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Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary The Carrying Value Of The Portfolio Layer Method Hedged Assets and Cumulative Fair Value Hedging Adjustment

The following table represents the carrying value of the portfolio layer method hedged asset and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset at December 31, 2024.

		December 31, 2024
		Carrying Amount of Hedged Asset				Cumulative Amount of Fair Value Adjustment
		(in thousands)
Loans receivable (1)		$	34,916			$	(84	)

(1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the hedged period. As of December 31, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $506.4 million and the cumulative basis adjustment associated with this hedging relationship was $(84) thousand. At December 31, 2024, the amount of the designated hedged item was $35.0 million.

Summarizes The Effect Of The Fair Value Hedging Relationship Recognized In The Consolidated Statements Of Income

The following table summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income for the twelve months ended December 31, 2024.

		Twelve Months Ended
		December 31,
		2024
		(in thousands)
Hedged asset		$	132
Fair value derivative designated as hedging instrument			9
Total gain recognized in the consolidated statement of income within interest and fees on loans		$	141

Summarize Key Elements of Derivative Instruments

The following tables summarize key elements of the Company's derivative instruments at December 31, 2024 and 2023.

		December 31, 2024
		Notional Amount				Assets				Liabilities
		(in thousands)
Customer-related interest rate swap contracts:
Matched interest rate swaps with borrower		$	44,203			$	276			$	1,190
Matched interest rate swaps with counterparty			44,203				1,190				276
		December 31, 2023
		Notional Amount				Assets				Liabilities
		(in thousands)
Customer-related interest rate swap contracts:
Matched interest rate swaps with borrower		$	41,051			$	844			$	621
Matched interest rate swaps with counterparty			41,051				621				844

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- Definition

Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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