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Derivatives | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 21 -- 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. Derivatives Designated as Hedging Instruments The following table provides the outstanding notional balances and fair value of outstanding derivatives designated as hedging instruments as of December 31, 2023 and 2022 (in thousands):
|  |  |  | Weighted Average |  |  |  |  |  |  |
|  | Balance Sheet |  | Remaining Maturity |  |  | Notional |  |  | Estimated |
Derivative |  | Location |  | (Years) |  |  | Amount |  |  | Value |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other liabilities |  |  | 5.3 |  |  | $ | 12,976 |  |  | $ | (2,217 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other liabilities |  |  | 6.3 |  |  | $ | 13,448 |  |  | $ | (3,100 | )
The effects of fair value hedges on the Company's income statement during the twelve months ended December 31, 2023 and 2022 were as follows (in thousands):
Derivative |  | Location of Gain (Loss) on Derivative |  | 2023 |  |  | 2022 |
Interest rate swap agreements |  | Interest income on loans |  | $ | (204 | ) |  | $ | 1,819 |
Derivative |  | Location of Gain (Loss) on Hedged Items |  | 2023 |  |  | 2022 |
Interest rate swap agreements |  | Interest income on loans |  | $ | 204 |  |  | $ | (1,819 | )
As of December 31, 2023 and 2022, the following amounts were recorded on the balance sheet related to the cumulative basis adjustment for fair value hedges (in thousands):
|  |  |  |  |  | Cumulative Amount of Fair Value Hedging |
Line Item in the Balance Sheet in |  | Carrying Amount of |  |  | Adjustments Included in the Carrying |
Which the Hedge Items are Included |  | the Hedged Assets |  |  | Amount of the Hedged Assets |
December 31, 2023 |  |  |  |  |  |  |  |
Loans |  |  | $ | 12,027 |  |  |  | $ | (949 | )
December 31, 2022 |  |  |  |  |  |  |  |
Loans |  |  | $ | 12,295 |  |  |  | $ | (1,153 | )
Derivatives Not Designated as Hedging Instruments The following table provides the outstanding notional balances and fair value of outstanding derivatives not designated as hedging instruments as of December 31, 2023 and 2022 (in thousands):
|  |  |  | Weighted Average |  |  |  |  |  |
|  | Balance Sheet |  | Remaining Maturity |  | Notional |  |  | Estimated |
|  | Location |  | (Years) |  | Amount |  |  | Value |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other assets |  | 5.0 |  | $ | 30,688 |  |  | $ | 3,166 |
Interest rate swap agreements |  | Other liabilities |  | 5.0 |  |  | 30,688 |  |  |  | (3,166 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other assets |  | 5.0 |  | $ | 39,095 |  |  | $ | 4,253 |
Interest rate swap agreements |  | Other liabilities |  | 5.0 |  |  | 39,095 |  |  |  | (4,253 | )

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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