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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Derivative Instruments, Cumulative Basis Adjustments

The following table presents amounts that were recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of September 30, 2023 and December 31, 2022.

(in thousands)						Carrying amount of the hedged asset												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets
Line item in the condensed consolidated balance sheets in which the hedged item is included						September 30, 2023						December 31, 2022						September 30, 2023						December 31, 2022
Securities available-for-sale 1						$	69,041					$	68,963					$	(1,707)					$	(2,088)

1 These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The designated hedged items were $50.0 million at both September 30, 2023 and December 31, 2022.

Schedule Of Derivative Instruments Of Fixed Rate Receivables

The following tables present a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Company’s asset/liability management activities at September 30, 2023 and December 31, 2022, identified by the underlying interest rate-sensitive instruments.

(dollars in thousands) September 30, 2023						Notional Value						Weighted- Average Remaining Maturity (years)												Weighted-Average Ratio
Instruments Associated With																		Fair Value						Receive						Pay
Securities available-for-sale						$	50,000					1.1						$	1,717					3-month SOFR						2.33		%
Total at September 30, 2023						$	50,000					1.1						$	1,717					3-month SOFR						2.33		%

(dollars in thousands) December 31, 2022						Notional Value						Weighted- Average Remaining Maturity (years)												Weighted-Average Ratio
Instruments Associated With																		Fair Value						Receive						Pay
Securities available-for-sale						$	50,000					1.8						$	2,093					3-month LIBOR						2.33		%
Total swap portfolio at December 31, 2022						$	50,000					1.8						$	2,093					3-month LIBOR						2.33		%

Schedule Of Derivative Instruments Of Variable Rate Liabilities

The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable-rate liabilities used in the Company’s asset/liability management activities at September 30, 2023 and December 31, 2022.

(dollars in thousands) September 30, 2023						Notional Value						Weighted- Average Remaining Maturity (years)												Weighted-Average Ratio
Cash Flow Hedges																		Fair Value						Receive						Pay
Interest rate swaps						$	110,000					3.3						$	6,450					3-month SOFR						2.88		%
Interest rate swaps						20,000						0.2						85						1-month SOFR						2.94		%
Interest rate swaps						40,000						0.7						682						Fed Funds Effective						2.78		%

(dollars in thousands) December 31, 2022						Notional Value						Weighted- Average Remaining Maturity (years)												Weighted-Average Ratio
Cash Flow Hedges																		Fair Value						Receive						Pay
Interest rate swaps						$	110,000					4.1						$	4,787					3-month LIBOR						2.88		%
Interest rate swaps						60,000						0.6						735						1-month LIBOR						2.88		%
Interest rate swaps						40,000						1.4						1,030						Fed Funds Effective						2.78		%

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the notional amount and fair value of interest rate swaps, IRLCs and forward contracts utilized by the Company at September 30, 2023 and December 31, 2022.

						September 30, 2023												December 31, 2022
(in thousands)						Notional Amount						Fair Value						Notional Amount						Fair Value
Asset Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with securities available-for-sale						$	50,000					$	1,717					$	50,000					$	2,093
Interest rate swaps associated with liabilities						170,000						7,217						210,000						6,552
Derivatives not designated as hedging instruments
Back-to-back swaps						$	904					$	81					$	—					$	—
IRLCs						—						—						14,862						133
Forward contracts						—						—						17,000						97
Total contracts						$	220,904					$	9,015					$	291,862					$	8,875
Liability Derivatives
Derivatives not designated as hedging instruments
Back-to-back swaps						$	904					$	81					$	—					$	—
Total contracts						$	904					$	81					$	—					$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the effects of the Company’s cash flow hedge relationships on the condensed consolidated statements of comprehensive income during the three and nine months ended September 30, 2023 and 2022.

						Amount of Gain Recognized in Other Comprehensive Loss in The Three Months Ended																														Amount of Gain Recognized in Other Comprehensive Income (Loss) in The Nine Months Ended
(in thousands)						September 30, 2023						September 30, 2022																								September 30, 2023						September 30, 2022
Interest rate swap agreements						$	740					$	6,058																							$	664					$	19,424

Schedule of Derivative Instruments in Statements of Income Fair Value

The following table summarizes the periodic changes in the fair value of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and nine months ended September 30, 2023 and 2022.

						Amount of Gain / (Loss) Recognized in the Three Months Ended												Amount of Gain / (Loss) Recognized in the Nine Months Ended
(in thousands)						September 30, 2023						September 30, 2022						September 30, 2023						September 30, 2022
Asset Derivatives
Derivatives not designated as hedging instruments
IRLCs						$	—					$	—					$	—					$	—
Forward contracts						—						993						—						1,036
Liability Derivatives
Derivatives not designated as hedging instruments
IRLCs						$	—					$	(850)					$	(133)					$	(1,102)
Forward contracts						—						—						(119)						—

Schedule Of Effects Of Interest Rate Swap Agreements On Statements Of Income

The following table presents the effects of the Company’s interest rate swap agreements on the condensed consolidated statements of operations during the three and nine months ended September 30, 2023 and 2022.

(in thousands) Line item in the condensed consolidated statements of operations						Three Months Ended												Nine Months Ended
						September 30, 2023						September 30, 2022						September 30, 2023						September 30, 2022
Interest income
Securities - taxable						$	—					$	—					$	—					$	—
Securities - non-taxable						407						(7)						1,055						(442)
Total interest income						407						(7)						1,055						(442)
Interest expense
Deposits						(372)						159						(1,330)						1,338
Other borrowed funds						(748)						168						(1,865)						1,355
Total interest expense						(1,120)						327						(3,195)						2,693
Net interest income						$	1,527					$	(334)					$	4,250					$	(3,135)

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