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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

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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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.

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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.

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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.

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