Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023		September 30, 2023
Fair value adjustment included in other assets	$	4,153	$	6,208	$	8,733
Fair value adjustment included in other liabilities	4,153		6,208		8,733
Notional amount	105,935		123,197		124,350

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, 2024		December 31, 2023		September 30, 2023
Fair value adjustment included in other assets	$	—	$	—	$	885
Fair value adjustment included in other liabilities	6,541		5,678		—
Notional amount	300,000		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
	September 30, 2024		December 31, 2023		September 30, 2023
Carrying Value of Portfolio Layer Method Hedged Asset	$	306,544	$	305,849	$	299,242
Cumulative Fair Value Hedging Adjustment	6,544		5,849		(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, 2024		December 31, 2023		September 30, 2023
Hedged Asset	$	6,544	$	5,849	$	(758)
Fair value derivative designated as hedging instrument	(6,541)		(5,828)		885
Total (loss) gain recognized in the consolidated statements of income with interest and fees on loans	3		21		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 consolidated statement of income.

Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	Nine Months Ended		Twelve Months Ended		Nine Months Ended
	September 30, 2024		December 31, 2023		September 30, 2023
Fair value adjustment included in other liabilities	$	287	$	—	$	—
Amount of (loss) recognized in AOCI	(287)		—		—
Amount of loss reclassified from AOCI interest expense	—		—		—

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
	Nine Months Ended		Twelve Months Ended		Nine Months Ended
	September 30, 2024		December 31, 2023		September 30, 2023
Fair value adjustment included in other liabilities	$	3,316	$	2,710	$	—
Amount of gain (loss) recognized in AOCI	747		(2,553)		—
Amount of gain reclassified from AOCI interest expense	1,353		157		—

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
	Nine Months Ended		Twelve Months Ended		Nine Months Ended
	September 30, 2024		December 31, 2023		September 30, 2023
Fair value adjustment included in other assets	$	4,501	$	4,998	$	6,230
Amount of (loss) gain recognized in AOCI	(1,226)		(1,355)		125
Amount of loss reclassified from AOCI to interest expense	729		907		660