Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, not designated as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:


Derivatives Not Designated as Hedging Instruments - Interest Rate Swap Agreements
	June 30, 2025		December 31, 2024
Fair value adjustment included in other assets	$	3,995	$	5,520
Fair value adjustment included in other liabilities	3,995		5,520
Notional amount	128,224		104,897

The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, designed as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:


Derivatives Designated as Hedging Instruments - Fair Value Agreements
	June 30, 2025		December 31, 2024
Fair value adjustment included in other assets	$	—	$	—
Fair value adjustment included in other liabilities	3,274		2,263
Notional amount	300,000		300,000

The following table represents the carrying value of the PLM hedged assets and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset:


Derivatives Designated as Hedging Instruments - Fair Value Swap Agreements
	June 30, 2025		December 31, 2024
Carrying Value of Portfolio Layer Method Hedged Asset	$	303,243	$	302,234
Cumulative Fair Value Hedging Adjustment	3,243		2,234

Derivative Instruments, Gain (Loss)

The following table summarizes the effect of the fair value hedging relationship recognized on the unaudited interim consolidated statement of income:


Derivatives Designated as Hedging Instruments - Fair Value Agreements
	Six Months Ended		Six Months Ended
	June 30, 2025		June 30, 2024
Hedged Asset	$	3,243	$	366
Fair value derivative designated as hedging instrument	(3,274)		(392)
Cumulative (loss) gain recognized in the consolidated statements of income with interest and fees on loans	(31)		(26)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table indicates the effect of cash flow hedge accounting on accumulated other comprehensive income (“AOCI”) and on the consolidated statement of income.


Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Fair value adjustment included in other assets	$	551	$	—	$	551	$	—
Amount of (loss) gain recognized in AOCI	(91)		—		(682)		—
Amount of gain reclassified from AOCI interest expense	337		—		524		—

The following table indicates the effect of cash flow hedge accounting on AOCI and on the consolidated statement of income.


Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Fair value adjustment included in other liabilities	$	1,639	$	352	$	1,639	$	352
Amount of (loss) gain recognized in AOCI	(38)		906		(738)		3,974
Amount of gain reclassified from AOCI interest expense	21		457		47		912

The following table indicates the effect of cash flow hedge accounting on AOCI and on the consolidated statement of income.


Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements
	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Fair value adjustment included in other assets	$	4,623	$	5,409	$	4,623	$	5,409
Amount of (loss) recognized in AOCI	(78)		(226)		(342)		$	(73)
Amount of gain (loss) reclassified from AOCI to interest expense	200		(242)		417		(484)