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Derivative Instrument and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Company's Outstanding Interest Rate Swaps

The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows as of December 31, 2023 (dollars in thousands):

Effective Date		Expiration Date		Notional Amount				Pay Fixed Rate
4/11/2022		4/11/2027		$	50,000			0.787%
1/24/2023		1/24/2026		$	30,000			3.669%
5/5/2023		5/5/2026		$	25,000			3.4615%

Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of December 31 (in thousands):

										Asset derivatives										Liability derivatives
		Gross notional amount								Balance sheet		Fair value								Balance sheet		Fair value
		2023				2022				line item		2023				2022				line item		2023				2022
Derivatives designated as hedging instruments
Cash flow hedges		$	105,000			$	50,000			Other assets		$	5,939			$	6,725			Other liabilities		$	-			$	-
Total derivatives		$	105,000			$	50,000					$	5,939			$	6,725					$	-			$	-
Derivatives not designated as hedging instruments
Interest rate swaps (1)		$	1,104,804			$	1,006,386			Other assets		$	37,517			$	47,736			Other liabilities		$	37,519			$	47,738
Credit contracts			81,211				104,497			Other assets			-				-			Other liabilities			-				-
Mortgage banking			5,292				7,884			Other assets			50				96			Other liabilities			2				13
Total derivatives		$	1,191,307			$	1,118,767					$	37,567			$	47,832					$	37,521			$	47,751

(1)The Company was holding collateral of $40.4 million and $54.3 million against its net obligations under these contracts at December 31, 2023 and December 31, 2022, respectively.

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the years ended December 31 (in thousands):

				Gain (loss) recognized in income
Undesignated derivatives		Line item of gain (loss) recognized in income		2023				2022				2021
Interest rate swaps		Income from derivative instruments, net		$	1,276			$	2,035			$	2,852
Credit contracts		Income from derivative instruments, net			109				39				74
Mortgage banking		Income from derivative instruments, net			(35	)			(156	)			(231	)
Total undesignated				$	1,350			$	1,918			$	2,695

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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

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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.

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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

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