Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022, respectively is as follows:

(In thousands, except percentages and years)	June 30, 2023			December 31, 2022
Notional amount	$	20,000		$	20,000
Fair value	$	1,402		$	1,537
Weighted average pay rate		0.83	%		0.83	%
Weighted average receive rate		5.14	%		1.50	%
Weighted average maturity in years		1.70			2.57
Number of contracts		1			1

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

	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2023		2022		2023		2022
Gain (Loss) recognized in OCI	$	100	$	(735)	$	(135)	$	738
Gain reclassified from AOCI into net income	$	219	$	—	$	418	$	—