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Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Information on our derivatives follows:

			Asset derivatives						Liability derivatives
(in thousands)			December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Fair value hedges:
Interest rate contracts notional amount			$	12,046		$	—		$	—		$	13,037
Interest rate contracts fair value 1			$	602		$	—		$	—		$	1,085

1 Refer to Note 9, Fair Value of Assets and Liabilities, for valuation methodology.

The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of hedged assets as of December 31, 2022 and 2021:

			Carrying Amounts of Hedged Assets						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Loans
(in thousands)			December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Loans			$	11,319		$	13,976		$	(726)		$	939

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the net losses recognized in interest income on loans on the consolidated statements of comprehensive (loss) income related to our derivatives designated as fair value hedges:

			Years ended December 31,
(in thousands)			2022			2021			2020
Interest and fees on loans 1			$	93,868		$	91,612		$	84,674
Increase (decrease) in value of designated interest rate swaps due to LIBOR interest rate movements			$	1,687		$	827		$	(734)
Payment on interest rate swaps			(143)			(369)			(360)
(Decrease) increase in value of hedged loans			(1,666)			(814)			809
Decrease in value of yield maintenance agreement			(10)			(11)			(12)
Net losses on fair value hedging derivatives recognized in interest income			$	(132)		$	(367)		$	(297)

1 Represents the income line item in the statements of comprehensive (loss) income in which the effects of fair value hedges are recorded.

Offsetting Liabilities

Information on financial instruments that are eligible for offset in the consolidated statements of condition follows:

Offsetting of Financial Assets and Derivative Assets
						Gross Amounts			Net Amounts			Gross Amounts Not Offset in the Statements of Condition
			Gross Amounts			Offset in the			of Assets Presented
			of Recognized			Statements of			in the Statements			Financial			Cash Collateral
(in thousands)			Assets			Condition			of Condition			Instruments			Received			Net Amount
December 31, 2022
Counterparty			$	602		$	—		$	602		$	—		$	—		$	602
December 31, 2021
Counterparty			$	—		$	—		$	—		$	—		$	—		$	—

Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts of Recognized Liabilities 1			Gross Amounts Offset in the Statements of Condition			Net Amounts of Liabilities Presented in the Statements of Condition 1			Gross Amounts Not Offset in the Statements of Condition
																		Financial Instruments			Cash Collateral Pledged
(in thousands)												Net Amount
December 31, 2022
Counterparty			$	—		$	—		$	—		$	—		—			$	—
December 31, 2021
Counterparty			$	1,085		$	—		$	1,085		$	—		(1,085)			$	—

1 Amounts exclude accrued interest on swaps.

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Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

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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 the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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