Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

Derivatives Not Designated as Hedging Instruments - Interest Rate Swap Agreements
	March 31, 2024		December 31, 2023		March 31, 2023
Fair value adjustment included in other assets	$	6,111	$	6,208	$	6,206
Fair value adjustment included in other liabilities	6,111		6,208		6,206
Notional amount	107,991		123,197		126,637

Derivatives Designated as Hedging Instruments - Fair Value Agreements
	March 31, 2024		December 31, 2023		March 31, 2023
Fair value adjustment included in other assets	$	—	$	—	$	—
Fair value adjustment included in other liabilities	1,109		5,678		—
Notional amount	300,000		300,000		—

The following table represents the carrying value of the PLM 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
	March 31, 2024		December 31, 2023		March 31, 2023
Carrying Value of Portfolio Layer Method Hedged Asset	$	301,243	$	305,849	$	—
Cumulative Fair Value Hedging Adjustment	1,243		5,849		—

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
	Three Months Ended		Twelve Months Ended		Three Months Ended
	March 31, 2024		December 31, 2023		March 31, 2023
Hedged Asset	$	1,243	$	5,849	$	—
Fair value derivative designated as hedging instrument	(1,255)		(5,828)		—
Total (loss) gain recognized in the consolidated statements of income with interest and fees on loans	(12)		21		—

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 consolidated statement of income.

Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	March 31, 2024		December 31, 2023		March 31, 2023
Fair value adjustment included in other liabilities	$	97	$	2,710	$	—
Amount of gain (loss) recognized in AOCI	3,068		(2,553)		—
Amount of gain reclassified from AOCI interest expense	455		157		—

Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	Three Months Ended		Twelve Months Ended		Three Months Ended
	March 31, 2024		December 31, 2023		March 31, 2023
Fair value adjustment included in other assets	$	5,393	$	4,998	$	4,843
Amount of gain (loss) recognized in AOCI	$	153	$	(1,355)	$	(800)
Amount of loss reclassified from AOCI to interest expense	(242)		(907)		(198)