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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, not designated as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:
Derivatives Not Designated as Hedging Instruments - Interest Rate Swap Agreements
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Fair value adjustment included in other assets | $ | 6,053 |  |  | $ | 6,208 |  |  | $ | 7,457 |
Fair value adjustment included in other liabilities | 6,053 |  |  | 6,208 |  |  | 7,457 |
Notional amount | 106,967 |  |  | 123,197 |  |  | 125,503 |
The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, designed as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:
Derivatives Designated as Hedging Instruments - Fair Value Agreements
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Fair value adjustment included in other assets | $ | — |  |  | $ | — |  |  | $ | — |
Fair value adjustment included in other liabilities | 392 |  |  | 5,678 |  |  | — |
Notional amount | 300,000 |  |  | 300,000 |  |  | — |
The following table represents the carrying value of the PLM hedged assets and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset:
Derivatives Designated as Hedging Instruments - Fair Value Swap Agreements
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Carrying Value of Portfolio Layer Method Hedged Asset | $ | 300,366 |  |  | $ | 305,849 |  |  | $ | — |
Cumulative Fair Value Hedging Adjustment | 366 |  |  | 5,849 |  |  | — |
Derivative Instruments, Gain (Loss) | The following table summarizes the effect of the fair value hedging relationship recognized on the unaudited interim consolidated statement of income:
Derivatives Designated as Hedging Instruments - Fair Value Agreements
| Six Months Ended |  | Twelve Months Ended |  | Six Months Ended
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Hedged Asset | $ | 366 |  |  | $ | 5,849 |  |  | $ | — |
Fair value derivative designated as hedging instrument | (392) |  |  | (5,828) |  |  | — |
Total (loss) gain recognized in the consolidated statements of income with interest and fees on loans | (26) |  |  | 21 |  |  | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table indicates the effect of cash flow hedge accounting on AOCI and on the consolidated statement of income.
Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
| Six Months Ended |  | Twelve Months Ended |  | Six Months Ended
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Fair value adjustment included in other assets (liabilities) | $ | 352 |  |  | $ | (2,710) |  |  | $ | — |
Amount of gain (loss) recognized in AOCI | 3,974 |  |  | (2,553) |  |  | — |
Amount of gain reclassified from AOCI interest expense | 912 |  |  | 157 |  |  | — |
The following table indicates the effect of cash flow hedge accounting on AOCI and on the consolidated statement of income.
Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
| Six Months Ended |  | Twelve Months Ended |  | Six Months Ended
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Fair value adjustment included in other assets | $ | 5,409 |  |  | $ | 4,998 |  |  | $ | 5,142 |
Amount of loss recognized in AOCI | $ | (73) |  |  | $ | (1,355) |  |  | $ | (721) |
Amount of loss reclassified from AOCI to interest expense | (484) |  |  | (907) |  |  | (418) |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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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 -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 Reference 2: 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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: 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 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: 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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