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Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative [Line Items]

Summary of Derivative Instruments, Gain (Loss)

The effects of the fair value hedges on the Company's income statement during the three months ended March 31, 2021 and 2020 were as follows (in thousands):

				Three months ended March 31,
Derivative		Location of Gain (Loss) on Derivatives		2021				2020
Interest rate swap agreements		Interest income on loans		$	(743	)		$	(1,384	)

				Three months ended March 31,
Derivative		Location of Gain (Loss) on Hedged Items		2021				2020
Interest rate swap agreements		Interest income on loans		$	743			$	1,384

Summary of Cumulative Basis Adjustment of Fair Value Hedges

As of March 31, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges (in thousands):

Line Item in the Balance Sheet in Which the Hedge Item is Included		Carrying Amount of the Hedged Asset				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
Loans		$	13,525			$	751

Not Designated as Hedging Instrument

Derivative [Line Items]

Summary of Fair Value Derivative Instruments

The following amounts represent the notional amounts and gross fair value of derivative contracts not designated as hedging instruments outstanding during the three months ended March 31, 2021 and 2020  (in thousands):

September 30, 2020		Balance Sheet Location		Weighted Average Remaining Maturity (Years)		Notional Amount				Estimated Value
Interest rate swap agreements		Other assets		6.8		$	42,223			$	262
Interest rate swap agreements		Other liabilities		6.8			42,223				(262	)

Fair Value Hedging | Designated As Hedging Instrument

Derivative [Line Items]

Summary of Fair Value Derivative Instruments

The following table provides the outstanding notional balances and fair values of outstanding derivatives designated as hedging instruments as of March 31, 2021 and December 31, 2020 (in thousands):

		Balance Sheet Location		Weighted Average Remaining Maturity (Years)		Notional Amount				Estimated Value
March 31, 2021
Fair Value Hedges:
Interest rate swap agreements		Other liabilities		8.1 years		$	14,276			$	(1,013	)
December 31, 2020
Fair Value Hedges:
Interest rate swap agreements		Other liabilities		8.3 years		$	14,334			$	(2,892	)

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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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-Publisher FASB
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