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DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2022
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:

March 31, 2022December 31, 2021
(Dollars in thousands)
Notional amounts$109,000 $109,000 
Weighted average pay rates1.4577 %1.4577 %
Weighted average receive rates0.5431 %0.1742 %
Weighted average maturity5.0 years5.3 years
Gross unrealized gain included in other assets5,312 1,313 
Gross unrealized loss included in other liabilities— 1,559 
Unrealized gains (losses), net5,312 (246)
Summary of effect of cash flow hedge accounting on AOCI
The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2022 and March 31, 2021 is as follows:

Amount of Gain (Loss) Recognized in OCI (Net of Tax) 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)
Three Months Ended March 31, 2022
Interest rate contracts$5,559 Interest Expense$(322)
Three months ended March 31, 2021
Interest rate contracts$3,314 Interest Expense$(338)
(1) Net of tax, adjusted for deferred tax valuation allowance, at March 31, 2022. There was no deferred tax valuation allowance at March 31, 2021.