DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table summarizes the notional values and fair value of the Company's derivative instruments at December 31, 2021 and December 31, 2020:

	December 31, 2021					December 31, 2020
	Notional Amount		Balance Sheet Location	Fair Value		Notional Amount		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - balance sheet hedge	$	—		$	—	$	50,000	Other liabilities	$	(1,230)
Total derivatives designated as hedging instruments				$	—				$	(1,230)
Derivatives not designated as hedging instruments:
Interest rate swap - commercial borrower	$	37,915	Other assets	$	764	$	30,673	Other assets	$	690
Interest rate swap - counterparty	37,915		Other liabilities	(758)		30,673		Other liabilities	(726)
Risk participation	15,855		Other liabilities	(2)		—			—
Interest rate lock commitments with customers	16,604		Other assets	353		22,560		Other assets	673
Forward sale commitment	8,665		Other assets	52		10,400		Other liabilities	(61)
Total derivatives not designated as hedging instruments				$	409				$	576

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 at December 31, 2021 and 2020:

	Amount of Gain (Loss) Recognized in OCI on Derivative
	2021		2020
Derivatives in cash flow hedging relationships:
Interest rate products	$	473	$	(1,347)
Total	$	473	$	(1,347)

	Amount of Loss Reclassified from AOCI into Income				Location of Loss Recognized from AOCI into Income
	2021		2020
Derivatives in cash flow hedging relationships:
Interest rate products	$	(757)	$	(117)	Interest expense / Other operating expenses(1)
Total	$	(757)	$	(117)

(1) Includes $514 thousand recorded to other operating expenses due to the loss from the termination of an interest rate swap designated as a cash flow hedge for the year ended December 31, 2021.

	Amount of (Loss) Gain Recognized in Income				Location of Gain (Loss) Recognized in Income
	2021		2020
Derivatives not designated as hedging instruments:
Interest rate products	$	41	$	(56)	Other operating expenses
Risk participation agreement	(2)		—		Other operating expenses
Interest rate lock commitments with customers	(320)		570		Mortgage banking activities
Forward sale commitment	113		(203)		Mortgage banking activities
Total	$	(168)	$	311

Summary of Interest Rate Swap Components

The following table is a summary of interest rate swap components at December 31, 2021 and 2020. During the year ended December 31, 2021, the Company terminated its remaining interest rate derivative of $50.0 million.

	December 31, 2020
Weighted average pay rate	0.77	%
Weighted average receive rate	0.09	%
Weighted average maturity in years	4.2