DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair value of Derivative Instruments

The table below presents fair values of derivative instruments as well as the classification within the consolidated balance sheets:

	September 30, 2024			December 31, 2023
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate swap contracts	Accrued interest and other liabilities	$	201	Accrued interest and other liabilities	$	—

The table below presents the effect of fair value hedge accounting on the consolidated statements of income (loss) for the periods presented:

	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value Hedging Relationships					Location and Amount of Gain or (Loss) Recognized in Income on Fair Value Hedging Relationships
	Nine months ended September 30, 2024					Year Ended December 31, 2023
(in thousands)	Interest on securities			Interest Expense		Interest on securities		Interest Expense
Total amounts of income and expense line items presented in consolidated statements of income (loss) in which effects of the fair value hedges are recorded	$	1,444		$	0	$	0	$	0
Gain or (loss) on fair value hedging relationships:
Interest rate swap contracts:
Hedged items	$	206		$	0	$	0	$	0
Derivatives designated as hedging instruments	$	(201	)	$	0	$	0	$	0
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	$	0		$	0	$	0	$	0

Schedule of Cumulative Basis Adjustment of Hedge Items

The table below presents cumulative basis adjustments of hedged items designated as fair value hedges and related amortized cost of those items as of the date presented:

(in thousands)	As of September 30, 2024
Line Item in consolidated balance sheet in which hedged item is included	Amortized cost of Hedged Assets		Cumulative amount of Fair Value Hedging Adjustments included in carrying amount of Hedged Asset
Securities available for sale	$	52,053	$	(206	)