Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Financial Instruments and Hedging Activities

Summary of Interest Rate Swaps

A summary of the Company’s outstanding interest rate swap agreements used to hedge variable rate debt at September 30, 2022 and December 31, 2021, respectively is as follows:

(In thousands, except percentages and years)	September 30, 2022			December 31, 2021
Notional amount	$	20,000		$	40,000
Fair value	$	1,598		$	408
Weighted average pay rate		0.83	%		0.98	%
Weighted average receive rate		1.75	%		0.19	%
Weighted average maturity in years		2.44			2.37
Number of contracts		1			2

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

	For the three months ended September 30,				For the nine months ended September 30,
(In thousands)	2022		2021		2022		2021
Gain recognized in OCI on derivatives	$	452	$	86	$	1,386	$	911