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Derivative Financial Instruments (Tables)

9 Months Ended

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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- 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

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

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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

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

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