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Derivatives

9 Months Ended

Sep. 30, 2024

Derivatives

Derivatives

Note 5— Derivatives

The Company enters into interest rate swap agreements (“swaps”) with commercial loan customers to provide a facility for customers to manage their interest rate risk. These swaps are matched in exact offsetting terms with swaps that the Company enters into with an independent third party. These swaps qualify as derivatives, but are not designated as hedging instruments.

The following tables summarize the Company’s swaps at September 30, 2024 and December 31, 2023.

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September 30, 2024

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Estimated

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Weighted Average

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​

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Notional

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Fair

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Years to

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Receive

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​

Pay

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(Dollars in thousands)

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Amount

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Value

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Maturity

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Rate

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​

Rate

​

Interest rate swap agreements:

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​

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Pay fixed/receive variable swaps

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$

24,347

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$

621

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3.0 years

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​

5.57

%

​

4.08

%

Pay variable/receive fixed swaps

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​

24,347

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​

(621)

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​

3.0 years

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​

4.08

%

​

5.57

%

Total interest rate swap agreements

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$

48,694

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$

—

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3.0 years

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​

4.83

%

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4.83

%

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​

​

​

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December 31, 2023

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Estimated

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Weighted Average

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​

​

​

​

​

Notional

​

​

Fair

​

​

Years to

​

​

Receive

​

​

Pay

​

(Dollars in thousands)

​

​

Amount

​

​

Value

​

​

Maturity

​

​

Rate

​

​

Rate

​

Interest rate swap agreements:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pay fixed/receive variable swaps

​

$

19,444

​

$

846

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​

3.2 years

​

​

5.87

%

​

3.39

%

Pay variable/receive fixed swaps

​

​

19,444

​

​

(846)

​

​

3.2 years

​

​

3.39

%

​

5.87

%

Total interest rate swap agreements

​

$

38,888

​

$

—

​

​

3.2 years

​

​

4.63

%

​

4.63

%

​

​

The estimated fair value of the swaps at September 30, 2024 and December 31, 2023 were recorded in other assets and liabilities in the Consolidated Balance Sheets. The associated net gains and losses on the swaps are recorded in other income in the Consolidated Statements of Income.

X

- References

No definition available.

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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

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