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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of the Interest Rate Swap Designated as a Fair Value Hedge

A summary of the interest rate swap designated as a fair value hedge is presented below:

		December 31, 2023
Notional amount fair value hedge		$	100,000
Fixed pay rates			4.35	%
Variable SOFR receive rates			5.38	%
Remaining maturity (in years)			2.6
Fair value		$	(836	)

Summary of Non-Designated Derivative Instruments used for Risk Management

The net gains (losses) relating to non-designated derivative instruments used for risk management are included in Net Gains on Sale of Loans on the Consolidated Statements of Income and are summarized below for the years ended December 31:

	2023			2022			2021
Forward sales contracts	$	(45	)	$	362		$	0
Interest rate lock commitments		87			21			423

Summary of Fair Value of Derivatives in Consolidated Balance Sheets

The following table reflects the amount and fair value of mortgage banking derivatives included in the Consolidated Balance Sheets as on December 31:

		2023								2022
		Notional				Fair				Notional				Fair
		Amount				Value				Amount				Value
Included in other assets:
	Forward sales contracts	$	0			$	0			$	4,300			$	30
	Interest rate lock commitments		7,400				109				4,900				21
	Total included in other assets	$	7,400			$	109			$	9,200			$	51
Included in other liabilities:
	Forward sales contracts	$	3,300			$	(14	)		$	0			$	0

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- References

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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

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-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

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC

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