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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 at December 31:
|  | 2023 |  |  | 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 |  | $ | 68,381 |  |  | $ | 3,638 |  |  | $ | 66,477 |  |  | $ | 5,538 |
IRLCs |  |  | 7,466 |  |  |  | 45 |  |  |  | - |  |  |  | - |
Forward contracts |  |  | - |  |  |  | - |  |  |  | 5,500 |  |  |  | 26 |
Total contracts |  | $ | 75,847 |  |  | $ | 3,683 |  |  | $ | 71,977 |  |  | $ | 5,564 |
Liability Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 68,381 |  |  | $ | (3,638 | ) |  | $ | 66,477 |  |  | $ | (5,538 | )
IRLCs |  |  | - |  |  |  | - |  |  |  | 3,268 |  |  |  | (20 | )
Forward contracts |  |  | 10,750 |  |  |  | (37 | ) |  |  | - |  |  |  | - |
Total contracts |  | $ | 79,131 |  |  | $ | (3,675 | ) |  | $ | 69,745 |  |  | $ | (5,558 | )
Schedule of 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 twelve months ended December 31, 2023 and 2022.
|  |  |  | Amount of gain (loss) |
($ in thousands) |  | Statement of income classification |  | 2023 |  |  | 2022 |
Interest rate swap contracts |  | Other income |  | $ | 132 |  |  | $ | 19 |
IRLCs |  | Gain on sale of mortgage loans & OMSR |  |  | 65 |  |  |  | (42 | )
Forward contracts |  | Gain on sale of mortgage loans & OMSR |  |  | (63 | ) |  |  | 57 |
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 December 31, 2023 and 2022.
|  | Gross amounts of |  |  | Gross amounts offset in the |  |  | Net amounts of assets presented in the |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | recognized assets |  |  | consolidated balance sheet |  |  | consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral received |  |  | Net amount |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,957 |  |  | $ | 319 |  |  | $ | 3,638 |  |  | $ | - |  |  | $ | 2,900 |  |  | $ | 738 |
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 December 31, 2023 and 2022.
|  | Gross amounts of |  |  | Gross amounts offset in the |  |  | Net amounts of liabilities presented in the |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | recognized liabilities |  |  | consolidated balance sheet |  |  | consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral pledged |  |  | Net amount |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,957 |  |  | $ | 319 |  |  | $ | 3,638 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,638 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 5,540 |  |  | $ | 2 |  |  | $ | 5,538 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,538 |

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