XML 29 R21.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Derivatives | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 10 – Derivatives The Company utilizes an interest rate swap, designated as a fair value hedge, to mitigate the risk of changing interest rates on the fair value of a fixed rate commercial real estate loan. 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 values of outstanding derivatives designated as hedging instruments as of June 30, 2024 and December 31, 2023 (in thousands):
|  | Balance Sheet Location |  | Weighted Average Remaining Maturity (Years) |  | Notional Amount |  |  | Estimated Value |
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other liabilities |  | 4.8 |  | $ | 12,728 |  |  | $ | (2,331 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other liabilities |  | 5.3 |  | $ | 12,976 |  |  | $ | (2,217 | )
The effects of the fair value hedges on the Company's income statement during the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):
|  |  |  | Three months ended |  |  | Six months ended |
|  |  |  | June 30, |  |  | June 30, |
Derivative |  | Location of Gain (Loss) on Derivatives |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate swap agreements |  | Interest income on loans |  | $ | 20 |  |  | $ | 363 |  |  | $ | 174 |  |  | $ | 38 |
|  |  |  | Three months ended |  |  | Six months ended |
|  |  |  | June 30, |  |  | June 30, |
Derivative |  | Location of Gain (Loss) on Hedged Items |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate swap agreements |  | Interest income on loans |  | $ | (20 | ) |  | $ | (363 | ) |  | $ | (174 | ) |  | $ | (38 | )
As of June 30, 2024, 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 |  | $ | 11,605 |  |  | $ | (1,124 | )
Derivatives Not Designated as Hedging Instruments The following amounts represent the notional amounts and gross fair value of derivative contracts not designated as hedging instruments outstanding during the six months ended June 30, 2024 (dollars in thousands):
June 30, 2024 |  | Balance Sheet Location |  | Weighted Average Remaining Maturity (Years) |  | Notional Amount |  |  | Estimated Value |
Interest rate swap agreements |  | Other assets |  | 4.5 |  | $ | 29,862 |  |  | $ | 3,454 |
Interest rate swap agreements |  | Other liabilities |  | 4.5 |  |  | 29,862 |  |  |  | (3,454 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration