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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2024:
|  | Derivative Assets |  | Derivative Liabilities
($ in thousands) |  | Notional Amount |  | Balance Sheet Location |  | Fair Value |  | Notional Amount |  | Balance Sheet Location |  | Fair Value
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | — |  |  | Other assets |  | $ | — |  |  | $ | 50,000 |  |  | Other liabilities |  | $ | 254 |
Total derivatives designated as hedging instruments |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 254 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on accumulated OCI for the three and six months ended June 30, 2024:
Derivatives in Subtopic 815-20 Hedging Relationships ($ in thousands) |  | Amount of Gain (Loss) Recognized in OCI on Derivative |  | Amount of Gain (Loss) Recognized in OCI Included Component |  | Amount of Gain (Loss) Recognized in OCI Excluded Component |  | Location of Gain (Loss) Recognized from Accumulated OCI into Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Included Component |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Excluded Component
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | (254) |  |  | $ | (254) |  |  | $ | — |  |  | Interest expense |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |
Total |  | $ | (254) |  |  | $ | (254) |  |  | $ | — |  |  |  |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | (254) |  |  | $ | (254) |  |  | $ | — |  |  | Interest expense |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |
Total |  | $ | (254) |  |  | $ | (254) |  |  | $ | — |  |  |  |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |
The Company had no derivative instruments that affect accumulated OCI for the three and six months ended June 30, 2023.
Schedule of Derivative Instruments, Effect on Statement of Income | The table below presents the effect of the Company’s derivative financial instruments on the Statement of Income for the three and six months ended June 30, 2024:
|  | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024
($ in thousands) |  | Interest Income |  | Interest Expense |  | Interest Income |  | Interest Expense
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded |  | $ | — |  |  | $ | 81 |  |  | $ | — |  |  | $ | 81 |
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships in Subtopic 815-20 |  |  |  |  |  |  |  |
Interest contracts |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated OCI into income |  | $ | — |  |  | $ | 81 |  |  | $ | — |  |  | $ | 81 |
Amount of gain (loss) reclassified from accumulated OCI into income as a result that a forecasted transaction is no longer probable of occurring |  | — |  |  | — |  |  | — |  |  | — |
Amount of Gain (loss) reclassified from accumulated OCI into income - included component |  | — |  |  | 81 |  |  | — |  |  | 81 |
Amount of Gain (loss) reclassified from accumulated OCI into income - excluded component |  | — |  |  | — |  |  | — |  |  | — |
Schedule of Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2024. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet:
Offsetting of Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Assets presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet
($ in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Liabilities presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet
($ in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 254 |  |  | $ | — |  |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |
Total |  | $ | 254 |  |  | $ | — |  |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |
Schedule of Offsetting Liabilities | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2024. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet:
Offsetting of Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Assets presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet
($ in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Liabilities presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet
($ in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 254 |  |  | $ | — |  |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |
Total |  | $ | 254 |  |  | $ | — |  |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |

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