Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate swaps

The following table reflects the Company's derivative position at the date indicated below for the interest rate swaps:

	As of September 30, 2024
	(Dollars in thousands)
Notional amount	$	60,000
Weighted-average pay rate		3.80	%
Weighted-average receive rate		5.14	%
Weighted-average maturity in years		4.00

Schedule of Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets

The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of September 30, 2024:

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(in thousands)
Derivatives designated as hedging instruments
Interest rate swaps	Other assets	$	-	Other liabilities	$	(1,250	)
Total		$	-		$	(1,250	)

Schedule of pre-tax effects of cash flow hedge accumulated other comprehensive income and current earnings

The pre-tax effects of cash flow hedges on accumulated other comprehensive income and current earnings for the period indicated are as follows:

	Three Months Ended			Nine Months Ended
	September 30, 2024
	(in thousands)
Interest rate swaps
Amount of loss recognized in OCI on derivatives	$	(1,847	)	$	(1,250	)
Gain reclassified from OCI into interest expense	$	(232	)	$	(611	)