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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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
		September 30, 2024								December 31, 2023
(dollars in thousands)		Carrying Amount				Hedged Liability				Carrying Amount				Hedged Liability
Fixed Rate Asset/Liability1		$	296,937			$	3,063			$	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 September 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $679.8 million, the cumulative basis adjustment associated with this hedging relationship was $3.2 million, and the amount of the designated hedged item was $300.0 million.

Schedule of outstanding financial derivative instruments

Schedule of outstanding financial derivative instruments
						September 30, 2024
								Fair Value
(dollars in thousands)		Notional				Balance Sheet Location		Asset/(Liability)
Derivatives designated as hedging instruments:
Fair value swap Fair value swap [Member]		$	300,000			Other liabilities		$	(3,063	)
Derivatives not designated as hedging instruments:
Mortgage loan interest rate lock commitments Mortgage loan interest rate lock commitments [Member]			28,937			Other assets			354
MBS forward sales commitments MBS forward sales commitments [Member]			19,000			Other liabilities			(48	)
Total derivative financial instruments Total derivative financial instruments [Member]		$	347,937					$	(2,757	)

						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 the consolidated statement of income

Schedule of summarize the effect of fair value hedging relationship recognized in the consolidated statement of income
		Three months ended September 30,								Nine months ended September 30,
(dollars in thousands)		2024				2023				2024				2023
Gain (loss) on fair value hedging relationship:
Hedged asset/liability		$	3,063				6,250			$	3,063				6,250
Fair value derivative designated as hedging instrument			(2,962	)			(6,251	)			(2,973	)			(6,285	)
Total gain (loss) recognized in interest income on loans		$	101				(1	)		$	90				(35	)

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

+ References

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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

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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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