XML 51 R38.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023 | December 31, 2022 |  | December 31, 2023 | December 31, 2022
Available-for-sale securities: |  |  |  |  |
Interest rate swaps - notional amount | $ | — |  | $ | — |  |  | $ | 101,770 |  | $ | — |
Interest rate swaps - fair value 1 | $ | — |  | $ | — |  |  | $ | 1,359 |  | $ | — |
Loans receivable: |  |  |  |  |
Interest rate contracts - notional amount | $ | 6,441 |  | $ | 12,046 |  |  | $ | 2,157 |  | $ | — |
Interest rate contracts - fair value 1 | $ | 287 |  | $ | 602 |  |  | $ | 2 |  | $ | — |
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, 2023 and 2022.
| Carrying Amounts of Hedged Assets | Cumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets
(in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022
Available-for-sale securities 1 | $ | 107,181 |  | $ | — |  | $ | (1,359) |  | $ | — |
Loans receivable 2 | $ | 8,183 |  | $ | 11,319 |  | $ | (367) |  | $ | (726) |
1 Carrying value equals the amortized cost basis of the securities underlying the hedge relationship, which is the book value net of the fair value hedge adjustment. Amortized cost excludes accrued interest totaling $222 thousand as of December 31, 2023. 2 Carrying value equals the amortized cost basis of the loans underlying the hedge relationship, which is the loan balance net of deferred loan origination fees and cost and the fair value hedge adjustment. Amortized cost excludes accrued interest, which was not material.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
| Years ended December 31,
(in thousands) | 2023 | 2022 | 2021
Interest on investment securities 1 |  |  |
Decrease in fair value of interest rate swaps hedging available-for-sale securities | $ | (1,359) |  | $ | — |  | $ | — |
Hedged interest earned (paid) | 367 |  | — |  | — |
Increase in carrying value included in the hedged available-for-sale securities | 1,359 |  | — |  | — |
Net gain recognized in interest income on investment securities | $ | 367 |  | $ | — |  | $ | — |
Interest and fees on loans 1 |  |  |
(Decrease) increase in fair value of interest rate swaps hedging loans receivable | $ | (317) |  | $ | 1,687 |  | $ | 827 |
Hedged interest earned (paid) | 268 |  | (143) |  | (369) |
Increase (decrease) in carrying value included in the hedged loans | 359 |  | (1,666) |  | (814) |
Decrease in value of yield maintenance agreement | (9) |  | (10) |  | (11) |
Net gain (loss) recognized in interest income on loans | $ | 301 |  | $ | (132) |  | $ | (367) |
1 Represents the income line item in the statements of comprehensive income (loss) in which the effects of fair value hedges are recorded.
Schedule of 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 1 | Condition | of Condition 1 | Instruments | Received | Net Amount
December 31, 2023 |  |  |  |  |  |
Counterparty | $ | 287 |  | $ | — |  | $ | 287 |  | $ | — |  | $ | — |  | $ | 287 |
Total | $ | 287 |  | $ | — |  | $ | 287 |  | $ | — |  | $ | — |  | $ | 287 |
December 31, 2022 |  |  |  |  |  |
Counterparty | $ | 602 |  | $ | — |  | $ | 602 |  | $ | — |  | $ | — |  | $ | 602 |
Total | $ | 602 |  | $ | — |  | $ | 602 |  | $ | — |  | $ | — |  | $ | 602 |
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, 2023 |  |  |  |  |  |
Counterparty | $ | 1,361 |  | $ | — |  | $ | 1,361 |  | $ | (287) |  | (330) |  | $ | 744 |
Total | $ | 1,361 |  | $ | — |  | $ | 1,361 |  | $ | (287) |  | $ | (330) |  | $ | 744 |
December 31, 2022 |  |  |  |  |  |
Counterparty | $ | — |  | $ | — |  | $ | — |  | $ | — |  | — |  | $ | — |
Total | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
1 Amounts exclude accrued interest on swaps.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration