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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024, and December 31, 2023.
|  | June 30, 2024 |  |  | December 31, 2023 |
($ in thousands) |  | Notional |  |  | Fair |  |  | Notional |  |  | Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Asset Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 66,283 |  |  | $ | 4,537 |  |  | $ | 68,381 |  |  | $ | 3,638 |
IRLCs |  |  | 15,182 |  |  |  | 15 |  |  |  | 7,466 |  |  |  | 45 |
Forward contracts |  |  | 22,500 |  |  |  | 40 |  |  |  | - |  |  |  | - |
Total contracts |  | $ | 103,965 |  |  | $ | 4,592 |  |  | $ | 75,847 |  |  | $ | 3,683 |
Liability Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 66,283 |  |  | $ | (4,537 | ) |  | $ | 68,381 |  |  | $ | (3,638 | )
Forward contracts |  |  | - |  |  |  | - |  |  |  | 10,750 |  |  |  | (37 | )
Total contracts |  | $ | 66,283 |  |  | $ | (4,537 | ) |  | $ | 79,131 |  |  | $ | (3,675 | )
Schedule of 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 six months ended June 30, 2024, and 2023.
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
($ in thousands) |  | Statement of income classification |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate swap contracts |  | Other income |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6 |
IRLCs |  | Gain on sale of mortgage loans & OMSR |  |  | (39 | ) |  |  | (55 | ) |  |  | (30 | ) |  |  | 10 |
Forward contracts |  | Gain on sale of mortgage loans & OMSR |  |  | 69 |  |  |  | 160 |  |  |  | 77 |  |  |  | 22 |
Schedule of Offsetting of Financial Assets and Derivative Assets | The following table shows the offsetting of financial assets and derivative assets at June 30, 2024, and December 31, 2023.
($ in thousands) |  | Gross amounts of |  |  | Gross amounts offset in the |  |  | Net amounts of assets presented in |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
|  | recognized assets |  |  | consolidated balance sheet |  |  | the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral received |  |  | Net amount |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 4,629 |  |  | $ | 92 |  |  | $ | 4,537 |  |  | $ | - |  |  | $ | 4,190 |  |  | $ | 347 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,957 |  |  | $ | 319 |  |  | $ | 3,638 |  |  | $ | - |  |  | $ | 2,900 |  |  | $ | 738 |
Schedule of Offsetting of Financial Liabilities and Derivative Liabilities | The following table shows the offsetting of financial liabilities and derivative liabilities at June 30, 2024, and December 31, 2023.
|  | Gross amounts of |  |  | Gross amounts offset in the |  |  | Net amounts of liabilities presented in |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | recognized liabilities |  |  | consolidated balance sheet |  |  | the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral pledged |  |  | Net amount |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 4,629 |  |  | $ | 92 |  |  | $ | 4,537 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,537 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,957 |  |  | $ | 319 |  |  | $ | 3,638 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,638 |

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