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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 following table reflects the notional amount and fair value of derivative instruments included on the Company’s Consolidated Balance Sheets on a net basis as of December 31, 2023 and 2022.


		As of December 31, 2023								As of December 31, 2022
						Estimated Fair Value								Estimated Fair Value
		Notional Amount				Gain (Loss) (1)				Notional 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				(119	)							—
Total fair value hedges							(119	)							1,101
Cash flow hedges:
Interest rate swaps related to variable-rate money market deposit accounts			—				—				20,000				1,205
Total cash flow hedges							—								1,205
Total hedges designated as hedging instruments, net						$	(119	)						$	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 Consolidated Statement of Operations


		Location in the		Year Ended December 31,
		Consolidated Statements		2023				2022
		of Operations		(Dollars in Thousands)
Interest income		Interest and fees on loans		$	869			$	75
Interest expense		Interest on deposits			496				(5	)
Interest expense		Interest on short-term borrowings			144				56
		Net increase to income before income taxes		$	1,509			$	126