Derivatives Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative [Line Items]

Schedule of Hedge Relationships on Income Statement

The following table presents the effect of fair value and cash flow hedge accounting on the income statement (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Total interest income	$	52,190	$	—	$	105,376	$	—
Effects of cash flow hedge relationships		(96)		—		(103)		—
Reported total interest income	$	52,094	$	—	$	105,273	$	—
Total interest expense	$	20,527	$	—	$	37,724	$	—
Effects of cash flow hedge relationships		(8)		—		(8)		—
Reported total interest expense	$	20,519	$	—	$	37,716	$	—

Schedule of interest rate swaps related to loan hedging program

At June 30, 2023 and December 31, 2022, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table (in thousands):

	June 30, 2023				December 31, 2022
		Notional		Estimated		Notional		Estimated
		Amount		Fair Value		Amount		Fair Value
Interest rate swap agreements:
Assets	$	271,305	$	10,998	$	216,656	$	11,834
Liabilities		271,305		(10,998)		216,656		(11,834)

Schedule of interest rate swap to facilitate customer's transactions

The Company establishes limits and monitors exposures for customer swap positions.  Any fees received to enter the swap agreements at inception are recognized in earnings when received and is included in noninterest income.  Such fees were as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Interest rate swap agreements	$	158	$	876	$	497	$	1,396

Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]

Derivative [Line Items]

Schedule of Hedge Relationships on Income Statement

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022		2022
Interest income on tax-exempt securities	$	387	$	780
Effects of fair value hedge relationships		(190)		(444)
Reported interest income on tax-exempt securities	$	197	$	336

	Three Months Ended		Six Months Ended
	June 30,		June 30,
Gain (loss) on fair value hedging relationship	2022		2022
Interest rate swap agreements – securities:
Hedged items	$	1,662	$	(3,511)
Derivative designated as hedging instruments		(1,662)		3,511
Carry amount of hedged assets – securities available-for-sale		37,977		37,977

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]

Derivative [Line Items]

Schedule of Fair Value Hedge Relationships in Balance Sheet

At June 30, 2023 and December 31, 2022, cash flow hedges are as follows (in thousands):

		June 30, 2023				December 31, 2022
	Balance Sheet	Notional		Estimated		Notional		Estimated
	Location	Amount		Fair Value		Amount		Fair Value
Cash flow hedges:
Assets	Other assets	$	25,000	$	113	$	-	$	-
Liabilities	Other liabilities		100,000		(1,780)		100,000		(1,304)

Schedule of Hedge Relationships on AOCI

The following table presents the effect of fair value and cash flow hedge accounting on AOCI (in thousands):

Derivatives in cash flow hedging relationships:		Amount of Gain (Loss) Recognized on OCI on Derivative		Amount of Gain or (Loss) Recognized from OCI Included	Location of Gain or (Loss) Recognized from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component
Three months ended June 30, 2023
Interest rate swaps – Assets	$	(1,152)	$	(1,152)	Interest income	$	(96)	$	(96)
Interest rate swaps – Liabilities		113		113	Interest expense		(8)		(8)
Three months ended June 30, 2022
Interest rate swaps – Assets	$	—	$	—	—	$	—	$	—
Interest rate swaps – Liabilities		—		—	—		—		—
Six months ended June 30, 2023
Interest rate swaps – Assets	$	(1,733)	$	(1,733)	Interest income	$	(103)	$	(103)
Interest rate swaps – Liabilities		113		113	Interest expense		(8)		(8)
Six months ended June 30, 2022
Interest rate swaps – Assets	$	—	$	—	—	$	—	$	—
Interest rate swaps – Liabilities		—		—	—		—		—