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Derivative Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Hedging Instruments

Schedule of interest rate swap transactions

The following table summarizes the interest rate swap transactions that impacted the Company’s first nine months of 2023 and 2022 performance (in thousands, except percentages).

At September 30, 2023

INCREASE

AGGREGATE

WEIGHTED

(DECREASE)

NOTIONAL

AVERAGE RATE

REPRICING

IN INTEREST

HEDGE TYPE

AMOUNT

RECEIVED/(PAID)

FREQUENCY

EXPENSE

Swap assets

N/A

$

64,564

7.39

%

Monthly

$

1,514

Swap liabilities

N/A

(64,564)

(7.39)

Monthly

(1,514)

Net exposure

$

—

—

%

$

—


		At September 30, 2022
											INCREASE
				AGGREGATE			WEIGHTED				(DECREASE)
				NOTIONAL			AVERAGE RATE		REPRICING		IN INTEREST
		HEDGE TYPE		AMOUNT			RECEIVED/(PAID)		FREQUENCY		EXPENSE
Swap assets		N/A		$	64,624		3.54	%	Monthly		$	(306)
Swap liabilities		N/A			(64,624)		(3.54)		Monthly			306
Net exposure				$	—		—	%			$	—

Schedule of cash flow hedges accumulated other comprehensive loss

The following table summarizes the effect of the effective portion of the Company’s cash flow hedge accounting on accumulated other comprehensive loss for the three and nine months ended September 30, 2023 (in thousands).


		Three months ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Loss on Derivative			Location on Consolidated Statements of Operations of Reclassification from Accumulated Other Comprehensive Loss		Amount Reclassified from Accumulated Other Compreshensive Loss
Interest rate hedge		$	400		Interest expense - Deposits		$	(161)
Total		$	400				$	(161)


		Nine months ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Loss on Derivative			Location on Consolidated Statements of Operations of Reclassification from Accumulated Other Comprehensive Loss		Amount Reclassified from Accumulated Other Compreshensive Loss
Interest rate hedge		$	733		Interest expense - Deposits		$	(280)
Total		$	733				$	(280)