Financial Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The details of the Bank's swap agreements are as follows:

					June 30, 2024				December 31, 2023				June 30, 2023
Effective Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Presentation on Consolidated Balance Sheets	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Cash Flow Hedges
04/27/2022	10/27/2023	USD-SOFR-COMPOUND	2.498%	Other Assets	$	—	$	—	$	—	$	—	$	10,000,000	$	89,000
04/27/2022	01/27/2024	USD-SOFR-COMPOUND	2.576%	Other Assets	—		—		10,000,000		22,000		10,000,000		158,000
04/27/2022	04/27/2024	USD-SOFR-COMPOUND	2.619%	Other Assets	—		—		10,000,000		86,000		10,000,000		219,000
01/10/2023	01/01/2026	USD-SOFR-OIS COMPOUND	3.836%	Other Assets	75,000,000		928,000		75,000,000		272,000		75,000,000		1,154,000
					$	75,000,000	$	928,000	$	95,000,000	$	380,000	$	105,000,000	$	1,620,000
Fair Value Hedges
03/08/2023	03/01/2026	USD-SOFR-OIS COMPOUND	4.712%	Other Liabilities	$	40,000,000	$	(24,000)	$	40,000,000	$	(581,000)	$	40,000,000	$	(231,000)
03/08/2023	03/01/2027	USD-SOFR-OIS COMPOUND	4.402%	Other Liabilities	30,000,000		(32,000)		30,000,000		(598,000)		30,000,000		(239,000)
03/08/2023	03/01/2028	USD-SOFR-OIS COMPOUND	4.189%	Other Liabilities	30,000,000		(11,000)		30,000,000		(678,000)		30,000,000		(289,000)
07/12/2023	08/01/2025	USD-SOFR-OIS COMPOUND	4.703%	Other Assets	50,000,000		135,000		50,000,000		(292,000)		—		—
					$	150,000,000	$	68,000	$	150,000,000	$	(2,149,000)	$	100,000,000	$	(759,000)
Total swap agreements					$	225,000,000	$	996,000	$	245,000,000	$	(1,769,000)	$	205,000,000	$	861,000

At June 30, 2024 there were eight customer loan swap arrangements in place. This compares to seven customer loan swap arrangements in place at December 31, 2023 and six customer loan swap arrangements in place at June 30, 2023. The details of the Bank's customer loan swap arrangements are detailed below:

		June 30, 2024					December 31, 2023					June 30, 2023
	Presentation on Consolidated Balance Sheet	Number of Positions	Notional Amount		Fair Value		Number of Positions	Notional Amount		Fair Value		Number of Positions	Notional Amount		Fair Value
Pay Fixed, Receive Variable	Other Assets	7	$	40,290,000	$	4,851,000	6	$	36,286,000	$	4,259,000	6	$	36,852,000	$	4,715,000
Pay Fixed, Receive Variable	Other Liabilities	1	2,662,000		(61,000)		1	5,048,000		(89,000)		—	—		—
		8	42,952,000		4,790,000		7	41,334,000		4,170,000		6	36,852,000		4,715,000
Receive Fixed, Pay Variable	Other Assets	1	2,662,000		61,000		1	5,048,000		89,000		—	—		—
Receive Fixed, Pay Variable	Other Liabilities	7	40,290,000		(4,851,000)		6	36,286,000		(4,259,000)		6	36,852,000		(4,715,000)
		8	42,952,000		(4,790,000)		7	41,334,000		(4,170,000)		6	36,852,000		(4,715,000)
Total		16	$	85,904,000	$	—	14	$	82,668,000	$	—	12	$	73,704,000	$	—