XML 23 R14.htm IDEA: XBRL DOCUMENT
v3.23.1

Derivative Financial Instruments and Hedging Activities | 3 Months Ended
--- | ---
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments and Hedging Activities | Note 7 – 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 highly-rated third-party financial institutions. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the 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 as of the dates stated.
|  | March 31, 2023 |
(Dollars in thousands) |  | Notional Amount |  |  | Fair Value |
Interest rate swap agreement |  |  |  |  |  |
Receive fixed/pay variable swaps |  | $ | 2,178 |  |  | $ | (57 | )
Pay fixed/receive variable swaps |  |  | 2,178 |  |  |  | 57 |
|  | 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 |
As part of its efforts to sell originated government guaranteed and conventional residential mortgages into the secondary market, the Bank had entered into $13.3 million and $11.7 million of rate lock commitments with borrowers, net of expected fallout, as of March 31, 2023 and December 31, 2022, respectively, and $8.3 million and $12.8 million of closed loan inventory waiting for sale, which were hedged by $15.8 million and $21.5 million in forward to-be-announced mortgage-backed securities as of March 31, 2023 and December 31, 2022, respectively. Mortgage derivative assets totaled $455 thousand and $112 thousand as of March 31, 2023 and December 31, 2022, respectively, and mortgage derivative liabilities were $57 thousand and $24 thousand as of March 31, 2023 and December 31, 2022, respectively. Mortgage derivative assets and liabilities are included in other assets and other liabilities, respectively, in the consolidated balance sheets.

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