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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Notional Amounts and Fair Value of Derivative Liabilities | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition.
|  | December 31, 2023 |  | December 31, 2022
|  | Derivative Assets(1) |  | Derivative Liabilities(1) |  | Derivative Assets(1) |  | Derivative Liabilities(1)
(dollars in thousands) |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps - variable rate liabilities |  | $ | 60,000 |  |  | $ | 3,914 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,000 |  |  | $ | 5,144 |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk participation agreements |  | — |  |  | — |  |  | 11,797 |  |  | 3 |  |  | — |  |  | — |  |  | 12,036 |  |  | 9 |
Netting adjustments |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Net derivative amounts |  |  |  | $ | 3,914 |  |  |  |  | $ | 3 |  |  |  |  | $ | 5,144 |  |  |  |  | $ | 9 |
(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. At December 31, 2023 and 2022, accumulated unrealized gains, net of taxes, on derivative instruments totaled $2,928,000 and $3,961,000, respectively.
Summary of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive (Loss) Income | The following tables below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive (Loss) Income as of December 31, 2023 and 2022.
|  | Year Ended December 31, 2023
|  | Amount of Gain Recognized in OCI |  | Location of Gain Reclassified from AOCI into Income |  | Amount of Gain Reclassified from AOCI into Income
(dollars in thousands) |  | Total |  | Included Component |  |  | Total |  | Included Component
Derivatives in cash flows hedging relationships: |  |  |  |  |  |  |  |  |  |
Interest rate swaps - variable rate liabilities |  | $ | 878 |  |  | $ | 878 |  |  | Interest income |  | $ | 2,185 |  |  | $ | 2,185 |
|  | For the Year Ended December 31, 2022
|  | Amount of Gain Recognized in OCI |  | Location of Gain Reclassified from AOCI into Income |  | Amount of Gain Reclassified from AOCI into Income
(dollars in thousands) |  | Total |  | Included Component |  |  | Total |  | Included Component
Derivatives in cash flows hedging relationships: |  |  |  |  |  |  |  |  |  |
Interest rate swaps - variable rate liabilities |  | $ | 3,991 |  |  | $ | 3,991 |  |  | Interest income |  | $ | 572 |  |  | $ | 572 |
Summary of Effect of Company's Derivative Instruments on the Consolidated Statements of Income | The following tables below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of December 31, 2023 and 2022.
(dollars in thousands) |  | Location of Gain Reclassified from AOCI into Income |  | For the Year Ended December 31, 2023
Effects of cash flow hedging |  |  |  |
Interest rate swaps - variable rate liabilities |  | Interest income |  | $ | 2,185 |
(dollars in thousands) |  | Location of Gain Reclassified from AOCI into Income |  | For the Year Ended December 31, 2022
Effects of cash flow hedging |  |  |  |
Interest rate swaps - variable rate liabilities |  | Interest income |  | $ | 572 |
The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of December 31, 2023 and 2022.
(dollars in thousands) |  | Location of Income Recognized on Non-designated Hedges |  | For the Year Ended December 31, 2023
Effects of non-designated hedges |  |  |  |
Risk participation agreements |  | Other noninterest income |  | $ | 5 |
(dollars in thousands) |  | Location of Income Recognized on Non-designated Hedges |  | For the Year Ended December 31, 2022
Effects of non-designated hedges |  |  |  |
Risk participation agreements |  | Other noninterest income |  | $ | 74 |

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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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -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 for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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