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Derivatives | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 7 – Derivatives The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with highly-rated third-party financial institutions. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets (asset positions are included in other assets and liability positions are included in other liabilities). The following tables present the notional and fair value of interest rate swap agreements for the dates stated.
|  | March 31, 2022 |
(Dollars in thousands) |  | Notional Amount |  |  | Fair Value |
Interest rate swap agreement |  |  |  |  |  |
Receive fixed/pay variable swaps |  | $ | 2,039 |  |  | $ | 70 |
Pay fixed/receive variable swaps |  |  | 2,039 |  |  |  | (70 | )
|  | December 31, 2021 |
(Dollars in thousands) |  | Notional Amount |  |  | Fair Value |
Interest rate swap agreement |  |  |  |  |  |
Receive fixed/pay variable swaps |  | $ | 2,052 |  |  | $ | 199 |
Pay fixed/receive variable swaps |  |  | 2,052 |  |  |  | (199 | )
As part of its efforts to sell originated government guaranteed and conventional residential mortgages into the secondary market, the Bank had entered into $70.9 million and $64.8 million of rate lock commitments with borrowers, net of expected fallout, as of March 31, 2022 and December 31, 2021, respectively, and $38.4 million and $113.6 million of closed loan inventory waiting for sale, which were hedged by $95.5 million and $169.5 million in forward to-be-announced mortgage-backed securities as of March 31, 2022 and December 31, 2021, respectively. Mortgage derivative assets totaled $2.1 million and $1.9 million as of March 31, 2022 and December 31, 2021, respectively, and mortgage derivative liabilities, which are included in other liabilities on the consolidated balance sheets, were $0 and $75 thousand as of March 31, 2022 and December 31, 2021, respectively.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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