated as fair value hedges, to mitigate the risk of changing interest rates on the fair value of fixed rate loans. For derivative instruments that are designed and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain in the hedged asset attributable to the hedged risk, is recognized in current earnings.

A summary of the Company's fair value hedges as of December 31, 2019 is as follows (in thousands):

December 31, 2019

Derivative

Balance Sheet Location

Weighted Average Remaining Maturity (Years)

Pay Rate

Received Rate Range

Notional Amount

Estimated Value

Interest rate swap agreements

Other liabilities

9.3

4.21

1 month LIBOR + 201.9 bps to 1 month LIBOR + 231.5 bps

14,748

325

The effects of fair value hedges on the Company's income statement during the twelve months ended December 31, 2019 were as follows (in thousands):



		Twelve months ended December 31,
Derivative	Location of Gain (Loss) on Derivative	2019
Interest rate swap agreements	Interest income on loans	$	(325	)

		Twelve months ended December 31,
Derivative	Location of Gain (Loss) on Hedged Items	2019
Interest rate swap agreements	Interest income on loans	$	325

As of December 31, 2019, the following amounts were recorded on the balance sheet related to the cumulative basis adjustment for fair value hedges (in thousands):

Line Item in the Balance Sheet in Which the Hedge Items are Included

Carrying Amount of the Hedged Assets

Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets

Loans

$14,423

$325