Derivatives |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Derivatives [Abstract] | |
Derivatives | 6. The Company utilizes interest rate swap agreements its interest rate by the individual interest rate swap agreements. Interest Rate Swaps Designated as a Cash Flow Hedge As of September 30, two $ 50 average 1.63 3.59 %, compound SOFR being received. As of December two $ 50 average 2.38 3.59 %, compound SOFR being received. The corresponding recognition losses are realized. Interest Rate Swaps Designated as Fair Value During the quarter four aggregate amount 200 and asset-liability management strategies. The early 3.7 termination fees straight-line basis with full recognition of the unamortized the termination fee fair maturity of 1.51 Interest Rate Swaps The Company enters into interest rate swaps with its loan customers. The Company had 39 20 with 143.8 46.5 December 31, 2023, respectively. Company derivatives requires the Company to as other assets under qualify as hedges for accounting purposes. The following table reflects the Company’s Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability September 30, 2024: Derivatives designated as cash flow hedges: Interest rate swaps $ 50,000 $ - Other assets $ 18 $ - Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 143,801 $ 4,886 Other assets/Other liabilities $ 7,695 $ 7,695 December 31, 2023: Derivatives designated as cash flow hedges: Interest rate swaps $ 50,000 $ - Other assets $ 334 $ - Derivatives designated as fair value hedges: Interest rate swaps $ 200,000 $ - Other liabilities $ - $ 3,430 Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 46,463 $ 1,326 Other assets/Other liabilities $ 4,558 $ 4,558 |