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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of fair values of Company's derivative instrument assets and liabilities related to interest rate swap contracts | The interest rate swap agreements designated as cash flow hedges are summarized as follows:
| September 30, 2023 |  | December 31, 2022
(dollars in thousands) | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Fair value recorded in other assets | $ | 17,000 |  | $ | 514 |  | $ | 17,000 |  | $ | 629
Schedule of the effect of interest rate contracts designated as cash flow hedges on the consolidated statements of income | The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income are summarized as follows:
Location of gross gain (loss) reclassified from accumulated other comprehensive income (loss) to income |  | Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Designated as cash flow hedges: |  |
Junior subordinated debentures interest expense |  | $ | 131 |  | $ | (14) |  |  | $ | 334 |  | $ | (177) |
Summary of interest rate swap agreements not designated as hedging instruments | The interest rate swap agreements not designated as hedging instruments are summarized as follows:
| September 30, 2023 |  | December 31, 2022
(dollars in thousands) | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Fair value recorded in other assets: |  |  |  |  |  |  |
Interest rate swaps with a commercial borrower counterparty | $ | — |  | $ | — |  | $ | — |  | $ | —
Interest rate swaps with a financial institution counterparty | 101,612 |  | 9,674 |  | 106,995 |  | 6,981
Total fair value recorded in other assets | $ | 101,612 |  | $ | 9,674 |  | $ | 106,995 |  | $ | 6,981
Fair value recorded in other liabilities: |  |  |  |  |  |  |
Interest rate swaps with a commercial borrower counterparty | $ | 101,612 |  | $ | (9,674) |  |  | $ | 106,995 |  | $ | (6,981) |
Interest rate swaps with a financial institution counterparty | — |  | — |  | — |  | —
Total fair value recorded in other liabilities | $ | 101,612 |  | $ | (9,674) |  | $ | 106,995 |  | $ | (6,981)
Summary of the effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income | The effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income on the consolidated statements of income are summarized as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Not designated as hedging instruments: |
Gross gains | $ | 2,510 |  |  | $ | 5,209 |  |  | $ | 6,950 |  |  | $ | 15,303 |
Gross losses | (2,510) |  |  | (5,209) |  |  | (6,950) |  |  | (15,303) |
Net gains (losses) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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