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Interest Rate Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
(In thousands) |  | Carrying Amount of the Hedged Assets at March 31, 2023 |  |  | Cumulative Amount of Fair Value Hedging Gains Included in the Carrying Amount of the Hedged Assets at March 31, 2023 |  |  | Carrying Amount of the Hedged Assets at December 31, 2022 |  |  | Cumulative Amount of Fair Value Hedging Gains Included in The Carrying Amount of the Hedged Assets at December 31, 2022 |
Line item on the balance sheet in which the hedged item is included: |  |  |  |  |  |  |
Available-for-sale securities (1) |  | $ | 56,017 |  |  | $ | 5,237 |  |  | $ | 68,741 |  |  | $ | 8,240 |
Loans receivable (2) |  | $ | 36,701 |  |  | $ | 1,178 |  |  | $ | 37,196 |  |  | $ | 1,477 |
(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 $56.0 million and $68.7 million at March 31, 2023 and December 31, 2022, respectively. The fair value of the derivative resulted in a net asset position of $5.2 million and $8.2 million recorded by the Company in other assets at March 31, 2023 and December 31, 2022. (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 $36.7 million and $37.2 million as of March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, the fair value of the derivative resulted in a net asset position of $1.2 million recorded by the Company in other assets.
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 March 31, 2023 and December 31, 2022:
(In thousands) |  |  |  | March 31, 2023 |  |  | December 31, 2022 |
Cash flow hedges: |  |  |  |  |  |
Fair market value adjustment interest rate swap |  | $ | (99 | ) |  | $ | 519 |
Total (loss) gain in comprehensive income |  | $ | (99 | ) |  | $ | 519 |
Hedge transcations increased the net income | The hedge transactions increased the net income effects of the Bank's fair value and cash flow hedges for the three months ended March 31, 2023 and March 31, 2022, respectively, along with the net fair value position of the hedges at March 31, 2023 and March 31, 2022, respectively.
Fair Value Hedges |  |  |  |  |  |  |  |
Three Months Ended March 31, 2023 |
Hedge Category | Average Notional Balance |  | Period Ending Notional Balance |  | Net Cash Received (Paid) Recorded In Net Income |  | Fair Value Receivable (Payable) at Quarter End |
Investments | $ | 57,028 |  | $ | 52,120 |  | $ | 340 |  | $ | 5,237 |
Loans |  | 20,700 |  |  | 20,700 |  |  | 205 |  |  | 1,178 |
Total | $ | 77,728 |  | $ | 72,820 |  | $ | 545 |  | $ | 6,415 |
Three Months Ended March 31, 2022 |
Hedge Category | Average Notional Balance |  | Ending Notional Balance |  | Net Cash Received (Paid) Recorded In Net Income |  | Fair Value Receivable (Payable) at Quarter End |
Investments | $ | 55,793 |  | $ | 58,865 |  | $ | (33 | ) | $ | 4,229 |
Loans |  | 20,700 |  |  | 20,700 |  |  | (31 | ) |  | 892 |
Total | $ | 76,493 |  | $ | 79,565 |  | $ | (64 | ) | $ | 5,121 |
Cash Flow Hedges |  |  |  |  |  |  |  |
Three Months Ended March 31, 2023 |
Hedge Category | Average Notional Balance |  | Ending Notional Balance |  | Net Cash Received (Paid) Recorded In Net Income |  | Fair Value Receivable (Payable) at Quarter End |
Borrowed Funds | $ | 53,333 |  | $ | 70,000 |  | $ | 336 |  | $ | (99 | )
Three Months Ended March 31, 2022 |
Hedge Category | Average Notional Balance |  | Ending Notional Balance |  | Net Cash Received (Paid) Recorded In Net Income |  | Fair Value Receivable (Payable) at Quarter End |
Borrowed Funds | $ | 80,000 |  | $ | 80,000 |  | $ | (128 | ) | $ | 778 |

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