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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 were as follows:
| June 30, 2024 |  | December 31, 2023
(dollars in thousands) | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Fair value recorded in other assets | $ | 7,000 |  | $ | 150 |  | $ | 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 was 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) |  | Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |
Junior subordinated debentures interest expense |  | $ | 118 |  | $ | 109 |  |  | $ | 250 |  | $ | 203 |  |  |
Summary of interest rate swap agreements not designated as hedging instruments | The interest rate swap agreements not designated as hedging instruments were as follows:
| June 30, 2024 |  | December 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 counterparty | 91,895 |  | 7,475 |  | 94,497 |  | 6,227
Total fair value recorded in other assets | $ | 91,895 |  | $ | 7,475 |  | $ | 94,497 |  | $ | 6,227
Fair value recorded in other liabilities: |  |  |  |  |  |  |
Interest rate swaps with a commercial borrower counterparty | $ | 91,895 |  | $ | (7,475) |  |  | $ | 94,497 |  | $ | (6,227) |
Interest rate swaps with a financial institution counterparty | — |  | — |  | — |  | —
Total fair value recorded in other liabilities | $ | 91,895 |  | $ | (7,475) |  | $ | 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 was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Not designated as hedging instruments: |
Gross gains | $ | 783 |  |  | $ | 1,703 |  |  | $ | 2,821 |  |  | $ | 4,440 |  |  |
Gross losses | (783) |  |  | (1,703) |  |  | (2,821) |  |  | (4,440) |  |  |
Net gains (losses) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |

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