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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
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:
|  | September 30, 2024 |  |  | December 31, 2023 |
Notional amount fair value hedge |  | $ | 100,000 |  |  | $ | 100,000 |
Fixed pay rates |  |  | 4.35 | % |  |  | 4.35 | %
Variable SOFR receive rates |  |  | 4.96 | % |  |  | 5.38 | %
Remaining maturity (in years) |  |  | 1.8 |  |  |  | 2.6 |
Fair value |  | $ | (1,392 | ) |  | $ | (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 quarters ended September 30, 2024 and September 30, 2023:
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
|  | 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |
Forward sales contracts | $ | (18 | ) |  | $ | 22 |  |  | $ | 0 |  |  | $ | 6 |
Interest rate lock commitments |  | 43 |  |  |  | (76 | ) |  |  | (12 | ) |  |  | (19 | )
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 of September 30, 2024 and December 31, 2023:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Notional |  |  | Fair |  |  | Notional |  |  | Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
| Included in other assets: |  |  |  |  |  |  |  |  |  |  |
| Forward sales contracts | $ | 361 |  |  | $ | 2 |  |  | $ | 0 |  |  | $ | 0 |
| Interest rate lock commitments |  | 9,454 |  |  |  | 96 |  |  |  | 7,400 |  |  |  | 109 |
| Mortgage banking derivative |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
| Total included in other assets | $ | 9,815 |  |  | $ | 98 |  |  | $ | 7,400 |  |  | $ | 109 |
| Included in other liabilities: |  |  |  |  |  |  |  |  |  |  |
| Mortgage banking derivative | $ | 9,500 |  |  | $ | (14 | ) |  | $ | 3,300 |  |  | $ | (14 | )

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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 -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 + Details
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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 -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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