XML 66 R55.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Derivatives and Hedging Activities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Financial Instruments as well as their Classification on Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2024 and 2023.
As of December 31, 2024 |  | Derivative Assets |  |  | Derivative Liabilities |
|  | Notional Amount |  |  | Balance Sheet Location |  | Fair Value |  |  | Notional Amount |  |  | Balance Sheet Location |  | Fair Value |
|  | (in thousands) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 101,892 |  |  | Other Assets |  | $ | 4,690 |  |  | $ | 101,892 |  |  | Other Liabilities |  | $ | 4,650 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 4,690 |  |  |  |  |  |  |  | $ | 4,650 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | — |  |  | Other Assets |  | $ | — |  |  | $ | 175,000 |  |  | Other Liabilities |  | $ | 642 |
Total derivatives designated as hedging instruments |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  | $ | 642 |
As of December 31, 2023 |  | Derivative Assets |  |  | Derivative Liabilities |
|  | Notional Amount |  |  | Balance Sheet Location |  | Fair Value |  |  | Notional Amount |  |  | Balance Sheet Location |  | Fair Value |
|  | (in thousands) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 104,571 |  |  | Other Assets |  | $ | 5,939 |  |  | $ | 104,571 |  |  | Other Liabilities |  | $ | 5,920 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 5,939 |  |  |  |  |  |  |  | $ | 5,920 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 100,000 |  |  | Other Assets |  | $ | 306 |  |  | $ | — |  |  | Other Liabilities |  | $ | — |
Total derivatives designated as hedging instruments |  |  |  |  |  |  | $ | 306 |  |  |  |  |  |  |  | $ | — |
Summary of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The table below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income as of December 31, 2024.
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives in Subtopic 815-20 Hedging Relationships |  | Amount of Gain or (Loss) Recognized in OCI on Derivative |  |  | Amount of Gain or (Loss) Recognized in OCI Included Component |  |  | Amount of Gain or (Loss) Recognized in OCI Excluded Component |  |  | Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income |  |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component |  |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component |
|  | (in thousands) |
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Products |  | $ | (2,373 | ) |  | $ | (2,373 | ) |  | $ | — |  |  | Interest Income |  | $ | (1,533 | ) |  | $ | (1,533 | ) |  | $ | — |
Total |  | $ | (2,373 | ) |  | $ | (2,373 | ) |  | $ | — |  |  |  |  | $ | (1,533 | ) |  | $ | (1,533 | ) |  | $ | — |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives in Subtopic 815-20 Hedging Relationships |  | Amount of Gain or (Loss) Recognized in OCI on Derivative |  |  | Amount of Gain or (Loss) Recognized in OCI Included Component |  |  | Amount of Gain or (Loss) Recognized in OCI Excluded Component |  |  | Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income |  |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component |  |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component |
|  | (in thousands) |
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Products |  | $ | 306 |  |  | $ | 306 |  |  | $ | — |  |  | Interest Income |  | $ | — |  |  | $ | — |  |  | $ | — |
Total |  | $ | 306 |  |  | $ | 306 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Effect of Derivative Financial Instruments that are Not Designated as Hedging Instruments on Income Statement | The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Income Statement as of December 31, 2024, 2023 and 2022.
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 |  | Location of Gain or (Loss) Recognized in Income on Derivative |  | Amount of Gain or (Loss) Recognized in Income on Derivative |
|  |  |  | For the Year Ended December 31, |
|  |  |  | 2024 |  |  | 2023 |  |  | 2022 |
|  |  |  | (in thousands) |
Interest rate products |  | Other income |  | $ | 21 |  |  | $ | (114 | ) |  | $ | 113 |
Total |  |  |  | $ | 21 |  |  | $ | (114 | ) |  | $ | 113 |
Summary of Gross Presentation, Effects of Offsetting and a Net Presentation of Derivatives | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2024 and 2023. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet.
Offsetting of Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |
|  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Statement of Financial Position |  |  | Net Amounts of Assets presented in the Statement of Financial Position |  |  | Financial Instruments |  |  | Cash Collateral Received |  |  | Net Amount |
|  | (in thousands) |
Derivatives |  | $ | 4,690 |  |  | $ | — |  |  | $ | 4,690 |  |  | $ | 642 |  |  | $ | 4,048 |  |  | $ | — |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |
|  | Gross Amounts of Recognized Liabilities |  |  | Gross Amounts Offset in the Statement of Financial Position |  |  | Net Amounts of Liabilities presented in the Statement of Financial Position |  |  | Financial Instruments |  |  | Cash Collateral Provided |  |  | Net Amount |
|  | (in thousands) |
Derivatives |  | $ | 5,292 |  |  | $ | — |  |  | $ | 5,292 |  |  | $ | 642 |  |  | $ | — |  |  | $ | 4,650 |
Offsetting of Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |
|  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Statement of Financial Position |  |  | Net Amounts of Assets presented in the Statement of Financial Position |  |  | Financial Instruments |  |  | Cash Collateral Received |  |  | Net Amount |
|  | (in thousands) |
Derivatives |  | $ | 6,245 |  |  | $ | — |  |  | $ | 6,245 |  |  | $ | 284 |  |  | $ | 5,731 |  |  | $ | 230 |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |
|  | Gross Amounts of Recognized Liabilities |  |  | Gross Amounts Offset in the Statement of Financial Position |  |  | Net Amounts of Liabilities presented in the Statement of Financial Position |  |  | Financial Instruments |  |  | Cash Collateral Provided |  |  | Net Amount |
|  | (in thousands) |
Derivatives |  | $ | 5,920 |  |  | $ | — |  |  | $ | 5,920 |  |  | $ | 284 |  |  | $ | — |  |  | $ | 5,636 |

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 Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration