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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022 and December 31, 2021:
| September 30, 2022 |  | December 31, 2021
| 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 |  | $ | (562) |  |  | $ | — |  |  |  |  | $ | — |
Total derivatives designated as hedging instruments |  |  |  |  | $ | (562) |  |  |  |  |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 103,206 |  |  | Other assets |  | $ | 10,987 |  |  | $ | 37,915 |  |  | Other assets |  | $ | 764 |
Interest rate swaps | 103,206 |  |  | Other liabilities |  | (10,672) |  |  | 37,915 |  |  | Other liabilities |  | (758) |
Risk participation - sold credit protection | 15,855 |  |  | Other liabilities |  | — |  |  | 15,855 |  |  | Other liabilities |  | (2) |
Risk participation - purchased credit protection | 4,966 |  |  | Other assets |  | 17 |  |  | — |  |  | Not applicable |  | — |
Interest rate lock commitments with customers | 3,516 |  |  | Other assets |  | 88 |  |  | 16,604 |  |  | Other assets |  | 353 |
Forward sale commitments | 1,997 |  |  | Other assets |  | 73 |  |  | 8,665 |  |  | Other assets |  | 52 |
Total derivatives not designated as hedging instruments |  |  |  |  | $ | 493 |  |  |  |  |  |  | $ | 409 |
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, 2022 and 2021:
| Amount of Loss Recognized in OCI on Derivative |  | Amount of (Loss) Gain Recognized in OCI on Derivative
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | (562) |  |  | $ | (183) |  |  | $ | (562) |  |  | $ | 473 |
Total | $ | (562) |  |  | $ | (183) |  |  | $ | (562) |  |  | $ | 473 |
| 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, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | — |  |  | $ | (581) |  |  | $ | — |  |  | $ | (757) |  |  | Interest Income (1) / Interest Expense (2)
Total | $ | — |  |  | $ | (581) |  |  | $ | — |  |  | $ | (757) |  |  |
(1) For interest rate swaps designated as cash flow hedges entered into during the three and nine months ended September 30, 2022, the a mount of loss reclassified from AOCI will be recorded to other income in the unaudited condensed consolidated statements of income. (2) During the three and nine months ended September 30, 2021, the Company terminated its interest rate swap designated as a hedging instrument with a notional value of $50.0 million. The Company recorded a $514 thousand loss in other operating expenses in the unaudited condensed consolidated statements of income.
| Amount of (Loss) Gain 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, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate products | $ | 179 |  |  | $ | 8 |  |  | $ | 309 |  |  | $ | 44 |  |  | Other operating expenses
Risk participation agreements | (11) |  |  | 1 |  |  | 19 |  |  | (3) |  |  | Other operating expenses
Interest rate lock commitments with customers | (99) |  |  | 89 |  |  | (265) |  |  | (128) |  |  | Mortgage banking activities
Forward sale commitments | (610) |  |  | 1 |  |  | 21 |  |  | 84 |  |  | Mortgage banking activities
Total | $ | (540) |  |  | $ | 99 |  |  | $ | 84 |  |  | $ | (3) |  |  |
Summary of Interest Rate Swap Components | The following table is a summary of components for interest rate swaps designated as cash flow hedges at September 30, 2022. At September 30, 2022, the Company had two interest rate derivatives designated as cash flow hedges with a total notional value of $100.0 million.
| September 30, 2022 |  |
Weighted average pay rate | 2.86 | % |  |
Weighted average receive rate | 3.81 | % |  |
Weighted average maturity in years | 1.5 |  |

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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