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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The following table presents the notional amounts and estimated fair values of derivatives at the dates indicated:

			December 31, 2022												December 31, 2021
			Notional Amounts						Estimated Fair Value						Notional Amounts						Estimated Fair Value
			(In thousands)
Non-hedging interest rate derivatives:
Interest rate swap asset (1)			288,785						$	30,107					$	322,726					$	15,219
Interest rate swap liability (1)			288,785						(30,107)						322,726						(15,286)

(1) The estimated fair value of derivatives with customers was $(30.1) million and $9.8 million as of December 31, 2022 and December 31, 2021, respectively. The estimated fair value of derivatives with third-parties was $30.1 million and $(9.8) million as of December 31, 2022 and December 31, 2021, respectively.

Generally, the gains and losses of the interest rate derivatives offset due to the back-to-back nature of the contracts. However, the settlement values of the Bank's net derivative assets with customers were increased by $66,000 and $355,000, and reduced by $422,000 as of December 31, 2022, December 31, 2021, and December 31, 2020, respectively, due to the change in the credit valuation adjustment.

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI https://asc.fasb.org/topic&trid=2229140

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 5
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008

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