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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
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, 2024December 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)2024202320242023
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, 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 counterparty91,8957,47594,4976,227
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)2024202320242023
Not designated as hedging instruments:
Gross gains$783 $1,703 $2,821 $4,440 
Gross losses(783)(1,703)(2,821)(4,440)
Net gains (losses)$— $— $— $—