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Derivatives and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Cash Flow Hedges Associated with Interest Rate Risk Management Activities | The following table summarizes the Company's cash flow hedges associated with its interest rate risk management activities:
|  |  |  |  |  |  |  | December 31, 2022 |
(Dollars in thousands) |  | Start Date |  | Maturity Date |  | Rate |  | Notional |  |  | Assets |  |  | Liabilities |
Debt Hedging |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap 2020 |  | 4/13/2020 |  | 4/13/2025 |  | 0.68% |  | $ | 5,000 |  |  | $ | 431 |  |  | $ | — |
Interest Rate Swap 2021 |  | 4/13/2021 |  | 4/13/2026 |  | 0.74% |  |  | 5,000 |  |  |  | 530 |  |  |  | — |
Total Hedging Instruments |  |  |  |  |  |  |  | $ | 10,000 |  |  | $ | 961 |  |  | $ | — |
Hedged Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variability in cash flows related to 90-day FHLB advances |  |  |  |  |  |  |  | N/A |  |  | $ | — |  |  | $ | 10,000 |
Summary of the Effect of Cash Flow Hedge Accounting | The following tables summarize the effect of cash flow hedge accounting on the consolidated statements of (loss) income for the three and six months ended June 30, 2023 and 2022 :
| Location and Amount of Gain or Loss Recognized in Consolidated Statements of (Loss) Income |
| Three Months Ended June 30, |
(Dollars in thousands) | 2023 |  |  | 2022 |
| Interest Income (Expense) |  |  | Other Income (Expense) |  |  | Interest Income (Expense) |  |  | Other Income (Expense) |
The effect of cash flow hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from AOCI into expense | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |
| Location and Amount of Gain or Loss Recognized in Consolidated Statements of (Loss) Income |
| Six Months Ended June 30, |
(Dollars in thousands) | 2023 |  |  | 2022 |
| Interest Income (Expense) |  |  | Other Income (Expense) |  |  | Interest Income (Expense) |  |  | Other Income (Expense) |
The effect of cash flow hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from AOCI into expense | $ | — |  |  | $ | — |  |  | $ | (6) |  |  | $ | — |
Summary of Balance Sheet Related to Cumulative Basis Adjustment for Fair Value Hedges | As of June 30, 2023, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
Location in Consolidated Balance Sheets |  | Carrying Amount of Hedged Assets/(Liabilities) |  |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) |
(Dollars in thousands) |  | June 30, 2023 |  |  | December 31, 2022 |  |  | June 30, 2023 |  |  | December 31, 2022 |
Total loans |  | $ | 24,722 |  |  | $ | — |  |  | $ | (278 | ) |  | $ | — |
Total |  | $ | 24,722 |  |  | $ | — |  |  | $ | (278 | ) |  | $ | — |
Summary of Fair Values of Derivative Financial Instruments Classification on Consolidated Balance Sheets | The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheet:
| Derivative Assets |  |  | Derivative Liabilities |
| Notional Amount |  |  | Location |  | Fair Value |  |  | Notional Amount |  |  | Location |  | Fair Value |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts - fair value hedge | $ | 25,000 |  |  | Other assets |  | $ | 278 |  |  | $ | — |  |  | Other liabilities |  | $ | — |
Total derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  | $ | 278 |  |  |  |  |  |  |  | $ | — |
Derivatives not designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer loan swaps | $ | 4,378 |  |  | Other assets |  | $ | 48 |  |  | $ | 4,378 |  |  | Other liabilities |  | $ | 48 |
Total derivatives not designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  | $ | 48 |  |  |  |  |  |  |  | $ | 48 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts - cash flow hedge | $ | 10,000 |  |  | Other assets |  | $ | 961 |  |  | $ | — |  |  | Other liabilities |  | $ | — |
Total derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  | $ | 961 |  |  |  |  |  |  |  | $ | — |
Summary of Derivative Financial Instruments Not Designated as Hedging Instruments on Consolidated Statements of (Loss) Income | The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of (loss) income for the periods presented:
|  |  |  | Amount of Gain Recognized in Income |
|  |  |  | Three Months Ended |  |  | Six Months Ended |
|  |  |  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2023 |  |  | June 30, 2022 |
(Dollars in thousands) |  | Location of Gain |  |  |  |  |  |  |  |  |  |  |  |
Customer loan swaps |  | Interest and fees on loans |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |  |  | $ | — |
Summary of Derivative Positions Offset in Consolidated Balance Sheets | The following tables present the information about derivative positions that are eligible for offset in the consolidated balance sheets as of June 30, 2023 and December 31, 2022:
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset |  |  |  |
(Dollars in thousands) |  | Gross Amounts Recognized |  |  | Gross Amounts Offset |  |  | Net Amounts Recognized |  |  | Financial Instruments Pledged (Received) |  |  | Cash Collateral Pledged (Received)(1) |  |  | Net Amount |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (2) |  | $ | 278 |  |  | $ | — |  |  | $ | 278 |  |  | $ | — |  |  | $ | 278 |  |  | $ | — |
Customer loan swaps - commercial customer (3) |  |  | 48 |  |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 48 |
Total |  | $ | 326 |  |  | $ | — |  |  | $ | 326 |  |  | $ | — |  |  | $ | 278 |  |  | $ | 48 |
Derivative Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer loan swaps - dealer bank (3) |  | $ | 48 |  |  | $ | — |  |  | $ | 48 |  |  | $ | — |  |  | $ | 48 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (2) |  | $ | 961 |  |  | $ | — |  |  | $ | 961 |  |  | $ | — |  |  | $ | 535 |  |  | $ | 426 |
(1) The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated balance sheets. (2) Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement with the counterparty and settles collateral on a net basis for all contracts. (3) The Company manages its net exposure on its commercial customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices. The Company does not post collateral to its commercial customers as part of its contract.

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