Financial Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The details of the Bank's swap agreements are as follows:


					March 31, 2025				December 31, 2024				March 31, 2024
Effective Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Presentation on Consolidated Balance Sheets	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Cash Flow Hedges

04/27/2022	04/27/2024	USD-SOFR-COMPOUND	2.619%	Other Assets	—		—		—		—		10,000,000		21,000
01/10/2023	01/01/2026	USD-SOFR-OIS COMPOUND	3.836%	Other Assets	75,000,000		104,000		75,000,000		198,000		75,000,000		910,000
					$	75,000,000	$	104,000	$	75,000,000	$	198,000	$	85,000,000	$	931,000
Fair Value Hedges
03/08/2023	03/01/2026	USD-SOFR-OIS COMPOUND	4.712%	Other Liabilities	$	40,000,000	$	(256,000)	$	40,000,000	$	(270,000)	$	40,000,000	$	(126,000)
03/08/2023	03/01/2027	USD-SOFR-OIS COMPOUND	4.402%	Other Liabilities	30,000,000		(367,000)		30,000,000		(216,000)		30,000,000		(132,000)
03/08/2023	03/01/2028	USD-SOFR-OIS COMPOUND	4.189%	Other Liabilities	30,000,000		(431,000)		30,000,000		(137,000)		30,000,000		(127,000)
07/12/2023	08/01/2025	USD-SOFR-OIS COMPOUND	4.703%	Other (Liabilities) Assets	50,000,000		(66,000)		50,000,000		(135,000)		50,000,000		72,000
					$	150,000,000	$	(1,120,000)	$	150,000,000	$	(758,000)	$	150,000,000	$	(313,000)
Total swap agreements					$	225,000,000	$	(1,016,000)	$	225,000,000	$	(560,000)	$	235,000,000	$	618,000

At March 31, 2025 there were 12 customer loan swap arrangements in place. This compares to 10 customer loan swap arrangements in place at December 31, 2024 and seven customer loan swap arrangements in place at March 31, 2024. The details of the Bank's customer loan swap arrangements are detailed below:


		March 31, 2025					December 31, 2024					March 31, 2024
	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	6	$	34,398,000	$	4,078,000	8	$	43,415,000	$	4,772,000	7	$	40,593,000	$	4,778,000
Pay Fixed, Receive Variable	Other Liabilities	6	23,731,000		(426,000)		2	4,342,000		(87,000)		—	—		—
		12	58,129,000		3,652,000		10	47,757,000		4,685,000		7	40,593,000		4,778,000
Receive Fixed, Pay Variable	Other Assets	6	23,731,000		426,000		2	4,342,000		87,000		—	—		—
Receive Fixed, Pay Variable	Other Liabilities	6	34,398,000		(4,078,000)		8	43,415,000		(4,772,000)		7	40,593,000		(4,778,000)
		12	58,129,000		(3,652,000)		10	47,757,000		(4,685,000)		7	40,593,000		(4,778,000)
Total		24	$	116,258,000	$	—	20	$	95,514,000	$	—	14	$	81,186,000	$	—

- 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