Financial Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


					December 31, 2024				December 31, 2023
Effective Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Presentation on Consolidated Balance Sheets	Notional Amount		Fair Value		Notional Amount		Fair Value
Cash Flow Hedges
4/27/2022	1/27/2024	USD-SOFR-COMPOUND	2.576%	Other Assets	$	—	$	—	$	10,000,000	$	22,000
4/27/2022	4/27/2024	USD-SOFR-COMPOUND	2.619%	Other Assets	—		—		10,000,000		86,000
01/10/2023	01/01/2026	USD-SOFR-OIS COMPOUND	3.836%	Other Assets	75,000,000		198,000		75,000,000		272,000
					$	75,000,000	$	198,000	$	95,000,000	$	380,000
Fair Value Hedges
03/08/2023	03/01/2026	USD-SOFR-OIS COMPOUND	4.712%	Other Liabilities	$	40,000,000	$	(270,000)	$	40,000,000	$	(581,000)
03/08/2023	03/01/2027	USD-SOFR-OIS COMPOUND	4.402%	Other Liabilities	30,000,000		(216,000)		30,000,000		(598,000)
03/08/2023	03/01/2028	USD-SOFR-OIS COMPOUND	4.189%	Other Liabilities	30,000,000		(137,000)		30,000,000		(678,000)
07/12/2023	08/01/2025	USD-SOFR-OIS COMPOUND	4.703%	Other Liabilities	50,000,000		(135,000)		50,000,000		(292,000)
					$	150,000,000	$	(758,000)	$	150,000,000	$	(2,149,000)
Total swap agreements					$	225,000,000	$	(560,000)	$	245,000,000	$	(1,769,000)

At December 31, 2024 there were ten customer loan swap arrangements in place. This compares to seven customer loan swap arrangements in place at December 31, 2023. The details of the Bank's customer loan swap arrangements are detailed below:


		December 31, 2024					December 31, 2023
	Presentation on Consolidated Balance Sheets	Number of Positions	Notional Amount		Fair Value		Number of Positions	Notional Amount		Fair Value
Pay Fixed, Receive Variable	Other Assets	8	$	43,415,000	$	4,772,000	6	$	36,286,000	$	4,259,000
Pay Fixed, Receive Variable	Other Liabilities	2	4,342,000		(87,000)		1	5,048,000		(89,000)
Total		10	47,757,000		4,685,000		7	41,334,000		4,170,000
Receive Fixed, Pay Variable	Other Assets	2	4,342,000		87,000		1	5,048,000		89,000
Receive Fixed, Pay Variable	Other Liabilities	8	43,415,000		(4,772,000)		6	36,286,000		(4,259,000)
Total		10	47,757,000		(4,685,000)		7	41,334,000		(4,170,000)
Total		20	$	95,514,000	$	—	14	$	82,668,000	$	—

- 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 + Details