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Interest Rate Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Cumulative Basis Adjustments for Fair Value Hedges

The following tables show the Company’s outstanding fair value hedges at June 30, 2022 and December 31, 2021:

(In thousands)		Carrying Amount of the Hedged Assets at June 30, 2022				Cumulative Amount of Fair Value Hedging Gains Included in the Carrying Amount of the Hedged Assets at June 30, 2022				Carrying Amount of the Hedged Assets at December 31, 2021				Cumulative Amount of Fair Value Hedging Gains Included in The Carrying Amount of the Hedged Assets at December 31, 2021
Line item on the balance sheet in which the hedged item is included:
Available-for-sale securities (1)		$	69,123			$	(5,920	)		$	61,808			$	(1,308	)
Loans receivable (2)		$	38,652			$	(1,143	)		$	41,651			$	(152	)

(1)These amounts represent the amortized cost basis of specifically identified municipal securities designated as the underlying assets for the hedging relationship. The notional amount of the designated hedged item was $69.1 million and $61.8 million at June 30, 2022 and December 31, 2021, respectively. The fair value of the derivative resulted in a net asset position of $5.9 million and $1.3 million recorded by the Company in other assets at June 30, 2022 and December 31, 2021. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income at June 30, 2022 and December 31, 2021.

(2)These amounts include the amortized cost of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged item was $38.7 million and $41.7 million as of June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, the fair value of the derivative resulted in a net asset position of $1.1 million, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income at June 30, 2022 and December 31, 2021.

Schedule of Cash Flow Hedges

The following table shows the pre-tax gains and losses of the Company’s derivatives designated as cash flow hedges in OCI at June 30, 2022 and December 31, 2021:

(In thousands)				June 30, 2022				December 31, 2021
Fair market value adjustment interest rate swap					584				(387	)
Total gain/(loss) in comprehensive income				$	584			$	(387	)

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- References

No definition available.

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- Definition

Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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