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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

DERIVATIVE FINANCIAL INSTRUMENTS

Summary of fair values of Company’s derivative instrument assets and liabilities related to interest rate swap contracts

		December 31, 2020						December 31, 2019
		Notional			Fair			Notional			Fair
		Amount			Value			Amount			Value
		(dollars in thousands)
Fair value recorded in other liabilities		$	17,000		$	(1,458)		$	17,000		$	(676)

Schedule of the effect of interest rate contracts designated as cash flow hedges on the consolidated statements of income

Location of gross gain (loss) reclassified		Amounts of gross gain (loss)
from accumulated other		reclassified from accumulated
comprehensive income to income		other comprehensive income
		Year Ended December 31,
		2020			2019			2018
Designated as cash flow hedges:		(dollars in thousands)
Taxable loan interest income		$	64		$	116		$	175
Junior subordinated debentures interest expense			(302)			(29)			—
Total		$	(238)		$	87		$	175

Summary of interest rate swap agreements not designated as hedging instruments

		December 31, 2020						December 31, 2019
		Notional			Fair			Notional			Fair
		Amount			Value			Amount			Value
		(dollars in thousands)
Fair value recorded in other assets:
Interest rate swaps with a commercial borrower counterparty		$	122,313		$	15,360		$	114,140		$	8,532
Interest rate swaps with a financial institution counterparty			—			—			24,216			110
Total fair value recorded in other assets		$	122,313		$	15,360		$	138,356		$	8,642
Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty		$	—		$	—		$	24,216		$	(110)
Interest rate swaps with a financial institution counterparty			122,313			(15,360)			114,140			(8,532)
Total fair value recorded in other liabilities		$	122,313		$	(15,360)		$	138,356		$	(8,642)

Summary of the effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income

		Year Ended December 31,
		2020			2019			2018
Not designated as hedging instruments:		(dollars in thousands)
Gross gains		$	24,758		$	13,537		$	1,758
Gross losses			(24,758)			(13,500)			(1,758)
Net gains		$	—		$	37		$	—

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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