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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
| 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 | $ | 75,000 |  |  | Other assets |  | $ | 2,616 |  |  | n/a |  | n/a |  | n/a
Interest rate swaps - balance sheet hedge | $ | 50,000 |  |  | Other liabilities |  | $ | (758) |  |  | $ | 100,000 |  |  | Other liabilities |  | $ | (973) |
Total derivatives designated as hedging instruments |  |  |  |  | $ | 1,858 |  |  |  |  |  |  | $ | (973) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 153,828 |  |  | Other assets |  | $ | 13,911 |  |  | $ | 128,385 |  |  | Other assets |  | $ | 10,437 |
Interest rate swaps | 153,828 |  |  | Other liabilities |  | (13,517) |  |  | 128,385 |  |  | Other liabilities |  | (10,262) |
Purchased options – rate cap | 5,932 |  |  | Other assets |  | 21 |  |  | 6,000 |  |  | Other assets |  | 29 |
Written options – rate cap | 5,932 |  |  | Other liabilities |  | (21) |  |  | 6,000 |  |  | Other liabilities |  | (29) |
Risk participations - sold credit protection | 32,588 |  |  | Other liabilities |  | (32) |  |  | 29,019 |  |  | Other liabilities |  | (69) |
Risk participations - purchased credit protection | 4,864 |  |  | Other assets |  | 5 |  |  | 4,941 |  |  | Other assets |  | 16 |
Interest rate lock commitments with customers | 593 |  |  | Other assets |  | 15 |  |  | 1,356 |  |  | Other assets |  | 35 |
Forward sale commitments | 150 |  |  | Other assets |  | 2 |  |  | 3,483 |  |  | Other assets |  | 140 |
Total derivatives not designated as hedging instruments |  |  |  |  | $ | 384 |  |  |  |  |  |  | $ | 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 nine months ended September 30, 2023 and 2022:
| Amount of Gain (Loss) Recognized in OCI on Derivative |  | Amount of Gain (Loss) Recognized in OCI on Derivative
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | 1,439 |  |  | $ | (562) |  |  | $ | 2,831 |  |  | $ | (562) |
Total | $ | 1,439 |  |  | $ | (562) |  |  | $ | 2,831 |  |  | $ | (562) |
| 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, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | Interest income
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
| 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, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Interest rate products | $ | 307 |  |  | $ | 179 |  |  | $ | 188 |  |  | $ | 309 |  |  | Other operating expenses
Risk participation agreements | 31 |  |  | (11) |  |  | 58 |  |  | 19 |  |  | Other operating expenses
Interest rate lock commitments with customers | (52) |  |  | (98) |  |  | (20) |  |  | (265) |  |  | Mortgage banking activities
Forward sale commitments | — |  |  | (610) |  |  | (139) |  |  | 21 |  |  | Mortgage banking activities
Total | $ | 286 |  |  | $ | (540) |  |  | $ | 87 |  |  | $ | 84 |  |  |
Summary of Interest Rate Swap Components | The following table is a summary of components for interest rate swaps designated as hedging instruments at September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
Weighted average pay rate | 4.22 | % |  | 3.81 | %
Weighted average receive rate | 4.68 | % |  | 3.81 | %
Weighted average maturity in years | 3.1 |  | 1.2

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