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DERIVATIVES | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES | DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest rate swaps with notional amounts totaling $109.0 million at December 31, 2021 and December 31, 2020, were designated as cash flow hedges of certain FHLB advances and were determined to be fully effective during all periods presented. The Company expects the hedges to remain fully effective during the remaining terms of the swaps. At December 31, 2021, the gross unrealized gain on interest-rate swaps included in other assets totaled $1.3 million and the gross unrealized loss on interest-rate swaps included in other liabilities totaled $1.5 million. At December 31, 2020, the gross unrealized gain on interest-rate swaps included in other assets totaled $79 thousand and the gross unrealized loss on interest-rate swaps included in other liabilities totaled $5.6 million. Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows:
| December 31, 2021 |  | December 31, 2020
| (Dollars in thousands)
Notional amounts | $ | 109,000 |  |  | $ | 109,000 |
Weighted average pay rates | 1.46 | % |  | 1.46 | %
Weighted average receive rates | 0.17 | % |  | 0.23 | %
Weighted average maturity (in years) | 5.3 |  | 6.2
Unrealized losses | $ | (246) |  |  | $ | (5,545) |
Interest expense recorded on swap transactions totaled $1.4 million and $752 thousand during the year ended December 31, 2021 and 2020, respectively, and is reported as a component of interest expense on FHLB advances. At December 31, 2021, the Company expected $1.1 million of the unrealized loss to be reclassified as an increase to interest expense during 2022. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the years ended December 31, 2021 and 2020 are as follows:
| Amount of Gain (Loss) Recognized in OCI on Derivative (1) |  | Location of Gain (Loss) Reclassified from OCI into Income/(Expense) |  | Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)
| (In thousands)
Year Ended December 31, 2021 |  |  |  |  |
Interest rate contracts | $ | (246) |  |  | Interest Expense |  | $ | (1,427) |
Year Ended December 31, 2020 |  |  |  |  |
Interest rate contracts | $ | (3,986) |  |  | Interest Expense |  | $ | (752) |
(1) Net of tax for the year ended December 31, 2020. For the year ended December 31, 2021, there is no tax effect due to the deferred taxes valuation allowance. See Note 11 for information related to the deferred taxes valuation allowance.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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