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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amount and Fair Value of Derivative Instruments Included on Company's Consolidated Balance Sheets on a net Basis

The table below reflects the notional amount and fair value of active derivative instruments included on the Company’s consolidated balance sheets on a net basis as of September 30, 2023 and December 31, 2022.


		As of September 30, 2023								As of December 31, 2022
		Notional				Estimated Fair Value				Notional				Estimated Fair Value
		Amount				Gain (Loss) (1)				Amount				Gain (Loss) (1)
		(Dollars in Thousands)
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate swaps related to fixed rate commercial real estate loans		$	—			$	—			$	20,000			$	1,101
Interest rate swaps related to fixed rate indirect consumer loans			30,000				537				—				—
Total fair value hedges							537								1,101
Cash flow hedges:
Interest rate swaps related to variable-rate money market deposit accounts			—				—				20,000				1,205
Interest rate swaps related to FHLB advances			—				—				—				—
Total cash flow hedges							—								1,205
Total hedges designated as hedging instruments, net						$	537							$	2,306

(1)

Derivatives in a gain position are recorded as other assets and derivatives in a loss position are recorded as other liabilities in the consolidated balance sheets.

Schedule of Hedging Derivative Instruments' Effect on Company's Interim Condensed Consolidated Statement of Operations

The effects, which include the reclassification of unrealized gains on terminated swap contracts, are presented as either an increase or decrease to income before income taxes in the relevant caption of the Company’s interim condensed consolidated statements of operations.


Location in the Condensed				Three Months Ended								Nine Months Ended
Consolidated Statements of Operations				September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
				(Dollars in Thousands)								(Dollars in Thousands)
Interest income		Interest and fees on loans		$	258			$	45			$	603			$	(42	)
Interest expense		Interest on deposits			120				24				376				(103	)
Interest expense		Interest on borrowings			36				36				108				20
		Net increase (decrease) to income before income taxes		$	414			$	105			$	1,087			$	(125	)