XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.22.4

Derivative Financial Instruments and Hedging Activities | 12 Months Ended
--- | ---
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments and Hedging Activities | Note 9. Derivative Financial Instruments and Hedging Activities 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 a highly rated third-party financial institution. 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 table presents the notational and fair values of the swap agreements as of the dates stated.
|  | December 31, 2022 |
(Dollars in thousands) |  | Notional Amount |  |  | Fair Value |
Interest rate swap agreement |  |  |  |  |  |
Receive fixed/pay variable swaps |  | $ | 2,178 |  |  | $ | (95 | )
Pay fixed/receive variable swaps |  |  | 2,178 |  |  |  | 95 |
|  | 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 $11.7 million and $64.8 million of rate lock commitments with borrowers, net of expected fallout, as of December 31, 2022 and 2021, respectively, and $12.8 million and $113.6 million of closed loan inventory waiting for sale, which were hedged by $21.5 million and $169.5 million in forward TBA mortgage backed securities as of December 31, 2022 and 2021, respectively. Mortgage derivative assets totaled $112 thousand and $1.9 million as of December 31, 2022 and 2021, respectively, and mortgage derivative liabilities, which are included in other liabilities on the consolidated balance sheets, were $24 thousand and $75 thousand as of December 31, 2022 and 2021, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration