Derivative Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
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| Derivative Financial Instruments [Abstract] |
|
| 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 June 30, 2025, and December 31,
2024.
| | |
June 30, 2025 | | |
December 31, 2024 | |
| ($ in thousands) | |
Notional | | |
Fair | | |
Notional | | |
Fair | |
| | |
Amount | | |
Value | | |
Amount | | |
Value | |
| Asset Derivatives | |
| | |
| | |
| | |
| |
| Derivatives not designated as hedging instruments | |
| | |
| | |
| | |
| |
| Interest rate swaps associated with loans | |
$ | 96,374 | | |
$ | 1,852 | | |
$ | 79,235 | | |
$ | 4,029 | |
| Forward contracts | |
| 16,077 | | |
| 96 | | |
| 11,000 | | |
| 69 | |
| Total contracts | |
$ | 112,451 | | |
$ | 1,948 | | |
$ | 90,235 | | |
$ | 4,098 | |
| | |
| | | |
| | | |
| | | |
| | |
| Liability Derivatives | |
| | | |
| | | |
| | | |
| | |
| Derivatives not designated as hedging instruments | |
| | | |
| | | |
| | | |
| | |
| Interest rate swaps associated with loans | |
$ | 96,374 | | |
$ | (1,852 | ) | |
$ | 79,235 | | |
$ | (4,029 | ) |
| IRLCs | |
| 25,000 | | |
| (188 | ) | |
| 7,412 | | |
| (21 | ) |
| Total contracts | |
$ | 121,374 | | |
$ | (2,040 | ) | |
$ | 86,647 | | |
$ | (4,050 | ) |
|
| 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 and six months ended June 30,
2025, and 2024.
| | | | | Three Months Ended
June 30, | | | Six Months Ended
June 30, | | | ($ in thousands) | | Statement of income classification | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | Interest rate swap contracts | | Other income | | $ | 135 | | | $ | - | | | $ | 242 | | | $ | - | | | IRLCs | | Gain on sale of mortgage loans & OMSR | | | (185 | ) | | | (39 | ) | | | (167 | ) | | | (30 | ) | | Forward contracts | | Gain on sale of mortgage loans & OMSR | | | 71 | | | | 69 | | | | 27 | | | | 77 | |
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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 June 30, 2025, and at December 31, 2024.
| | |
Gross
amounts of | | |
Gross
amounts
offset in the | | |
Net
amounts of assets
presented
in the | | |
Gross
amounts not offset in the consolidated balance sheet | | |
| |
| ($
in thousands) | |
recognized
assets | | |
consolidated
balance sheet | | |
consolidated
balance sheet | | |
Financial
instruments | | |
Cash
collateral
received | | |
Net
amount | |
| June
30, 2025 | |
| | |
| | |
| | |
| | |
| | |
| |
| Interest
rate swaps | |
$ | 2,827 | | |
$ | 975 | | |
$ | 1,852 | | |
$ | - | | |
$ | 1,780 | | |
$ | 72 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| December 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
rate swaps | |
$ | 4,172 | | |
$ | 143 | | |
$ | 4,029 | | |
$ | - | | |
$ | 3,130 | | |
$ | 899 | |
|
| 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 June 30, 2025, and at December 31, 2024.
| | |
Gross
amounts of | | |
Gross
amounts
offset in the | | |
Net
amounts of liabilities
presented
in the | | |
Gross
amounts not offset in the consolidated balance sheet | | |
| |
| ($
in thousands) | |
recognized
liabilities | | |
consolidated
balance sheet | | |
consolidated
balance sheet | | |
Financial
instruments | | |
Cash
collateral
pledged | | |
Net
amount | |
| June 30, 2025 | |
| | |
| | |
| | |
| | |
| | |
| |
| Interest
rate swaps | |
$ | 2,827 | | |
$ | 975 | | |
$ | 1,852 | | |
$ | - | | |
$ | - | | |
$ | 1,852 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| December 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
rate swaps | |
$ | 4,172 | | |
$ | 143 | | |
$ | 4,029 | | |
$ | - | | |
$ | - | | |
$ | 4,029 | |
|