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Derivative Financial Instruments (Tables)

6 Months Ended

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	)			-

X

- Definition

Tabular disclosure of hedged asset fair value hedge last of layer cumulative.

+ References

No definition available.

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- References

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X

- Definition

Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A

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