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Derivative Hedging Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Hedging Instruments

Schedule of interest rate swap transactions

The following table summarizes the interest rate swap transactions that impacted the Company’s first six months of 2024 and 2023 performance (in thousands, except percentages).

At June 30, 2024

INCREASE

AGGREGATE

WEIGHTED

(DECREASE)

NOTIONAL

AVERAGE RATE

REPRICING

IN INTEREST

HEDGE TYPE

AMOUNT

RECEIVED/(PAID)

FREQUENCY

INCOME

Swap assets

N/A

$

67,778

7.69

%

Monthly

$

1,069

Swap liabilities

N/A

(67,778)

(7.69)

Monthly

(1,069)

Net exposure

$

—

—

%

$

—


		At June 30, 2023
											INCREASE
				AGGREGATE			WEIGHTED				(DECREASE)
				NOTIONAL			AVERAGE RATE		REPRICING		IN INTEREST
		HEDGE TYPE		AMOUNT			RECEIVED/(PAID)		FREQUENCY		INCOME
Swap assets		N/A		$	65,187		7.22	%	Monthly		$	953
Swap liabilities		N/A			(65,187)		(7.22)		Monthly			(953)
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 six months ended June 30, 2024 and 2023 (in thousands).


		Three months ended June 30, 2024
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income on Derivative			Location on Consolidated Statements of Operations of Reclassification from Accumulated Other Comprehensive Loss		Amount Reclassified from Accumulated Other Comprehensive Loss
Interest rate hedge		$	90		Interest expense - Deposits		$	(199)
Total		$	90				$	(199)


		Three months ended June 30, 2023
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income on Derivative			Location on Consolidated Statements of Operations of Reclassification from Accumulated Other Comprehensive Loss		Amount Reclassified from Accumulated Other Comprehensive Loss
Interest rate hedge		$	1,159		Interest expense - Deposits		$	(95)
Total		$	1,159				$	(95)


		Six months ended June 30, 2024
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income on Derivative			Location on Consolidated Statements of Operations of Reclassification from Accumulated Other Comprehensive Loss		Amount Reclassified from Accumulated Other Comprehensive Loss
Interest rate hedge		$	887		Interest expense - Deposits		$	(399)
Total		$	887				$	(399)


		Six months ended June 30, 2023
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income on Derivative			Location on Consolidated Statements of Operations of Reclassification from Accumulated Other Comprehensive Loss		Amount Reclassified from Accumulated Other Comprehensive Loss
Interest rate hedge		$	330		Interest expense - Deposits		$	(119)
Total		$	330				$	(119)