Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, not designated as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:

Derivatives Not Designated as Hedging Instruments - Interest Rate Swap Agreements
	September 30, 2023		December 31, 2022		September 30, 2022
Fair value adjustment included in other assets	$	8,733	$	7,506	$	8,508
Fair value adjustment included in other liabilities	8,733		7,506		8,508
Notional amount	124,350		127,763		134,406

The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, designed as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:

Derivatives Designated as Hedging Instruments - Fair Value Agreements
	September 30, 2023		December 31, 2022		September 30, 2022
Fair value adjustment included in other assets	$	885	$	—	$	—
Fair value adjustment included in other liabilities	—		—		—
Notional amount	300,000		—		—

The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset:

Derivatives Designated as Hedging Instruments - Fair Value Swap Agreements
	September 30, 2023		December 31, 2022		September 30, 2022
Carrying Value of Portfolio Layer Method Hedged Asset	$	299,242	$	—	$	—
Cumulative Fair Value Hedging Adjustment	(758)		—		—

Derivative Instruments, Gain (Loss)

The following table summarizes the effect of the fair value hedging relationship recognized on the unaudited interim consolidated statement of income:

Derivatives Designated as Hedging Instruments - Fair Value Agreements
	Nine Months Ended		Twelve Months Ended		Nine Months Ended
	September 30, 2023		December 31, 2022		September 30, 2022
Hedged Asset	$	(758)	$	—	$	—
Fair value derivative designated as hedging instrument	885		—		—
Total gain recognized in the consolidated statements of income with interest and fees on loans	127		—		—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table indicates the effect of cash flow hedge accounting on AOCI and on the unaudited interim consolidated statement of income:

Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	Nine Months Ended		Twelve Months Ended		Nine Months Ended
	September 30, 2023		December 31, 2022		September 30, 2022
Amount of (loss) gain recognized in AOCI	$	125	$	3,467	$	3,737
Amount of (loss) gain reclassified from AOCI to interest expense	(660)		(204)		(57)