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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Notional AmountBalance Sheet LocationFair ValueNotional AmountBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate swaps - balance sheet hedge$100,000 Other liabilities$(654)$100,000 Other liabilities$(973)
Total derivatives designated as hedging instruments$(654)$(973)
Derivatives not designated as hedging instruments:
Interest rate swaps$128,963 Other assets$8,570 $128,385 Other assets$10,437 
Interest rate swaps128,963 Other liabilities(8,553)128,385 Other liabilities(10,262)
Purchased Options – Rate Cap5,977 Other assets19 6,000 Other assets29 
Written Options – Rate Cap5,977 Other liabilities(19)6,000 Other liabilities(29)
Risk participations - sold credit protection29,158 Other liabilities(83)29,019 Other liabilities(69)
Risk participations - purchased credit protection4,916 Other assets19 4,941 Other assets16 
Interest rate lock commitments with customers2,044 Other assets57 1,356 Other assets35 
Forward sale commitments1,053 Other assets8 3,483 Other assets140 
Total derivatives not designated as hedging instruments$18 $297 
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 months ended March 31, 2023 and 2022:
Amount of Gain Recognized in OCI on Derivative
Three Months Ended March 31,
20232022
Derivatives in cash flow hedging relationships:
Interest rate products$319 $— 
Total$319 $— 

Amount of Loss Reclassified from AOCI into IncomeLocation of Loss Recognized from AOCI into Income
Three Months Ended March 31,
20232022
Derivatives in cash flow hedging relationships:
Interest rate products$— $— Interest income
Total$— $— 

Amount of (Loss) Gain Recognized in IncomeLocation of Gain (Loss) Recognized in Income
Three Months Ended March 31,
20232022
Derivatives not designated as hedging instruments:
Interest rate products$(159)$37 Other operating expenses
Risk participation agreements(10)2 Other operating expenses
Interest rate lock commitments with customers22 (53)Mortgage banking activities
Forward sale commitments(132)300 Mortgage banking activities
Total$(279)$286 
Summary of Interest Rate Swap Components
The following table is a summary of components for interest rate swaps designated as hedging instruments at March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had two interest rate derivatives designated as hedges instruments with a total notional value of $100.0 million.
March 31, 2023
December 31, 2022
Weighted average pay rate4.56 %3.81 %
Weighted average receive rate3.81 %3.81 %
Weighted average maturity in years1.01.2