DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of interest-rate swaps designated as cash flow hedges

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)

Summary of effect of cash flow hedge accounting on AOCI

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.