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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 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 swap agreements recorded as other assets and other liabilities on the Company’s consolidated balance sheets as of the dates stated.
|  | September 30, 2021 |
(Dollars in thousands) |  | Notional Amount |  |  | Fair Value |
Interest rate swap agreement |  |  |  |  |  |
Receive fixed/pay variable swaps |  | $ | 2,064 |  |  | $ | 224 |
Pay fixed/receive variable swaps |  |  | 2,064 |  |  |  | (224 | )
|  | 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 presented in the following table (in thousands). Each hedge layer has a variable receive leg of 3-month LIBOR and a pay fixed leg of 1.80%.
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
At the time the hedges identified in the table above expire, new hedges will begin. These new hedges are summarized in the following table (in thousands). Each hedge layer has a variable receive leg of 3-month LIBOR and a pay fixed leg ranging from 0.92% to 0.95%.
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
Beginning in 2020, the Company entered into three additional hedges summarized in the following table (in thousands). Each hedge layer has a variable receive leg of 3-month LIBOR and a pay fixed leg ranging from 0.83% to 0.86%.
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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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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