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Derivatives

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 (in thousands):

				Weighted Average
		Balance Sheet		Remaining Maturity				Notional				Estimated
Derivative		Location		(Years)				Amount				Value
December 31, 2024
Interest rate swap agreements		Other liabilities			4.3			$	12,486			$	(2,006	)
December 31, 2023
Interest rate swap agreements		Other liabilities			5.3			$	12,976			$	(2,217	)

The effects of fair value hedges on the Company's income statement during the twelve months ended December 31, 2024 and 2023 were as follows (in thousands):

Derivative		Location of Gain (Loss) on Derivative		2024				2023
Interest rate swap agreements		Interest income on loans		$	(6	)		$	(204	)

Derivative		Location of Gain (Loss) on Hedged Items		2024				2023
Interest rate swap agreements		Interest income on loans		$	6			$	204

As of December 31, 2024 and 2023, 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, 2024
Loans			$	11,543				$	(943	)
December 31, 2023
Loans			$	12,027				$	(949	)

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, 2024 and 2023 (in thousands):

				Weighted Average
		Balance Sheet		Remaining Maturity		Notional				Estimated
		Location		(Years)		Amount				Value
December 31, 2024
Interest rate swap agreements		Other assets		4.0		$	28,968			$	2,949
Interest rate swap agreements		Other liabilities		4.0			28,968				(2,949	)
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	)

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- References

No definition available.

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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

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