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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The following table summarizes the fair value of the Company's derivative instruments at September 30, 2020 and December 31, 2019:
| September 30, 2020 |  | December 31, 2019
| Notional Amount |  | Balance Sheet Location |  | Fair Value |  | Notional Amount |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps - balance sheet hedge | $ | 100,000 |  |  | Other liabilities |  | $ | (1,657) |  |  | $ | — |  |  |  |  | $ | — |
Total derivatives designated as hedging instruments |  |  |  |  | $ | (1,657) |  |  |  |  |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap - commercial borrower | $ | 11,901 |  |  | Other assets |  | $ | 347 |  |  | $ | — |  |  |  |  | $ | — |
Interest rate swap - counterparty | 11,901 |  |  | Other liabilities |  | (368) |  |  | — |  |  |  |  | — |
Interest Rate lock commitments with customers | 33,560 |  |  | Other assets |  | 1,143 |  |  | 4,408 |  |  | Other assets |  | 103 |
Forward sale commitment | 11,699 |  |  | Other assets |  | 17 |  |  | 8,969 |  |  | Other assets |  | 1 |
Total derivatives not designated as hedging instruments |  |  |  |  | $ | 1,139 |  |  |  |  |  |  | $ | 104 |
Effect of Derivative Financial Instruments on OCI and Net Income | The following tables summarize the effect of the Company's derivative financial instruments on OCI and net income for the three and nine months ended September 30, 2020 and 2019:
| Amount of Gain Recognized in OCI on Derivative |  | Amount of Loss Recognized in OCI on Derivative
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | 208 |  |  | $ | — |  |  | $ | (1,893) |  |  | $ | — |
Total | $ | 208 |  |  | $ | — |  |  | $ | (1,893) |  |  | $ | — |
| Amount of Loss Reclassified from Accumulated OCI into Income |  | Amount of Loss Reclassified from AOCI into Income |  | Location of Loss Recognized from AOCI into Income
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |
Interest rate products | $ | (114) |  |  | $ | — |  |  | $ | (239) |  |  | $ | — |  |  | Interest expense
Total | $ | (114) |  |  | $ | — |  |  | $ | (239) |  |  | $ | — |  |  |
| Amount of Gain (Loss) Recognized in Income |  | Amount of Gain (Loss) Recognized in Income |  | Location of Gain (Loss) Recognized in Income
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate products | $ | (4) |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |  |  | Other operating expenses
Interest rate lock commitments with customers | 157 |  |  | — |  |  | 1,040 |  |  | — |  |  | Mortgage banking activities
Forward sale commitment | 71 |  |  | — |  |  | (126) |  |  | — |  |  | Mortgage banking activities
Total | $ | 224 |  |  | $ | — |  |  | $ | 893 |  |  | $ | — |  |  |
Summary of Interest Rate Swap Components | The following table is a summary of interest rate swap components at September 30, 2020 and December 31, 2019:
| September 30, 2020 |  | December 31, 2019
Weighted average pay rate | 0.54 | % |  | — | %
Weighted average receive rate | 0.80 | % |  | — | %
Weighted average maturity in years | 5.5 |  | —

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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