Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Derivative Instruments

	September 30, 2020
	Notional Amount		Fair Value
(in thousands)
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps	$	2,111	$	379
Pay Fixed/Receive Variable Swaps		2,111		(379	)

Summary of Identified Hedge Layers

The identified hedge layers are summarized as follows, (in thousands):

3-Month LIBOR		Cash & Securities		Period Hedged
Hedged Notional		Exposure Hedged		From	To
$	15,000	$	15,000	July 1, 2019	July 1, 2022
	25,000		25,000	August 2, 2019	February 2, 2023
	10,000		10,000	August 29, 2019	August 29, 2023

Each hedge layer identified in the table above has a variable receive leg of 3-month LIBOR and a fixed pay leg of 1.80%.

At the time the hedges identified in the table above expire, new hedges will begin summarized as follows (in thousands):

3-Month LIBOR		Cash & Securities		Period Hedged
Hedged Notional		Exposure Hedged		From	To
$	15,000	$	15,000	July 1, 2022	July 1, 2032
	25,000		25,000	February 2, 2023	February 2, 2033
	10,000		10,000	August 29, 2023	August 29, 2033

Each hedge layer identified in the table above has a variable receive leg of 3-month LIBOR and a fixed pay leg ranging from 0.92% to 0.95%.  

Beginning in 2020, the Company entered into three additional hedges summarized as follows (in thousands):

3-Month LIBOR		Cash & Securities		Period Hedged
Hedged Notional		Exposure Hedged		From	To
$	20,000	$	20,000	March 13, 2020	March 13, 2030
	35,000		35,000	May 6, 2020	May 6, 2027
	10,000		10,000	May 29, 2020	May 29, 2027