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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
| Notional Amount |  | Balance Sheet Location |  | Fair Value |  | Notional Amount |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Cash flow hedge designation: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps -FHLB advances | $ | 75,000 |  |  | Other assets |  | $ | 222 |  |  | $ | 75,000 |  |  | Other assets |  | $ | 1,138 |
Fair value hedge designation: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps - commercial loans | n/a |  | Other liabilities |  | n/a |  | 100,000 |  |  | Other liabilities |  | (252) |
Total derivatives designated as hedging instruments |  |  |  |  | $ | 222 |  |  |  |  |  |  | $ | 886 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 412,610 |  |  | Other assets |  | $ | 12,908 |  |  | $ | 388,851 |  |  | Other assets |  | $ | 12,240 |
Interest rate swaps | 412,610 |  |  | Other liabilities |  | (13,158) |  |  | 388,851 |  |  | Other liabilities |  | (12,239) |
Purchased options – rate cap | 5,787 |  |  | Other assets |  | 2 |  |  | 5,813 |  |  | Other assets |  | 5 |
Written options – rate cap | 5,787 |  |  | Other liabilities |  | (2) |  |  | 5,813 |  |  | Other liabilities |  | (5) |
Risk participations - sold credit protection | 39,790 |  |  | Other liabilities |  | (89) |  |  | 47,545 |  |  | Other liabilities |  | (79) |
Risk participations - purchased credit protection | 23,671 |  |  | Other assets |  | 61 |  |  | 23,726 |  |  | Other assets |  | 48 |
Interest rate lock commitments with customers | 5,161 |  |  | Other assets |  | 113 |  |  | 679 |  |  | Other assets |  | 20 |
Forward sale commitments | 4,836 |  |  | Other liabilities |  | (1) |  |  | 6,508 |  |  | Other assets |  | 24 |
Total derivatives not designated as hedging instruments |  |  |  |  | $ | (166) |  |  |  |  |  |  | $ | 14 |
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of hedged assets as of March 31, 2025 and 2024.
| Carrying Amounts of Hedged Assets |  | Cumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets
| Three Months Ended March 31, |  | Three Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Commercial loans | $ | — |  |  | $ | 100,000 |  |  | $ | — |  |  | $ | (9) |
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, 2025 and 2024:
| Amount of (Loss) Gain Recognized in OCI on Derivative |  |
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products | $ | (916) |  |  | $ | 1,428 |  |  |  |  |
|  |  | Amount of Loss Reclassified from AOCI into Income |  | Location of Loss Recognized from AOCI into Income
|  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2025 |  | 2024 |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate products |  |  |  |  | $ | — |  |  | $ | — |  |  | Interest income
|  |  | Amount of (Loss) Gain Recognized in Income |  | Location of Gain Recognized in Income
|  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2025 |  | 2024 |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Fair value hedge designation: |  |  |  |  |  |  |  |  |
Interest rate swaps - commercial loans (1) |  |  |  |  | $ | (1) |  |  | $ | 3 |  |  | Interest income on loans
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Interest rate products |  |  |  |  | $ | (252) |  |  | $ | 44 |  |  | Other operating expenses
Risk participation agreements |  |  |  |  | 3 |  |  | 81 |  |  | Other operating expenses
Interest rate lock commitments with customers |  |  |  |  | 93 |  |  | 2 |  |  | Mortgage banking activities
Forward sale commitments |  |  |  |  | (25) |  |  | 2 |  |  | Mortgage banking activities
Total derivatives not designated as hedging instruments |  |  |  |  | $ | (181) |  |  | $ | 129 |  |  |
(1) Amount includes the net of the change in the fair value of the interest rate swaps hedging commercial loans and the change in the carrying value included in the hedged commercial loans.
Summary of Components of Interest Rate Swaps | The following table is a summary of components for interest rate swaps designated as hedging instruments at March 31, 2025 and December 31, 2024:
| Weighted Average Pay Rate |  | Weighted Average Receive Rate |  | Weighted Average Maturity in Years
March 31, 2025 |  |  |  |  |
Cash flow hedge designation: |  |  |  |  |
Interest rate swaps - FHLB advances | 3.49 | % |  | 4.34 | % |  | 3.0
December 31, 2024 |  |  |  |  |
Cash flow hedge designation: |  |  |  |  |
Interest rate swaps - FHLB advances | 3.49 | % |  | 4.53 | % |  | 3.3
Fair value hedge designation: |  |  |  |  |
Interest rate swaps - commercial loans | 4.12 | % |  | 4.53 | % |  | 2.7

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