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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, and December 31, 2024.
|  | March 31, 2025 |  |  | December 31, 2024 |
($ in thousands) |  | Notional |  |  | Fair |  |  | Notional |  |  | Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Asset Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 86,247 |  |  | $ | 2,756 |  |  | $ | 79,235 |  |  | $ | 4,029 |
Forward contracts |  |  | 18,767 |  |  |  | 25 |  |  |  | 11,000 |  |  |  | 69 |
Total contracts |  | $ | 105,014 |  |  | $ | 2,781 |  |  | $ | 90,235 |  |  | $ | 4,098 |
Liability Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps associated with loans |  | $ | 86,247 |  |  | $ | (2,756 | ) |  | $ | 79,235 |  |  | $ | (4,029 | )
IRLCs |  |  | 21,500 |  |  |  | (3 | ) |  |  | 7,412 |  |  |  | (21 | )
Total contracts |  | $ | 107,747 |  |  | $ | (2,759 | ) |  | $ | 86,647 |  |  | $ | (4,050 | )
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 months ended March 31, 2025, and 2024.
|  |  |  | Three Months Ended March 31, |
($ in thousands) |  | Statement of income classification |  | 2025 |  |  | 2024 |
Interest rate swap contracts |  | Other income |  | $ | 107 |  |  | $ | - |
IRLCs |  | Gain on sale of mortgage loans & OMSR |  |  | 18 |  |  |  | 9 |
Forward contracts |  | Gain on sale of mortgage loans & OMSR |  |  | (44 | ) |  |  | 8 |
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 March 31, 2025, and at December 31, 2024.
|  |  |  |  | Gross amounts |  |  | Net amounts of assets |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | Gross amounts of recognized assets |  |  | offset in the consolidated balance sheet |  |  | presented in the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral received |  |  | Net amount |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,323 |  |  | $ | 567 |  |  | $ | 2,756 |  |  | $ | - |  |  | $ | 2,710 |  |  | $ | 46 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 4,172 |  |  | $ | 143 |  |  | $ | 4,029 |  |  | $ | - |  |  | $ | 3,130 |  |  | $ | 899 |
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 March 31, 2025, and at December 31, 2024.
|  |  |  |  | Gross amounts |  |  | Net amounts of liabilities |  |  | Gross amounts not offset in the consolidated balance sheet |  |  |  |
($ in thousands) |  | Gross amounts of recognized liabilities |  |  | offset in the consolidated balance sheet |  |  | presented in the consolidated balance sheet |  |  | Financial instruments |  |  | Cash collateral pledged |  |  | Net amount |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,323 |  |  | $ | 567 |  |  | $ | 2,756 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,756 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 4,172 |  |  | $ | 143 |  |  | $ | 4,029 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,029 |

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