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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of carrying value of hedged asset and cumulative fair value hedging adjustment |
Schedule of carrying value of hedged asset and cumulative fair value hedging adjustment |  |  |  |  |  |
|  | June 30, 2023 |  |  | December 31, 2022 |
(dollars in thousands) |  |  | Carrying Amount |  |  |  | Hedged Asset |  |  |  | Carrying Amount |  |  |  | Hedged Asset |
Fixed Rate Asset1 |  |  | 202,750 |  |  |  | 2,750 |  |  |  | - |  |  |  | - |
1 | These amounts included the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of the assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of June 30, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $741.4 million, the cumulative basis adjustment associated with this hedging relationship was $2.8 million, and the amount of the designated hedged item was $200.0 million.
Schedule of outstanding financial derivative instruments |
Schedule of outstanding financial derivative instruments |  |  |  |  |  |  |  |
|  |  |  |  |  |  | June 30, 2023 |
|  |  |  |  |  |  | Fair Value |
(dollars in thousands) |  | Notional |  |  | Balance Sheet Location |  | Asset/(Liability) |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Fair value swap Fair value swap [Member] |  | $ | 200,000 |  |  | Other assets |  | $ | 2,750 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Mortgage loan interest rate lock commitments |  |  | 24,630 |  |  | Other assets |  |  | 177 |
MBS forward sales commitments |  |  | 17,500 |  |  | Other assets |  |  | 59 |
Total derivative financial instruments |  | $ | 242,130 |  |  |  |  | $ | 2,986 |
Total derivative financial instruments [Member] |  |  |  |  |  |  |  |  |  |
Mortgage loan interest rate lock commitments [Member] |  |  |  |  |  |  |  |  | December 31, 2022 |
MBS forward sales commitments [Member] |  |  |  |  |  |  |  |  | Fair Value |
(dollars in thousands) |  |  | Notional |  |  | Balance Sheet Location |  |  | Asset/(Liability) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Mortgage loan interest rate lock commitments |  | $ | 6,793 |  |  | Other assets |  |  | 49 |
MBS forward sales commitments |  |  | 5,750 |  |  | Other assets |  |  | 27 |
Total derivative financial instruments |  | $ | 12,543 |  |  |  |  | $ | 76 |
Schedule of summarize the effect of fair value hedging relationship recognized in consolidated statement of income |
Schedule of summarize the effect of fair value hedging relationship recognized in consolidated statement of income |  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Gain (loss) on fair value hedging relationship: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged asset |  | $ | 2,750 |  |  |  | - |  |  |  | 2,750 |  |  |  | - |
Fair value derivative designated as hedging instrument |  |  | (2,784 | ) |  |  | - |  |  |  | (2,784 | ) |  |  | - |
Total gain (loss) recognized in interest income on loans |  | $ | (34 | ) |  |  | - |  |  |  | (34 | ) |  |  | - |

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