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Derivatives | 6 Months Ended
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Jun. 30, 2021
Derivatives [Abstract] |
Derivatives | Note 9. Derivatives The Corporation is exposed to certain risks arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Corporation’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain lenders which participate in loans. ‎ The table below presents the fair value of the Corporation’s derivative financial instruments as well as their classification on the Balance Sheet.
|  | Fair Value of Derivative Instruments
|  | Derivative Liabilities
(Dollars in thousands) |  | June 30, 2021 |  |  | December 31, 2020
|  | Notional amount |  | Balance Sheet Location |  |  | Fair Value |  |  | Notional amount |  | Balance Sheet Location |  |  | Fair Value
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Contracts | $ | 6,745 |  | Other Liabilities |  | $ | 24 |  | $ | 6,836 |  | Other Liabilities |  | $ | 40
Total derivatives not designated as hedging instruments |  |  |  |  |  | $ | 24 |  |  |  |  |  |  | $ | 40
The table below presents the effect of the Corporation’s derivative financial instruments that are not designated as hedging instruments on the Income Statement.
Effect of Derivatives as Hedging Instruments on the Income Statement
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 |  | Location of Gain or (Loss) Recognized in Income on Derivative |  | Amount of Gain or (Loss) Recognized in Income on Derivatives |  |  |  |  |  |
(Dollars in thousands) |  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  | June 30, 2021 |  | June 30, 2020 |  | June 30, 2021 |  | June 30, 2020
Other Contracts |  | Other income |  | $ | (7) |  | $ | - |  | $ | 16 |  | $ | (36)
As of June 30, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $24 thousand.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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