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Derivative and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments in Balance Sheet Location
The table below presents the fair value of derivative financial instruments as well as the classification within the consolidated statements of financial condition:

 
June 30, 2024
  
December 31, 2023
  
(Dollars in thousands)
Balance Sheet
Location
  
Fair Value
  
Balance Sheet
Location
  
Fair Value
  
Derivatives designated as hedging instruments
                
Interest rate contracts
Other Assets
  
$
23,629
  
Other Assets
  
$
8,880
  
Interest rate contracts
Other Liabilities
  
$
-
  
Other Liabilities
  
$
-
  
Location and Amount of Gain (Loss) in Income on Fair Value and Cash Flow Hedging Relationships
The table below presents the effect of fair value and cash flow hedge accounting on the consolidated statements of operations for the periods presented:

   
Location and Amount of Gain or
(Loss)
Recognized in Income on Fair Value
and Cash Flow Hedging
Relationships
    
Location and Amount of Gain or
(Loss)
Recognized in Income on Fair Value
and Cash Flow Hedging
Relationships
  
   
Three months
ended June 30,
2024
    
Three months
ended June 30,
2023
    
Six months
ended June 30,
2024
    
Six months
ended June 30,
2023
  
(Dollars in thousands)
  
Interest Income
    
Interest Expense
    
Interest Income
    
Interest Expense
    
Interest Income
    
Interest Expense
    
Interest Income
    
Interest Expense
  
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded
  
$
800
    
$
974
    
$
(137
)
  
$
-
    
$
858
    
$
974
    
$
(504
)
  
$
-
  
 
                                                                
Gain or (loss) on fair value hedging relationships:
                                                                
Interest rate contracts:
                                                                
Hedged items
  
$
(1,664
)
  
$
-
    
$
(6,753
)
  
$
-
    
$
(6,986
)
  
$
-
    
$
(731
)
  
$
-
  
Derivatives designated as hedging instruments
  
$
1,680
    
$
-
    
$
6,705
    
$
-
    
$
6,945
    
$
-
    
$
745
    
$
-
  
Amount excluded from effectiveness testing recognized in earnings based on amortization approach
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                                                
Gain or (loss) on cash flow hedging relationships:
                                                                
Interest rate contracts:
                                                                
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income
  
$
(205
)
  
$
-
    
$
(887
)
  
$
-
    
$
(1,092
)
  
$
-
    
$
(1,043
)
  
$
-
  
Amount excluded from effectiveness testing recognized in earnings based on amortization approach
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Schedule of Cumulative Basis Adjustments on Hedged Items Designated as Fair Value Hedges and Related Amortized Cost
The table below presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of those items as of the periods presented:

(Dollars in thousands)
Line Item in the Statement of
Financial Position in which the
Hedged Item is included
  
Amortized cost of the
Hedged Assets/(Liabilities)
    
June 30, 2024
Cumulative amount of Fair
Value Hedging Adjustment
included in the carrying
amount of the Hedged
Assets/(Liabilities)
  
Securities available for sale
  
$
221,452
    
$
(7,383
)