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Derivatives Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Hedge Relationships in Balance Sheet

A summary of the Company’s fair value hedge relationships for the periods presented are as follows (dollars in thousands):

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Weighted

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Average

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Balance

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Remaining

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Weighted

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Sheet

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Maturity

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Average

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Receive

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Notional

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Estimated

Liability derivatives

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Location

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(In Years)

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Pay Rate

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Rate

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Amount

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Fair Value

December 31, 2021:

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Interest rate swap agreements - securities

Other liabilities

6.20

3.09

%

3 month LIBOR

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$

36,000

$

(3,567)

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December 31, 2020:

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Interest rate swap agreements - securities

Other liabilities

7.13

3.08

%

3 month LIBOR

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$

36,000

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$

(6,174)

Schedule of Fair Value Hedge Relationships on Income Statement

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The effects of the Company’s fair value hedge relationships reported in interest income on tax-exempt available-for-sale securities on the consolidated income statement were as follows (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​	2021		​	2020
Interest income on tax-exempt securities	​	$	2,205	​	$	2,150
Effects of fair value hedge relationships	​		(1,050)	​		(781)
Reported interest income on tax-exempt securities	​	$	1,155	​	$	1,369

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​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
Gain (loss) on fair value hedging relationship	​	2021		​	2020
Interest rate swap agreements - securities:	​			​	​
Hedged items	​	$	(3,567)	​	$	(6,174)
Derivative designated as hedging instruments	​	$	3,567	​	$	6,174
Carry amount of hedged assets - securities available for sale	​	$	43,119	​	$	44,017

Schedule of interest rate swaps related to loan hedging program

At December 31, 2021, and 2020, respectively, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table (in thousands):

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December 31, 2021

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December 31, 2020

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Notional

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Estimated

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Notional

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Estimated

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Amount

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Fair Value

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Amount

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Fair Value

Interest rate swap agreements:

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Assets

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$

48,125

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$

1,326

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$

-

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$

-

Liabilities

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48,125

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(1,326)

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-

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Schedule of interest rate swap to facilitate customer's transactions

The Company establishes limits and monitors exposures for customer swap positions.  Any fees received to enter the swap agreements at inception are recognized in earnings when received and is included in noninterest income.  Such fees were as follows (in thousands):

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​	​	Year Ended
​	​	December 31,
​	​	2021		​	2020
Interest rate swap agreements	​	$	965	​	$	—

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- References

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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- Definition

Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

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