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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022:
June 30, 2023December 31, 2022
Notional AmountBalance Sheet LocationFair ValueNotional AmountBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate swaps - balance sheet hedge$75,000 Other assets$1,389 n/aNot applicablen/a
Interest rate swaps - balance sheet hedge$100,000 Other liabilities$(970)$100,000 Other liabilities$(973)
Total derivatives designated as hedging instruments$419 $(973)
Derivatives not designated as hedging instruments:
Interest rate swaps$134,230 Other assets$10,299 $128,385 Other assets$10,437 
Interest rate swaps134,230 Other liabilities(10,211)128,385 Other liabilities(10,262)
Purchased options – rate cap5,955 Other assets21 6,000 Other assets29 
Written options – rate cap5,955 Other liabilities(21)6,000 Other liabilities(29)
Risk participations - sold credit protection32,312 Other liabilities(72)29,019 Other liabilities(69)
Risk participations - purchased credit protection4,890 Other assets14 4,941 Other assets16 
Interest rate lock commitments with customers2,197 Other assets67 1,356 Other assets35 
Forward sale commitments270 Other assets2 3,483 Other assets140 
Total derivatives not designated as hedging instruments$99 $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 and six months ended June 30, 2023 and 2022:
Amount of Loss Recognized in OCI on DerivativeAmount of Gain Recognized in OCI on Derivative
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Derivatives in cash flow hedging relationships:
Interest rate products$1,073 $— $1,392 $— 
Total$1,073 $— $1,392 $— 

Amount of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI into IncomeLocation of Loss Recognized from AOCI into Income
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Derivatives in cash flow hedging relationships:
Interest rate products$— $— $— $— Interest income
Total$— $— $— $— 

Amount of Gain (Loss) Recognized in IncomeAmount of (Loss) Gain Recognized in IncomeLocation of Gain (Loss) Recognized in Income
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Derivatives not designated as hedging instruments:
Interest rate products$40 $93 $(119)$130 Other operating expenses
Risk participation agreements37 28 27 30 Other operating expenses
Interest rate lock commitments with customers10 (114)32 (167)Mortgage banking activities
Forward sale commitments(7)331 (139)631 Mortgage banking activities
Total$80 $338 $(199)$624 
Summary of Interest Rate Swap Components
The following table is a summary of components for interest rate swaps designated as hedging instruments at June 30, 2023 and December 31, 2022:
June 30, 2023
December 31, 2022
Weighted average pay rate5.07 %3.81 %
Weighted average receive rate3.67 %3.81 %
Weighted average maturity in years2.41.2