Financial Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The details of the interest rate swap agreements are as follows:


					September 30, 2021				December 31, 2020				September 30, 2020
Effective Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Presentation on Consolidated Balance Sheet	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
06/28/2016	06/28/2021	1-Month USD Libor	0.940%	Other Liabilities	$	—	$	—	$	30,000,000	$	(121,000)	$	30,000,000	$	(179,000)
06/27/2016	06/27/2021	1-Month USD Libor	0.893%	Other Liabilities	—		—		20,000,000		(76,000)		20,000,000		(112,000)
08/02/2019	08/02/2024	1-Month USD Libor	1.590%	Other Liabilities	12,500,000		(381,000)		12,500,000		(626,000)		12,500,000		(692,000)
08/05/2019	08/05/2024	1-Month USD Libor	1.420%	Other Liabilities	12,500,000		(320,000)		12,500,000		(550,000)		12,500,000		(611,000)
02/12/2020	02/12/2023	3-Month USD Libor	1.486%	Other Liabilities	25,000,000		(438,000)		25,000,000		(695,000)		25,000,000		(762,000)
02/12/2020	02/12/2024	3-Month USD Libor	1.477%	Other Liabilities	25,000,000		(601,000)		25,000,000		(972,000)		25,000,000		(1,044,000)
06/28/2021	06/28/2026	1-Month USD Libor	1.158%	Other Liabilities	50,000,000		(594,000)		50,000,000		(1,872,000)		50,000,000		(2,162,000)
03/13/2020	03/13/2025	3-Month USD Libor	0.855%	Other Liabilities	25,000,000		(85,000)		25,000,000		(551,000)		25,000,000		(621,000)
03/13/2020	03/13/2030	3-Month USD Libor	1.029%	Other (Liabilities) Assets	20,000,000		644,000		20,000,000		(339,000)		20,000,000		(690,000)
04/07/2020	04/07/2023	3-Month USD Libor	0.599%	Other Liabilities	20,000,000		(106,000)		20,000,000		(185,000)		20,000,000		(194,000)
04/07/2020	04/07/2024	3-Month USD Libor	0.643%	Other Liabilities	20,000,000		(64,000)		20,000,000		(255,000)		20,000,000		(275,000)
					$210,000,000		$(1,945,000)		$260,000,000		$(6,242,000)		$260,000,000		$(7,342,000)

At September 30, 2021, there were six customer loan swap arrangements in place, detailed below:


		September 30, 2021					December 31, 2020					September 30, 2020
	Presentation on Consolidated Balance Sheet	Number of Positions	Notional Amount		Fair Value		Number of Positions	Notional Amount		Fair Value		Number of Positions	Notional Amount		Fair Value
Pay Fixed, Receive Variable	Other Assets	3	$	15,885,000	$	801,000	3	$	16,922,000	$	37,000	—	$	—	$	—
Pay Fixed, Receive Variable	Other Liabilities	3	24,768,000		(1,862,000)		2	16,065,000		(2,603,000)		4	28,541,000		(3,311,000)
		6	40,653,000		(1,061,000)		5	32,987,000		(2,566,000)		4	28,541,000		(3,311,000)
Receive Fixed, Pay Variable	Other Assets	3	24,768,000		1,862,000		2	16,065,000		2,603,000		4	28,541,000		3,311,000
Receive Fixed, Pay Variable	Other Liabilities	3	15,885,000		(801,000)		3	16,922,000		(37,000)		—	—		—
		6	40,653,000		1,061,000		5	32,987,000		2,566,000		4	28,541,000		3,311,000
Total		12	$	81,306,000	$	—	10	$	65,974,000	$	—	8	$	57,082,000	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details