Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023.

	(In Thousands)
	September 30, 2024				December 31, 2023
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Loans	$	255,291	$	3,045	$	276,991	$	2,719

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

The following tables present 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 September 30, 2024 and December 31, 2023, identified by the underlying interest rate-sensitive instruments.

			Weighted Average
	Notional Value (In		Remaining Maturity		Fair Value (In			Weighted Average Rate
Instruments Associated With	Thousands)		(In Years)		Thousands)			Receive	Pay
Loans	$	100,000		2.8	$	(2,943	)	USD-SOFR-OIS		4.47	%
Total swap portfolio at September 30, 2024	$	100,000		2.8	$	(2,943	)	USD-SOFR-OIS		4.47	%

			Weighted Average
	Notional Value (In		Remaining Maturity		Fair Value (In			Weighted Average Rate
Instruments Associated With	Thousands)		(In Years)		Thousands)			Receive	Pay
Loans	$	100,000		3.6	$	(2,679	)	USD-SOFR-OIS		4.47	%
Total swap portfolio at December 31, 2023	$	100,000		3.6	$	(2,679	)	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 September 30, 2024 and December 31, 2023.

	(In Thousands)
	September 30, 2024					December 31, 2023
	Notional Amount		Fair Value			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	$	(2,943	)	$	100,000	$	(2,679	)
Total contracts	$	100,000	$	(2,943	)	$	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 three and nine month period ended September 30, 2024 and September 30, 2023. The $2.8 million average balance of cash collateral pledged to counterparties for the year yielded $208 and $635 thousand of other interest income for the three and nine months ended September 30, 2024, respectively.

	(In Thousands)
	Three Months Ended				Nine Months Ended
Line Item in the Consolidated Statements of Income	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest Income
Loans, including fees	$	57	$	-	$	62	$	-
Other		208		-		635		-
Total interest income	$	265	$	-	$	697	$	-