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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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- Definition

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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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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-Section 50
-Paragraph 4CC
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC

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