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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 derivativesLiability derivatives
(in thousands)December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Available-for-sale securities:
Interest rate swaps - notional amount$— $— $101,770 $— 
Interest rate swaps - fair value1
$— $— $1,359 $— 
Loans receivable:
Interest rate contracts - notional amount$6,441 $12,046 $2,157 $— 
Interest rate contracts - fair value1
$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 AssetsCumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets
(in thousands)December 31, 2023December 31, 2022December 31, 2023December 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 $222 thousand as of December 31, 2023.
2 Carrying value equals the amortized cost basis of the loans underlying the hedge relationship, which is the loan balance net of deferred loan origination fees and cost and the fair value hedge adjustment. Amortized cost excludes accrued interest, which was not material.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
 Years ended December 31,
(in thousands)202320222021
Interest on investment securities 1
Decrease in fair value of interest rate swaps hedging available-for-sale securities$(1,359)$— $— 
Hedged interest earned (paid)367 — — 
Increase in carrying value included in the hedged available-for-sale securities1,359 — — 
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 loans359 (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 AmountsNet AmountsGross Amounts Not Offset in the Statements of Condition
Gross AmountsOffset in theof Assets Presented
of RecognizedStatements ofin the StatementsFinancialCash Collateral
(in thousands)
Assets 1
Condition
of Condition 1
InstrumentsReceivedNet 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 InstrumentsCash 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.