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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024, and December 31, 2023.
|  | September 30, 2024 |  |  | December 31, 2023 |
($ in thousands) |  | Notional Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Fair Value |
Asset Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 66,262 |  |  | $ | 2,602 |  |  | $ | 68,381 |  |  | $ | 3,638 |
IRLCs |  |  | - |  |  |  | - |  |  |  | 7,466 |  |  |  | 45 |
Forward contracts |  |  | 21,000 |  |  |  | 65 |  |  |  | - |  |  |  | - |
Total contracts |  | $ | 87,262 |  |  | $ | 2,667 |  |  | $ | 75,847 |  |  | $ | 3,683 |
Liability Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 66,262 |  |  | $ | (2,602 | ) |  | $ | 68,381 |  |  | $ | (3,638 | )
IRLCs |  |  | 14,137 |  |  |  | (23 | ) |  |  | - |  |  |  | - |
Forward contracts |  |  | - |  |  |  | - |  |  |  | 10,750 |  |  |  | (37 | )
Total contracts |  | $ | 80,399 |  |  | $ | (2,625 | ) |  | $ | 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 nine months ended September 30, 2024, and 2023.
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
($ in thousands) |  | Statement of income classification |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate swap contracts |  | Other income |  | $ | 32 |  |  | $ | 68 |  |  | $ | 32 |  |  | $ | 74 |
IRLCs |  | Gain on sale of mortgage loans & OMSR |  |  | (38 | ) |  |  | (14 | ) |  |  | (68 | ) |  |  | (4 | )
Forward contracts |  | Gain on sale of mortgage loans & OMSR |  |  | 25 |  |  |  | 37 |  |  |  | 102 |  |  |  | 59 |
Schedule of Offsetting of Financial Assets and Derivative Assets | The following table shows the offsetting of financial assets and derivative assets at September 30, 2024, and at December 31, 2023.
|  | Gross amounts |  |  | Gross amounts offset in the |  |  | Net amounts of assets presented in |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | of recognized assets |  |  | consolidated balance sheet |  |  | the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral received |  |  | Net amount |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 2,222 |  |  | $ | (380 | ) |  | $ | 2,602 |  |  | $ | - |  |  | $ | 1,990 |  |  | $ | 612 |
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 September 30, 2024, and at December 31, 2023.
|  | Gross amounts |  |  | Gross amounts offset in the |  |  | Net amounts of liabilities presented in |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | of recognized liabilities |  |  | consolidated balance sheet |  |  | the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral pledged |  |  | Net amount |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 2,222 |  |  | $ | (380 | ) |  | $ | 2,602 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,602 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,957 |  |  | $ | 319 |  |  | $ | 3,638 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,638 |

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