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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

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, 2023												December 31, 2022
			Notional Amounts						Estimated Fair Value						Notional Amounts						Estimated Fair Value
			(Dollars in thousands)
Non-hedging interest rate derivatives:
Interest rate swap asset (1)			$	291,740					$	23,195					$	288,785					$	30,107
Interest rate swap liability (1)			291,740						(23,195)						288,785						(30,107)

(1) The estimated fair value of derivatives with customers was $(22.5) million and $(30.1) million as of December 31, 2023 and December 31, 2022, respectively. The estimated fair value of derivatives with third-parties was $22.5 million and $30.1 million as of December 31, 2023 and December 31, 2022, respectively.

Generally, the gains and losses of the interest rate derivatives offset each other due to the back-to-back nature of the contracts. However, the settlement values of the Company's net derivative assets with customers had no change as of December 31, 2023, and increased $66,000, and $355,000 as of December 31, 2022, and December 31, 2021, 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://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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