Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

	June 30, 2024				December 31, 2023
(dollars in thousands)	Carrying Amount		Hedged Asset		Carrying Amount		Hedged Liability
Fixed Rate Asset/Liability1	$	203,986	$	3,986	$	199,518	$	482

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 June 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $694.1 million, the cumulative basis adjustment associated with this hedging relationship was $4.0 million, and the amount of the designated hedged item was $200.0 million.

Schedule of outstanding financial derivative instruments

				June 30, 2024
				Fair Value
(dollars in thousands)	Notional		Balance Sheet Location	Asset/(Liability)
Derivatives designated as hedging instruments:
Fair value swap	$	200,000	Other assets	$	3,986
Derivatives not designated as hedging instruments:
Mortgage loan interest rate lock commitments		21,923	Other assets		253
MBS forward sales commitments		15,000	Other assets		21
Total derivative financial instruments	$	236,923		$	4,260
				December 31, 2023
				Fair Value
(dollars in thousands)	Notional		Balance Sheet Location	Asset/(Liability)
Derivatives designated as hedging instruments:
Fair value swap	$	200,000	Other liabilities	$	(482	)
Derivatives not designated as hedging instruments:
Mortgage loan interest rate lock commitments		12,973	Other assets		159
MBS forward sales commitments		10,000	Other liabilities		(68	)
Total derivative financial instruments	$	222,973		$	(391	)

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

	Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2024			2023			2024			2023
Gain (loss) on fair value hedging relationship:
Hedged asset	$	3,986			2,750		$	3,986			2,750
Fair value derivative designated as hedging instrument		(3,947	)		(2,784	)		(3,997	)		(2,784	)
Total gain (loss) recognized in interest income on loans	$	39			(34	)	$	(11	)		(34	)