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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
(dollars in thousands)Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Fair value recorded in other assets$17,000$254$17,000$322
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
March 31,
(dollars in thousands)20242023
Designated as cash flow hedges:
Junior subordinated debentures interest expense$132$94 
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:
March 31, 2024December 31, 2023
(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 counterparty93,1997,50794,4976,227
Total fair value recorded in other assets$93,199$7,507$94,497$6,227
Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty$93,199$(7,507)$94,497$(6,227)
Interest rate swaps with a financial institution counterparty
Total fair value recorded in other liabilities$93,199$(7,507)$94,497$(6,227)
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
March 31,
(dollars in thousands)20242023
Not designated as hedging instruments:
Gross gains$2,038 $2,737 
Gross losses(2,038)(2,737)
Net gains (losses)$— $—