XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.1

DERIVATIVES | 3 Months Ended
--- | ---
Mar. 31, 2022
Derivatives [Abstract] |
Derivatives | NOTE 5 – DERIVATIVES The Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s subordinated debt. Cash Flow Hedges of Interest Rate Risk Interest rate swaps with notional amounts totaling $ 30 million at March 31, 2022 were designed as a cash flow hedge for subordinated debt. Under the swap arrangement, the Company will pay a fixed interest rate of 2.50 % and receive a variable interest rate based on three-month LIBOR plus a weighted average margin of 1.83 %. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate subordinated debt. The following table reflects the cash flow hedges included in the consolidated statements of financial condition Statement of Financial Notional Fair Weighted Average (Dollars in Thousands) Condition Location Amount Value Maturity (Years) March 31, 2022 Interest rate swaps related to subordinated debt Other Assets $ 30,000 $ 3,886 8.3 December 31, 2021 Interest rate swaps related to subordinated debt Other Assets $ 30,000 $ 2,050 8.5 The following table presents the net gains (losses) recorded in AOCI and the consolidated statements of income related to the cash flow derivative instruments (interest rate swaps related to subordinated debt) for the three months ended March 31, 2022. Amount of Gain Amount of Gain (Loss) Recognized (Loss) Reclassified (Dollars in Thousands) Category in AOCI from AOCI to Income Three months ended March 31, 2022 Interest expense $ 1,370 $ (28) Three months ended March 31, 2021 Interest expense $ 1,587 (33) The Company estimates there will be approximately $ 0.1 million reclassified as an increase to interest income within the next 12 months. The Company had a collateral liability of $ 4.0 million and $ 2.0 million at March 31, 2022 and December 31, 2021, respectively.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://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 http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration