Derivatives

3 Months Ended

Mar. 31, 2025

Note 10—Derivatives

Derivatives Not Designated as Hedging Instruments

As a customer accommodation, the Company may enter into interest rates swaps with its loan customers. The Company also enters into corresponding offsetting derivatives with third parties. While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes.

The fair value of these swaps are recorded as components of other assets and other liabilities in the Company’s consolidated balance sheets.

		Three Months Ended March 31,
		2025			2024
(Dollars in thousands)		Notional Amount	Fair Value			Notional Amount	Fair Value
Derivatives not designated as hedging instruments:
Interest rate swaps related to customer loans	$	9,097	$	132	$	-	$	-
Total included in other assets			$	132			$	-

Derivatives not designated as hedging instruments:
Interest rate swaps related to customer loans	$	9,097	$	142	$	-	$	-
Total included in other liabilities			$	142			$	-

	Location of Gain or	Three Months Ended March 31,
(Dollars in thousands)	(Loss) Recognized in Income on Derivatives	2025			2024
Derivatives not designated as hedging instruments:
Interest rate swaps related to loan customers	Other (expense) income	$	(10	)	$	-
Total		$	(10	)	$	-