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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Fair Value [Abstract] |
Effect of Fair Value and Cash Flow Hedge Accounting on AOCI | The following table presents the effect of the Company’s cash flow hedge accounting on Accumulated Other Comprehensive Income for the years ended December 31, 2022 and 2021 (in thousands):
The Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income |
|  | Amount of (Loss) Gain Recognized in OCI on Derivatives |  | Location of Gain Reclassified from Accumulated OCI into Income |  | Amount of (loss) gain reclassified from Accumulated OCI into income |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
Derivatives in Hedging relationships |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Interest rate Products |  | $ | 4,963 |  |  | $ | 1,920 |  | Interest Expense |  | $ | 145 |  |  | $ | (147 | )
Derivatives Designated as Hedging Instruments Under ASC 815 [Member] |
Derivative Fair Value [Abstract] |
Estimated Fair Value Positions of Derivative Contracts | Derivatives designated as hedging instruments under ASC 815 (in thousands):
|  |  |  |  |  |  |  | Fair Value December 31, |
Third party interest rate swaps | Balance Sheet Location |  | Notional Amount |  | Interest rate Paid | Interest rate Received |  | 2022 |  |  | 2021 |
Maturing in 2025 | other assets/(other liabilities) |  | $ | 15,000 |  | Fixed - 0.57% | 3-Month Libor |  | $ | 1,269 |  |  | $ | 291 |
Maturing in 2027 | other assets/(other liabilities) |  |  | 10,000 |  | Fixed - 0.65% | 3-Month Libor |  |  | 1,324 |  |  |  | 361 |
Maturing in 2027 | other assets/(other liabilities) |  |  | 7,500 |  | Fixed - 3.57% | 3-Month Libor + 280 |  |  | 995 |  |  |  | 239 |
Maturing in 2027 | other assets/(other liabilities) |  |  | 6,000 |  | Fixed - 0.61% | 3-Month Libor |  |  | 822 |  |  |  | 244 |
Maturing in 2029 | other assets/(other liabilities) |  |  | 6,000 |  | Fixed - 0.72% | 3-Month Libor |  |  | 1,065 |  |  |  | 329 |
Maturing in 2032 | other assets/(other liabilities) |  |  | 6,000 |  | Fixed - 0.82% | 3-Month Libor |  |  | 1,398 |  |  |  | 446 |
|  |  | $ | 50,500 |  |  |  |  | $ | 6,873 |  |  | $ | 1,910 |
Derivatives Not Designated as Hedging Instruments Under ASC 815 [Member] |
Derivative Fair Value [Abstract] |
Estimated Fair Value Positions of Derivative Contracts | Derivatives not designated as hedging instruments under ASC 815 (in thousands):
|  |  | December 31, 2022 |  |  | December 31, 2021 |
Interest Rate Products | Balance Sheet Location |  | Notional Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Fair Value |
Zero Premium Collar | other assets/(other liabilities) |  | $ | 71,776 |  |  | $ | (9,726 | ) |  | $ | 67,375 |  |  | $ | (1,817 | )
Zero Premium Collar | other assets/(other liabilities) |  | $ | - |  |  | $ | - |  |  | $ | 19,938 |  |  | $ | 284 |
Dealer Offset to Zero Premium Collar | other assets/(other liabilities) |  | $ | 71,776 |  |  | $ | 9,726 |  |  | $ | 67,375 |  |  | $ | 1,817 |
Dealer Offset to Zero Premium Collar | other assets/(other liabilities) |  | $ | - |  |  | $ | - |  |  | $ | 19,938 |  |  | $ | (284 | )

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- Definition 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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