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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 (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 | 2023 |  | 2022 |  | 2023 |  | 2022 |
Interest rate Products |  | $ | (1,431 | ) |  | $ | 4,963 |  | Interest Expense |  | $ | 2,203 |  |  | $ | 145 |
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 |  | 2023 |  |  | 2022 |
Maturing in 2025 | Fair value of derivative instruments - asset |  | $ | 15,000 |  | Fixed - 0.57% | Compounded Overnight SOFR + 26.161 |  | $ | 887 |  |  | $ | 1,269 |
Maturing in 2027 | Fair value of derivative instruments - asset |  |  | 10,000 |  | Fixed - 0.65% | Compounded Overnight SOFR + 26.161 |  |  | 1,009 |  |  |  | 1,324 |
Maturing in 2027 | Fair value of derivative instruments - asset |  |  | 7,500 |  | Fixed - 3.57% | Compounded Overnight SOFR + 26.161+280 |  |  | 764 |  |  |  | 995 |
Maturing in 2027 | Fair value of derivative instruments - asset |  |  | 6,000 |  | Fixed - 0.61% | Compounded Overnight SOFR + 26.161 |  |  | 630 |  |  |  | 822 |
Maturing in 2029 | Fair value of derivative instruments - asset |  |  | 6,000 |  | Fixed - 0.72% | Compounded Overnight SOFR + 26.161 |  |  | 894 |  |  |  | 1,065 |
Maturing in 2032 | Fair value of derivative instruments - asset |  |  | 6,000 |  | Fixed - 0.82% | Compounded Overnight SOFR + 26.161 |  |  | 1,257 |  |  |  | 1,398 |
|  |  | $ | 50,500 |  |  |  |  | $ | 5,441 |  |  | $ | 6,873 |
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, 2023 |  |  | December 31, 2022 |
Interest Rate Products | Balance Sheet Location |  | Notional Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Fair Value |
Zero Premium Collar | (Fair value of derivative instruments - liability) |  | $ | 69,462 |  |  | $ | (7,922 | ) |  | $ | 71,776 |  |  | $ | (9,726 | )
IRLCs | Fair value of derivative instruments - asset |  |  | 21,225 |  |  |  | 324 |  |  |  | - |  |  |  | - |
Dealer Offset to Zero Premium Collar | Fair value of derivative instruments - asset |  |  | 69,462 |  |  |  | 7,922 |  |  |  | 71,776 |  |  |  | 9,726 |

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