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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cumulative Basis Adjustments for Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges

The following table presents amounts that were recorded on the Company's consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of March 31, 2024 and December 31, 2023.

		(In Thousands)
		March 31, 2024								December 31, 2023
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included		Carrying Amount of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets				Carrying Amount of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Loans		$	270,953			$	969			$	276,991			$	2,719

Summary of Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges of Fixed-rate Receivables

The following tables present a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Bank's asset/liability management activities at March 31, 2024 and December 31, 2023, identified by the underlying interest rate-sensitive instruments.

						Weighted Average
		Notional Value (In				Remaining Maturity				Fair Value (In				Weighted Average Rate
Instruments Associated With		Thousands)				(In Years)				Thousands)				Receive		Pay
Loans		$	100,000				3.3			$	969			USD-SOFR-OIS			4.47	%
Total swap portfolio at March 31, 2024		$	100,000				3.3			$	969			USD-SOFR-OIS			4.47	%

						Weighted Average
		Notional Value (In				Remaining Maturity				Fair Value (In				Weighted Average Rate
Instruments Associated With		Thousands)				(In Years)				Thousands)				Receive		Pay
Loans		$	100,000				3.6			$	2,719			USD-SOFR-OIS			4.47	%
Total swap portfolio at December 31, 2023		$	100,000				3.6			$	2,719			USD-SOFR-OIS			4.47	%

Schedule of Notional Amount and Fair Value of Interest Rate Swaps

The following table presents the notional amount and fair value of interest rate swaps utilized by the Bank at March 31, 2024 and December 31, 2023.

		(In Thousands)
		March 31, 2024								December 31, 2023
		Notional Amount				Fair Value				Notional Amount				Fair Value
Asset Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with loans		$	-			$	-			$	-			$	-
Total contracts		$	-			$	-			$	-			$	-
Liability Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with loans		$	100,000			$	(943	)		$	100,000			$	(2,679	)
Total contracts		$	100,000			$	(943	)		$	100,000			$	(2,679	)

Schedule of Effects of Interest Rate Swap Agreements on Consolidated Statements of Income

The following table presents the effects of the Bank's interest rate swap agreements on the Company’s consolidated statement of income during the three month period ended March 31, 2024 and March 31, 2023. The $2.8 million of cash collateral pledged to counterparties yielded $211 thousand of other interest income for the three months ended March 31, 2024.

		(In Thousands)
		Three Months Ended
Line Item in the Consolidated Statements of Income		March 31, 2024				March 31, 2023
Interest Income
Loans, including fees		$	(14	)		$	-
Other			211				-
Total interest income		$	197			$	-

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- Definition

Schedule of Cumulative Basis Adjustments for Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Name Accounting Standards Codification
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-Section 50
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