v3.26.1
Derivatives (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income

The following table summarizes the effect of the fair value hedging relationship recognized in the Consolidated Statements of Operations for the three months ended March 31, 2026.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Hedged asset

 

$

(17

)

 

$

42

 

Fair value derivative designated as hedging instrument

 

 

(1

)

 

 

2

 

Total (loss) gain recognized in the consolidated statement of operations within interest and fees on loans

 

$

(18

)

 

$

44

 

Summary the carrying value of the portfolio layer method hedged assets and cumulative fair value hedging adjustment

The following table represents the carrying value of the portfolio layer method hedged asset and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset as of March 31, 2026 and December 31, 2025.

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Carrying Amount of Hedged Asset

 

 

Cumulative Amount of Fair Value Adjustment

 

 

Carrying Amount of Hedged Asset

 

 

Cumulative Amount of Fair Value Adjustment

 

 

 

(in thousands)

 

Loans receivable (1)

 

$

35,056

 

 

$

56

 

 

$

35,105

 

 

$

105

 

(1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the hedged period. As of March 31, 2026, the amortized cost basis of the closed portfolio used in this hedging relationship was $450.5 million and the cumulative basis adjustment associated with this hedging relationship was $56 thousand. At March 31, 2026, the amount of the designated hedged item was $35.0 million.

Summarize Key Elements of Derivative Instruments

The following tables summarize key elements of the Company's derivative instruments at March 31, 2026 and December 31, 2025.

 

 

March 31, 2026

 

 

 

Notional Amount

 

 

Assets

 

 

Liabilities

 

 

 

(in thousands)

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Fair value swap

 

$

35,000

 

 

$

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Customer-related interest rate swap contracts:

 

 

 

 

 

 

 

 

 

Matched interest rate swaps with borrower

 

$

40,743

 

 

$

396

 

 

$

411

 

Matched interest rate swaps with counterparty

 

 

40,743

 

 

 

411

 

 

 

396

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Notional Amount

 

 

Assets

 

 

Liabilities

 

 

 

(in thousands)

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Fair value swap

 

$

35,000

 

 

$

 

 

$

75

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Customer-related interest rate swap contracts:

 

 

 

 

 

 

 

 

 

Matched interest rate swaps with borrower

 

$

40,980

 

 

$

643

 

 

$

387

 

Matched interest rate swaps with counterparty

 

 

40,980

 

 

 

387

 

 

 

643