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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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 three and nine months ended September 30, 2024.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2024 |
|  | (in thousands) |
Hedged asset |  | $ | 61 |  |  | $ | 61 |
Fair value derivative designated as hedging instrument |  |  | 7 |  |  |  | 7 |
Total gain recognized in the consolidated statement of income within interest and fees on loans |  | $ | 68 |  |  | $ | 68 |
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 as of September 30, 2024.
|  | September 30, 2024 |
|  | Carrying Amount of Hedged Asset |  |  | Cumulative Amount of Fair Value Adjustment |
|  | (in thousands) |
Loans receivable (1) |  | $ | 35,279 |  |  | $ | 279 |
Summarize Key Elements of Derivative Instruments | The following tables summarize key elements of the Company's derivative instruments at September 30, 2024 and December 31, 2023.
|  | September 30, 2024 |
|  | Notional Amount |  |  | Assets |  |  | Liabilities |
|  | (in thousands) |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 35,000 |  |  | $ | — |  |  | $ | 272 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Customer-related interest rate swap contracts: |  |  |  |  |  |  |  |  |
Matched interest rate swaps with borrower |  | $ | 40,347 |  |  | $ | 701 |  |  | $ | 506 |
Matched interest rate swaps with counterparty |  |  | 40,347 |  |  |  | 506 |  |  |  | 701 |
|  | December 31, 2023 |
|  | Notional Amount |  |  | Assets |  |  | Liabilities |
|  | (in thousands) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
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 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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