Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Derivative Financial Instruments [Abstract] |
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| Schedule of Notional Amount and Fair Value of the Company’s Interest Rate Swaps |
The table below presents the notional amount and
fair value of the Company’s interest rate swaps, IRLCs and forward contracts utilized as of March 31, 2025, and December 31, 2024.
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March 31, 2025 | | |
December 31, 2024 | |
| ($ in thousands) | |
Notional | | |
Fair | | |
Notional | | |
Fair | |
| | |
Amount | | |
Value | | |
Amount | | |
Value | |
| Asset Derivatives | |
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| Derivatives not designated as hedging instruments | |
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| Interest rate swaps associated with loans | |
$ | 86,247 | | |
$ | 2,756 | | |
$ | 79,235 | | |
$ | 4,029 | |
| Forward contracts | |
| 18,767 | | |
| 25 | | |
| 11,000 | | |
| 69 | |
| Total contracts | |
$ | 105,014 | | |
$ | 2,781 | | |
$ | 90,235 | | |
$ | 4,098 | |
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| Liability Derivatives | |
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| Derivatives not designated as hedging instruments | |
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| Interest rate swaps associated with loans | |
$ | 86,247 | | |
$ | (2,756 | ) | |
$ | 79,235 | | |
$ | (4,029 | ) |
| IRLCs | |
| 21,500 | | |
| (3 | ) | |
| 7,412 | | |
| (21 | ) |
| Total contracts | |
$ | 107,747 | | |
$ | (2,759 | ) | |
$ | 86,647 | | |
$ | (4,050 | ) |
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| Schedule of Consolidated Statements of Income for Non-Hedging Derivative Financial Instruments |
The following table presents the amounts included
in the consolidated statements of income for non-hedging derivative financial instruments for the three months ended March 31, 2025, and
2024.
| | | | | Three Months Ended
March 31, | | | ($ in thousands) | | Statement of income classification | | 2025 | | | 2024 | | | Interest rate swap contracts | | Other income | | $ | 107 | | | $ | - | | | IRLCs | | Gain on sale of mortgage loans & OMSR | | | 18 | | | | 9 | | | Forward contracts | | Gain on sale of mortgage loans & OMSR | | | (44 | ) | | | 8 | |
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| Schedule of Table Shows the Offsetting of Financial Assets and Derivative Assets |
The following table shows the offsetting of financial assets and derivative assets at March 31, 2025, and at December 31, 2024.
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| | |
Gross amounts | | |
Net amounts of assets | | |
Gross amounts not offset in the
consolidated balance sheet | | |
| |
| ($ in thousands) | |
Gross amounts of recognized assets | | |
offset in the consolidated balance sheet | | |
presented in the consolidated balance sheet | | |
Financial instruments | | |
Cash collateral received | | |
Net amount | |
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| March 31, 2025 | |
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| Interest rate swaps | |
$ | 3,323 | | |
$ | 567 | | |
$ | 2,756 | | |
$ | - | | |
$ | 2,710 | | |
$ | 46 | |
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| December 31, 2024 | |
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| Interest rate swaps | |
$ | 4,172 | | |
$ | 143 | | |
$ | 4,029 | | |
$ | - | | |
$ | 3,130 | | |
$ | 899 | |
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| Schedule of Table Shows the Offsetting of Financial Liabilities and Derivative Liabilities |
The following table shows the offsetting of financial liabilities and derivative liabilities at March 31, 2025, and at December 31, 2024.
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| | |
Gross amounts | | |
Net amounts of liabilities | | |
Gross amounts not offset in the consolidated balance sheet | | |
| |
| ($ in thousands) | |
Gross amounts of recognized liabilities | | |
offset in the consolidated balance sheet | | |
presented in the consolidated balance sheet | | |
Financial instruments | | |
Cash collateral pledged | | |
Net amount | |
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| March 31, 2025 | |
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| Interest rate swaps | |
$ | 3,323 | | |
$ | 567 | | |
$ | 2,756 | | |
$ | - | | |
$ | - | | |
$ | 2,756 | |
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| December 31, 2024 | |
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| Interest rate swaps | |
$ | 4,172 | | |
$ | 143 | | |
$ | 4,029 | | |
$ | - | | |
$ | - | | |
$ | 4,029 | |
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