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Derivative Hedging Instruments (Tables)

9 Months Ended

Sep. 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 nine months of 2024 and 2023 performance (in thousands, except percentages).

At September 30, 2024

INCREASE

AGGREGATE

WEIGHTED

(DECREASE)

NOTIONAL

AVERAGE RATE

REPRICING

IN INTEREST

HEDGE TYPE

AMOUNT

RECEIVED/(PAID)

FREQUENCY

INCOME

Swap assets

N/A

$

67,135

7.67

%

Monthly

$

1,573

Swap liabilities

N/A

(67,135)

(7.67)

Monthly

(1,573)

Net exposure

$

—

—

%

$

—


		At September 30, 2023
											INCREASE
				AGGREGATE			WEIGHTED				(DECREASE)
				NOTIONAL			AVERAGE RATE		REPRICING		IN INTEREST
		HEDGE TYPE		AMOUNT			RECEIVED/(PAID)		FREQUENCY		INCOME
Swap assets		N/A		$	64,564		7.39	%	Monthly		$	1,514
Swap liabilities		N/A			(64,564)		(7.39)		Monthly			(1,514)
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, 2024 and 2023 (in thousands).


		Three months ended September 30, 2024
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income (Loss) 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		$	(1,122)		Interest expense - Deposits		$	(205)
Total		$	(1,122)				$	(205)


		Three months ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income (Loss) 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		$	400		Interest expense - Deposits		$	(161)
Total		$	400				$	(161)


		Nine months ended September 30, 2024
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income (Loss) 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		$	(235)		Interest expense - Deposits		$	(604)
Total		$	(235)				$	(604)


		Nine months ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships		Amount Recognized in Other Comprehensive Income (Loss) 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		$	733		Interest expense - Deposits		$	(280)
Total		$	733				$	(280)