Derivatives Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative [Line Items]

Schedule of Fair Value Hedge Relationships in Balance Sheet

A summary of the Company’s fair value hedge relationships for the periods presented are as follows (dollars in thousands):

		Weighted
		Average
	Balance	Remaining	Weighted
	Sheet	Maturity	Average		Receive	Notional		Estimated
Asset/Liability derivatives	Location	(In Years)	Pay Rate		Rate	Amount		Fair Value
December 31, 2023:
Interest rate swap agreements - securities	Other liabilities	3.40	4.25	%	SOFR Overnight	$	27,050	$	(536)
December 31, 2022:
Interest rate swap agreements - securities	—	—	—	%	—	$	—	$	—

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):

	Year Ended
	December 31,
	2023		2022		2021
Total interest income	$	218,523	$	—	$	—
Effects of cash flow hedge relationships		(480)		—		—
Reported total interest income	$	218,043	$	—	$	—
Total interest expense	$	88,374	$	—	$	—
Effects of cash flow hedge relationships		(411)		—		—
Reported total interest expense	$	87,963	$	—	$	—

Schedule of Cash Flow Hedges

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

		December 31, 2023				December 31, 2022
	Balance Sheet	Notional		Estimated		Notional		Estimated
	Location	Amount		Fair Value		Amount		Fair Value
Cash flow hedges:
Assets	Other liabilities	$	100,000	$	(556)	$	100,000	$	(1,304)
Liabilities	Other liabilities	$	150,000	$	(881)	$	-	$	-
Liabilities	Other assets		25,000		7		-		-

Schedule of interest rate swaps related to loan hedging program

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

	December 31, 2023				December 31, 2022
		Notional		Estimated		Notional		Estimated
		Amount		Fair Value		Amount		Fair Value
Interest rate swap agreements:
Assets	$	294,133	$	12,813	$	216,656	$	11,834
Liabilities		294,133		(12,813)		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):

	Year Ended
	December 31,
	2023		2022		2021
Interest rate swap agreements	$	1,421	$	2,162	$	965

Fair Value Hedging [Member]

Derivative [Line Items]

Schedule of Hedge Relationships on Income Statement

The effects of the Company’s fair value hedge relationships reported in interest income on taxable and tax-exempt AFS securities on the consolidated income statement were as follows (in thousands):

	Year Ended
	December 31,
	2023		2022		2021
Interest income on taxable AFS securities	$	13,049	$	—	$	—
Effects of fair value hedge relationships		30		—		—
Reported interest income on taxable AFS securities	$	13,079	$	—	$	—
	Year Ended
	December 31,
	2023		2022		2021
Interest income on tax-exempt AFS securities	$	—	$	1,550	$	2,205
Effects of fair value hedge relationships		—		(336)		(1,050)
Reported interest income on tax-exempt AFS securities	$	—	$	1,214	$	1,155

	Year Ended
	December 31,
Gain (loss) on fair value hedging relationship	2023		2022
Interest rate swap agreements - securities:
Hedged items	$	(536)	$	—
Derivative designated as hedging instruments		536		—
Carry amount of hedged assets - mortgage backed securities		24,736		—

Cash Flow Hedging [Member]

Derivative [Line Items]

Schedule of Fair Value Hedge Relationships in Balance Sheet

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

		December 31, 2023				December 31, 2022
	Balance Sheet	Notional		Estimated		Notional		Estimated
	Location	Amount		Fair Value		Amount		Fair Value
Cash flow hedges:
Assets	Other liabilities	$	100,000	$	(556)	$	100,000	$	(1,304)
Liabilities	Other liabilities	$	150,000	$	(881)	$	-	$	-
Liabilities	Other assets		25,000		7		-		-

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	Location of Gain or (Loss) Recognized from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income
Year ended December 31, 2023
Interest rate swaps - Assets	$	(556)	Interest income	$	(480)
Interest rate swaps - Liabilities		(874)	Interest expense		411
Year ended December 31, 2022
Interest rate swaps - Assets	$	—	Interest income	$	—
Interest rate swaps - Liabilities		(1,304)	Interest expense		—
Year ended December 31, 2021
Interest rate swaps - Assets	$	—	Interest income	$	—
Interest rate swaps - Liabilities		—	Interest expense		—