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Loan-Level Interest Rate Swaps | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Loan-Level Interest Rate Swaps |
(6) | Loan-Level Interest Rate Swaps
| Mid Penn enters into loan-level interest rate swaps with certain qualifying, creditworthy commercial loan customers to provide a loan pricing structure that meets both Mid Penn’s and the customer’s interest rate risk management needs. Mid Penn simultaneously enters into parallel interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of the offsetting customer and dealer counterparty swap agreements is that the customer pays a fixed rate of interest and Mid Penn receives a floating rate. Mid Penn’s loan-level interest rate swaps are considered derivatives but are not accounted for using hedge accounting.
The fair value, notional amount, and collateral posted related to loan-level interest rate swaps are presented below.
(Dollars in thousands) |  | March 31, 2021 |  |  | December 31, 2020 |
Interest Rate Swap Contracts - Commercial Loans: |  |  |  |  |  |  |  |
Fair Value (a) |  | $ | 1,185 |  |  | $ | 489 |
Notional Amount |  |  | 48,864 |  |  |  | 22,331 |
Cash Collateral Posted (b) |  |  | 500 |  |  |  | 500 |
| (a) | Included in other liabilities as of March 31, 2021 and other assets as of December 31, 2020, respectively, on the Consolidated Balance Sheets
| (b) | Included in cash and due from banks on the Consolidated Balance Sheet
The gross amounts of commercial loan swap derivatives, the amounts offset and the carrying values in the Consolidated Balance Sheets, and the collateral pledged to support such agreements are presented below.
(Dollars in thousands) |  | March 31, 2021 |  |  | December 31, 2020 |
Interest Rate Swap Contracts - Commercial Loans: |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 1,185 |  |  | $ | 489 |
Gross amounts offset |  |  | 1,185 |  |  |  | 489 |
Net Amounts Presented in the Consolidated Balance Sheets |  |  | — |  |  |  | — |
Gross amounts not offset: |  |  |  |  |  |  |  |
Financial instruments |  |  | — |  |  |  | — |
Cash collateral |  |  | 500 |  |  |  | 500 |
Net Amounts |  | $ | 500 |  |  | $ | 500 |

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- References No definition available. + Details
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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 http://asc.fasb.org/topic&trid=2229140 + Details
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