Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of carrying value of hedged asset and cumulative fair value hedging adjustment

	September 30, 2023				December 31, 2022
(dollars in thousands)	Carrying Amount		Hedged Asset		Carrying Amount		Hedged Asset
Fixed Rate Asset1	$	206,250	$	6,250	$	-	$	-

¹ These amounts included the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of the assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of September 30, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $729.5 million, the cumulative basis adjustment associated with this hedging relationship was $6.3 million, and the amount of the designated hedged item was $200.0 million.

Schedule of outstanding financial derivative instruments

				September 30, 2023
				Fair Value
(dollars in thousands)	Notional		Balance Sheet Location	Asset/(Liability)
Derivatives designated as hedging instruments:
Fair value swap	$	200,000	Other assets	$	6,250
Derivatives not designated as hedging instruments:
Mortgage loan interest rate lock commitments		16,401	Other assets		160
MBS forward sales commitments		10,000	Other assets		38
Total derivative financial instruments	$	226,401		$	6,448

				December 31, 2022
				Fair Value
(dollars in thousands)	Notional		Balance Sheet Location	Asset/(Liability)
Derivatives not designated as hedging instruments:
Mortgage loan interest rate lock commitments	$	6,793	Other assets	$	49
MBS forward sales commitments		5,750	Other assets		27
Total derivative financial instruments	$	12,543		$	76

Schedule of summarize the effect of fair value hedging relationship recognized in consolidated statement of income

	Three months ended September 30,					Nine months ended September 30,
(dollars in thousands)	2023			2022		2023			2022
Gain (loss) on fair value hedging relationship:
Hedged asset	$	3,500			-		6,250			-
Fair value derivative designated as hedging instrument		(3,501	)		-		(6,285	)		-
Total gain (loss) recognized in interest income on loans	$	(1	)		-		(35	)		-