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Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary Notional and Fair Value of Interest Rate Swaps

The following tables present the notional and fair value of interest rate swaps recorded as other assets and other liabilities on the Company’s consolidated balance sheets as of the dates stated.

		March 31, 2021
(Dollars in thousands)		Notional Amount				Fair Value
Interest rate swap agreement
Receive fixed/pay variable swaps		$	2,088			$	215
Pay fixed/receive variable swaps			2,088				(215	)
		December 31, 2020
(Dollars in thousands)		Notional Amount				Fair Value
Interest rate swap agreement
Receive fixed/pay variable swaps		$	2,100			$	339
Pay fixed/receive variable swaps			2,100				(339	)

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 hedge layer has a variable receive leg of 3-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 has a variable receive leg of 3-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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