Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income

The following table summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income for the three and nine months ended September 30, 2024.

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024		2024
	(in thousands)
Hedged asset	$	61	$	61
Fair value derivative designated as hedging instrument		7		7
Total gain recognized in the consolidated statement of income within interest and fees on loans	$	68	$	68

Summary the carrying value of the portfolio layer method hedged assets and cumulative fair value hedging adjustment

The following table represents the carrying value of the portfolio layer method hedged asset and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset as of September 30, 2024.

	September 30, 2024
	Carrying Amount of Hedged Asset		Cumulative Amount of Fair Value Adjustment
	(in thousands)
Loans receivable (1)	$	35,279	$	279

Summarize Key Elements of Derivative Instruments

The following tables summarize key elements of the Company's derivative instruments at September 30, 2024 and December 31, 2023.

	September 30, 2024
	Notional Amount		Assets		Liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Fair value swap	$	35,000	$	—	$	272
Derivatives not designated as hedging instruments:
Customer-related interest rate swap contracts:
Matched interest rate swaps with borrower	$	40,347	$	701	$	506
Matched interest rate swaps with counterparty		40,347		506		701
	December 31, 2023
	Notional Amount		Assets		Liabilities
	(in thousands)
Derivatives not designated as hedging instruments:
Customer-related interest rate swap contracts:
Matched interest rate swaps with borrower	$	41,051	$	844	$	621
Matched interest rate swaps with counterparty		41,051		621		844