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Derivatives and Hedging Activities (Tables)

12 Months Ended

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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- References

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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.

+ References

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-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

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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

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