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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cumulative Basis Adjustments for Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges

The following table presents amounts that were recorded on the Company's consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of December 31, 2023. There were no interest rate swaps during the year ending December 31, 2022.

 

 

 

(In Thousands)

 

 

 

Carrying Amount of
the Hedged Assets

 

 

Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of
the Hedged Assets

 

Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included

 

December 31, 2023

 

 

December 31, 2023

 

Loans

 

$

276,991

 

 

$

2,719

 

Summary of Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges of Fixed-rate Receivables

The following table presents a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Bank's asset/liability management activities at December 31, 2023, identified by the underlying interest rate-sensitive instruments.

 

Instruments Associated With

 

Notional Value (000's)

 

 

Weighted Average
Remaining Maturity (years)

 

 

Fair Value (000's)

 

 

Receive

 

Pay

 

Loans

 

$

100,000

 

 

 

3.6

 

 

$

2,719

 

 

 USD-SOFR-OIS

 

 

4.47

%

Total swap portfolio at December 31, 2023

 

$

100,000

 

 

 

3.6

 

 

$

2,719

 

 

 USD-SOFR-OIS

 

 

4.47

%

 

Schedule of Notional Amount and Fair Value of Interest Rate Swaps

The following table presents the notional amount and fair value of interest rate swaps utilized by the Bank at December 31, 2023.

 

 

 

(In Thousands)

 

 

 

December 31, 2023

 

 

 

Notional Amount

 

 

Fair Value

 

Asset Derivatives

 

 

 

 

 

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

Interest rate swaps associated with loans

 

$

-

 

 

$

-

 

Total contracts

 

$

-

 

 

$

-

 

Liability Derivatives

 

 

 

 

 

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

Interest rate swaps associated with loans

 

$

100,000

 

 

$

(2,679

)

Total contracts

 

$

100,000

 

 

$

(2,679

)

Schedule of Effects of Interest Rate Swap Agreements on Consolidated Statements of Income

The following table presents the effects of the Bank's interest rate swap agreements on the Company’s consolidated statement of income during the year ended December 31, 2023.

 

 

 

(In Thousands)

 

Line Item in the Consolidated Statements of Income

 

December 31, 2023

 

Interest Income

 

 

 

Loans, including fees

 

$

40

 

Other

 

 

144

 

Total interest income

 

$

184