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Interest Rate Derivatives (Tables)

3 Months Ended

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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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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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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