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Derivative Financial Instruments (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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Tabular disclosure of derivative assets at fair value.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging 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 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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