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Derivatives | 12 Months Ended
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Dec. 31, 2022
Derivatives |
Derivatives | 13. Derivatives ​ Interest Rate Swaps The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate loan agreement to a fixed-rate loan agreement. Under these agreements, the Company simultaneously enters into a variable-rate loan and interest rate swap agreements with a customer. The Company then enters into a corresponding and offsetting swap agreement with a third party to hedge its exposure created by the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under FASB ASC Topic 815, Derivatives and Hedging, and are marked to market through earnings. The fair values of the swaps are recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The accrued interest receivable and payable of $56 and $12 related to our swaps is recorded in other assets and other liabilities as of December 31, 2022 and 2021, respectively. Summary information regarding these derivatives is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021 | ​
Notational amount | ​ | $ | 26,541 | ​ | ​ | $ | 26,842 | ​
Fair value | ​ | $ | 3,578 | ​ | ​ | $ | 644 | ​
Weighted average pay rates | ​ | ​ | 3.69 | % | ​ | ​ | 3.69 | %
Weighted average receive rates | ​ | ​ | 6.30 | % | ​ | ​ | 2.26 | %
Weighted average maturity (in years) | ​ | ​ | 8.79 | ​ | ​ | ​ | 9.78 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of Contracts | ​ | ​ | 7 | ​ | ​ | ​ | 7 | ​
​ ​ Not included in the table above are five contracted forward rate swaps with a notional value of $30,211 and a fair value of $970 with effective dates at various points in 2023 and 2024. These forward swaps have a fixed weighted average pay rate of 4.95% and the related weighted average adjustable receive rates will be determined at the time the forward swaps become effective. ​ ​

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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