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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of carrying value of hedged asset and liability and cumulative fair value hedging adjustment |
Schedule of carrying value of hedged asset and liability and cumulative fair value hedging adjustment |  |  |  |
| March 31, 2024 |  | December 31, 2023 |
(dollars in thousands) |  | Carrying Amount |  |  | Hedged Asset |  |  | Carrying Amount |  |  | Hedged Liability |
Fixed Rate Asset/Liability1 | $ | 203,206 |  | $ | 3,206 |  | $ | 199,518 |  | $ | 482 |
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 March 31, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $706.9 million, the cumulative basis adjustment associated with this hedging relationship was $3.2 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 |  |  |  |  |  |
|  |  |  |  | March 31, 2024 |
|  |  |  |  | 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 |  | $ | 3,206 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Mortgage loan interest rate lock commitments Mortgage loan interest rate lock commitments [Member] |  | 28,986 |  | Other assets |  |  | 316 |
MBS forward sales commitments MBS forward sales commitments [Member] |  | 19,500 |  | Other liabilities |  |  | (59 | )
Total derivative financial instruments Total derivative financial instruments [Member] | $ | 248,486 |  |  |  | $ | 3,463 |
|  |  |  |  |  |  | December 31, 2023 |
|  |  |  |  |  |  | Fair Value |
(dollars in thousands) |  | Notional |  | Balance Sheet Location |  |  | Asset/(Liability) |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Fair value swap | $ | 200,000 |  | Other liabilities |  | $ | (482 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Mortgage loan interest rate lock commitments |  | 12,973 |  | Other assets |  |  | 159 |
MBS forward sales commitments |  | 10,000 |  | Other liabilities |  |  | (68 | )
Total derivative financial instruments | $ | 222,973 |  |  |  | $ | (391 | )
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 March 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Gain (loss) on fair value hedging relationship: |  |  |  |  |  |
Hedged asset | $ | 3,688 |  |  | - |
Fair value derivative designated as hedging instrument |  | (3,738 | ) |  | - |
Total gain (loss) recognized in interest income on loans | $ | (50 | ) |  | - |

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- 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 + Details
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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 + Details
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