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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
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, 2021 and December 31, 2020:
| September 30, 2021 |  | December 31, 2020
| 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 | $ | — |  |  |  |  | $ | — |  |  | $ | 50,000 |  |  | Other liabilities |  | $ | (1,230) |
Total derivatives designated as hedging instruments |  |  |  |  | $ | — |  |  |  |  |  |  | $ | (1,230) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap - commercial borrower | $ | 32,462 |  |  | Other assets |  | $ | 277 |  |  | $ | 30,673 |  |  | Other assets |  | $ | 690 |
Interest rate swap - counterparty | 32,462 |  |  | Other liabilities |  | (269) |  |  | 30,673 |  |  | Other liabilities |  | (726) |
Risk participation | 15,855 |  |  | Other liabilities |  | (3) |  |  | — |  |  |  |  | — |
Interest rate lock commitments with customers | 22,025 |  |  | Other assets |  | 546 |  |  | 22,560 |  |  | Other assets |  | 673 |
Forward sale commitment | 6,198 |  |  | Other assets |  | 23 |  |  | 10,400 |  |  | Other liabilities |  | (61) |
Total derivatives not designated as hedging instruments |  |  |  |  | $ | 574 |  |  |  |  |  |  | $ | 576 |
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, 2021 and 2020:
| Amount of (Loss) Gain Recognized in OCI on Derivative |  | Amount of Gain (Loss) Recognized in OCI on Derivative
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | (183) |  |  | $ | 208 |  |  | $ | 473 |  |  | $ | (1,893) |
Total | $ | (183) |  |  | $ | 208 |  |  | $ | 473 |  |  | $ | (1,893) |
| Amount of Loss Reclassified from AOCI 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, |  |
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |
Interest rate products | $ | (581) |  |  | $ | (114) |  |  | $ | (757) |  |  | $ | (239) |  |  | Interest expense / Other operating expenses(1)
Total | $ | (581) |  |  | $ | (114) |  |  | $ | (757) |  |  | $ | (239) |  |  |
(1) Includes $514 thousand recorded to other operating expenses due to the loss from the termination of an interest rate swap designated as a cash flow hedge.
| 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, |  |
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate products | $ | 8 |  |  | $ | (4) |  |  | $ | 44 |  |  | $ | (21) |  |  | Other operating expenses
Risk participation agreement | 1 |  |  | — |  |  | (3) |  |  | — |  |  | Other operating expenses
Interest rate lock commitments with customers | 89 |  |  | 157 |  |  | (128) |  |  | 1,040 |  |  | Mortgage banking activities
Forward sale commitment | 1 |  |  | 71 |  |  | 84 |  |  | (126) |  |  | Mortgage banking activities
Total | $ | 99 |  |  | $ | 224 |  |  | $ | (3) |  |  | $ | 893 |  |  |
Summary of Interest Rate Swap Components | The following table is a summary of components for interest rate swaps designated as hedging at September 30, 2021 and December 31, 2020. During the three and nine months ended September 30, 2021, the Company terminated its interest rate derivative of $50.0 million.
| September 30, 2021 |  | December 31, 2020
Weighted average pay rate | — | % |  | 0.77 | %
Weighted average receive rate | — | % |  | 0.09 | %
Weighted average maturity in years | 0.0 |  | 4.2

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: 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=125515794&loc=SL5624171-113959 + Details
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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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5579240-113959 + Details
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