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Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Derivative Instruments

		December 31, 2020
		Notional Amount				Fair Value
(Dollars in thousands)
Interest rate swap agreement
Receive fixed/pay variable swaps		$	2,100			$	339
Pay fixed/receive variable swaps			2,100				(339	)
		December 31, 2019
		Notional Amount				Fair Value
(Dollars in thousands)
Interest rate swap agreement
Receive fixed/pay variable swaps		$	2,145			$	185
Pay fixed/receive variable swaps			2,145				(185	)

Summary of Identified Hedge Layers

The identified hedge layers are summarized as follows, (in thousands):

3-Month LIBOR				Cash & Securities				Period Hedged
Hedged Notional				Exposure Hedged				From		To
$	15,000			$	15,000			July 1, 2019		July 1, 2022
$	25,000			$	25,000			August 2, 2019		February 2, 2023
$	10,000			$	10,000			August 29, 2019		August 29, 2023

Each layer has a variable receive leg of three-month LIBOR and a fixed pay leg of 1.80%.  

At the time the hedges identified in the table above expire, new hedges will begin summarized as follows (in thousands):

3-Month LIBOR				Cash & Securities				Period Hedged
Hedged Notional				Exposure Hedged				From		To
$	15,000			$	15,000			July 1, 2022		July 1, 2032
$	25,000			$	25,000			February 2, 2023		February 2, 2033
$	10,000			$	10,000			August 29, 2023		August 29, 2033

Each hedge layer identified in the table above has a variable receive leg of three-month LIBOR and a fixed pay leg ranging from 0.92% to 0.95%.

Beginning in 2020, the Company entered into three additional hedges summarized as follows (in thousands):

3-Month LIBOR				Cash & Securities				Period Hedged
Hedged Notional				Exposure Hedged				From		To
$	20,000			$	20,000			March 13, 2020		March 13, 2030
$	35,000			$	35,000			May 6, 2020		May 6, 2027
$	10,000			$	10,000			May 29, 2020		May 29, 2027

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Summary of notional and exposure of hedging.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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