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Financial Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The details of the Bank's swap agreements are as follows:
March 31, 2024December 31, 2023March 31, 2023
Effective DateMaturity DateVariable Index ReceivedFixed Rate PaidPresentation on Consolidated Balance SheetsNotional Amount
Fair Value
Notional Amount
Fair Value
Notional Amount
Fair Value
Cash Flow Hedges
04/27/202210/27/2023USD-SOFR-COMPOUND2.498%Other Assets$— $— $— $— $10,000,000 $133,000 
04/27/202201/27/2024USD-SOFR-COMPOUND2.576%Other Assets— — 10,000,000 22,000 10,000,000 176,000 
04/27/202204/27/2024USD-SOFR-COMPOUND2.619%Other Assets10,000,000 21,000 10,000,000 86,000 10,000,000 209,000 
01/10/202301/01/2026USD-SOFR-OIS COMPOUND3.836%Other (Liabilities) Assets75,000,000 910,000 75,000,000 272,000 75,000,000 (196,000)
$85,000,000 $931,000 $95,000,000 $380,000 $105,000,000 $322,000 
Fair Value Hedges
03/08/202303/01/2026USD-SOFR-OIS COMPOUND4.712%Other Liabilities$40,000,000 $(126,000)$40,000,000 $(581,000)$40,000,000 $(1,062,000)
03/08/202303/01/2027USD-SOFR-OIS COMPOUND4.402%Other Liabilities30,000,000 (132,000)30,000,000 (598,000)30,000,000 (958,000)
03/08/202303/01/2028USD-SOFR-OIS COMPOUND4.189%Other Liabilities30,000,000 (127,000)30,000,000 (678,000)30,000,000 (1,076,000)
07/12/202308/01/2025USD-SOFR-OIS COMPOUND4.703%Other Assets50,000,000 72,000 50,000,000 (292,000)— — 
$150,000,000 $(313,000)$150,000,000 $(2,149,000)$100,000,000 $(3,096,000)
Total swap agreements$235,000,000 $618,000 $245,000,000 $(1,769,000)$205,000,000 $(2,774,000)
At March 31, 2024 and December 31, 2023, there were seven customer loan swap arrangements in place. This compares to six customer loan swap arrangements in place at March 31, 2023. The details of the Bank's customer loan swap arrangements are detailed below:
March 31, 2024December 31, 2023March 31, 2023
Presentation on Consolidated Balance SheetNumber of PositionsNotional AmountFair ValueNumber of PositionsNotional AmountFair ValueNumber of PositionsNotional AmountFair Value
Pay Fixed, Receive VariableOther Assets7$40,593,000 $4,778,000 6$36,286,000 $4,259,000 6 $37,129,000 $4,098,000 
Pay Fixed, Receive VariableOther Liabilities—— — 15,048,000 (89,000)— — — 
740,593,000 4,778,000 741,334,000 4,170,000 6 37,129,000 4,098,000 
Receive Fixed, Pay VariableOther Assets—— — 15,048,000 89,000 — — — 
Receive Fixed, Pay VariableOther Liabilities740,593,000 (4,778,000)636,286,000 (4,259,000)6 37,129,000 (4,098,000)
740,593,000 (4,778,000)741,334,000 (4,170,000)6 37,129,000 (4,098,000)
Total14$81,186,000 $— 14$82,668,000 $— 12 $74,258,000 $—