Derivatives Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31,
	2024		2023
Total interest income	$	59,987	$	53,184
Effects of cash flow hedge relationships		(204)		(6)
Reported total interest income	$	59,783	$	53,178
Total interest expense	$	28,304	$	17,196
Effects of cash flow hedge relationships		(242)		—
Reported total interest expense	$	28,062	$	17,196

Schedule of interest rate swaps related to loan hedging program

At March 31, 2024 and December 31, 2023, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table (in thousands):

	March 31, 2024				December 31, 2023
		Notional		Estimated		Notional		Estimated
		Amount		Fair Value		Amount		Fair Value
Interest rate swap agreements:
Assets	$	289,187	$	12,651	$	294,133	$	12,813
Liabilities		289,187		(12,651)		294,133		(12,813)

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
	March 31,
	2024		2023
Interest rate swap agreements	$	113	$	338

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

Derivative [Line Items]

Schedule of Hedge Relationships on Income Statement

		Weighted
		Average
	Balance	Remaining	Weighted
	Sheet	Maturity	Average		Receive	Notional		Estimated
Asset/Liability derivatives	Location	(In Years)	Pay Rate		Rate	Amount		Fair Value
March 31, 2024:
Interest rate swap agreements - securities	Other assets	3.38	4.24	%	SOFR Overnight	$	26,457	$	91
Interest rate swap agreements - securities	Other liabilities	1.96	4.28	%	SOFR Overnight	$	22,050	$	(100)
December 31, 2023:
Interest rate swap agreements - securities	Other liabilities	3.40	4.25	%	SOFR Overnight	$	27,050	$	(536)

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

	Three Months Ended		Three Months Ended
	March 31,		March 31,
	2024		2023
Interest income on taxable AFS securities	$	4,442	$	3,651
Effects of fair value hedge relationships		106		—
Reported interest income on taxable AFS securities	$	4,548	$	3,651

	Three Months Ended		Three Months Ended
	March 31,		March 31,
Gain (loss) on fair value hedging relationship	2024		2023
Interest rate swap agreements - securities:
Hedged items	$	(9)	$	—
Derivative designated as hedging instruments		9		—
Carry amount of hedged assets - mortgage backed securities		48,507		—

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

Derivative [Line Items]

Schedule of Fair Value Hedge Relationships in Balance Sheet

At March 31, 2024 and December 31, 2023, cash flow hedges are as follows (in thousands):

	March 31, 2024					December 31, 2023
	Balance Sheet	Notional		Estimated		Balance Sheet	Notional		Estimated
	Location	Amount		Fair Value		Location	Amount		Fair Value
Cash flow hedges:
Assets	Other liabilities	$	100,000	$	(1,121)	Other liabilities	$	100,000	$	(556)
Liabilities	Other assets		150,000		207	Other liabilities		150,000		(881)
Liabilities	Other liabilities		25,000		(18)	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
Three Months Ended March 31, 2024
Interest rate swaps - Assets	$	(1,121)	Interest income	$	(204)
Interest rate swaps - Liabilities		189	Interest expense		(242)
Three Months Ended March 31, 2023
Interest rate swaps - Assets	$	(581)	Interest income	$	(6)
Interest rate swaps - Liabilities		—	Interest expense		—