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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Financial Instruments [Abstract] |
Schedule of Notional Amount and Fair Value of the Company’s Interest Rate Swaps | The table below presents the notional amount and fair value of the Company’s interest rate swaps, IRLCs and forward contracts utilized as of September 30, 2023 and December 31, 2022.
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Notional |  |  | Fair |  |  | Notional |  |  | Fair |
($ in thousands) |  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Asset Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 61,854 |  |  | $ | 6,072 |  |  | $ | 66,477 |  |  | $ | 5,538 |
IRLCs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forward contracts |  |  | 10,750 |  |  |  | 85 |  |  |  | 5,500 |  |  |  | 26 |
Total contracts |  | $ | 72,604 |  |  | $ | 6,157 |  |  | $ | 71,977 |  |  | $ | 5,564 |
Liability Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 61,854 |  |  | $ | (6,072 | ) |  | $ | 66,477 |  |  | $ | (5,538 | )
IRLCs |  |  | 7,423 |  |  |  | (24 | ) |  |  | 3,268 |  |  |  | (20 | )
Forward contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total contracts |  | $ | 69,277 |  |  | $ | (6,096 | ) |  | $ | 69,745 |  |  | $ | (5,558 | )
Schedule of Table Presents the Amounts Included in the Consolidated Statements of Income for Non-Hedging Derivative Financial Instruments | The following table presents the amounts included in the consolidated statements of income for non-hedging derivative financial instruments for the three and nine months ended September 30, 2023 and 2022.
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
($ in thousands) |  | Statement of income classification |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Interest rate swap contracts |  | Other income |  | $ | 68 |  |  | $ | - |  |  | $ | 74 |  |  | $ | 3 |
IRLCs |  | Gain on sale of mortgage loans & OMSR |  |  | (14 | ) |  |  | (201 | ) |  |  | (4 | ) |  |  | (169 | )
Forward contracts |  | Gain on sale of mortgage loans & OMSR |  |  | 37 |  |  |  | 309 |  |  |  | 59 |  |  |  | 297 |
Schedule of Table Shows the Offsetting of Financial Assets and Derivative Assets | The following table shows the offsetting of financial assets and derivative assets at September 30, 2023 and December 31, 2022.
|  | Gross |  |  | Gross amounts offset |  |  | Net amounts of assets presented |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | amounts of recognized assets |  |  | in the consolidated balance sheet |  |  | in the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral received |  |  | Net amount |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 6,072 |  |  | $ | - |  |  | $ | 6,072 |  |  | $ | - |  |  | $ | 3,786 |  |  | $ | 2,286 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 5,540 |  |  | $ | 2 |  |  | $ | 5,538 |  |  | $ | - |  |  | $ | 4,480 |  |  | $ | 1,058 |
Schedule of Table Shows the Offsetting of Financial Liabilities and Derivative Liabilities | The following table shows the offsetting of financial liabilities and derivative liabilities at September 30, 2023 and December 31, 2022.
|  | Gross |  |  | Gross amounts offset |  |  | Net amounts of liabilities presented |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | amounts of recognized liabilities |  |  | in the consolidated balance sheet |  |  | in the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral pledged |  |  | Net amount |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 6,072 |  |  | $ | - |  |  | $ | 6,072 |  |  | $ | - |  |  | $ | 100 |  |  | $ | 5,972 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 5,540 |  |  | $ | 2 |  |  | $ | 5,538 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,538 |

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