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DERIVATIVE INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Fair Value and Notional Amounts
The following table summarizes the interest rate lock commitments and forward commitments to sell mortgage-backed securities held by the Company, their notional amount and estimated fair values at June 30, 2023 and December 31, 2022:
Notional amountFair value gain
(dollars in thousands)June 30,
2023
December 31,
2022
June 30,
2023
December 31,
2022
Derivative instruments (included in other assets):
Interest rate lock commitments$6,127 $2,078 $119 $49 
Forward commitments to sell mortgage-backed securities8,831 — 55 — 
Total$14,958 $2,078 $174 $49 
Notional amountFair value loss
(dollars in thousands)June 30,
2023
December 31,
2022
June 30,
2023
December 31,
2022
Derivative instruments (included in other liabilities):
Interest rate lock commitments$— $4,419 $— $15 
Forward commitments to sell mortgage-backed securities— 6,669 — — 
Total$— $11,088 $— $15 
The following table summarizes the Company's receive-fixed, pay-variable interest rate swaps on certain pools of loans indexed to prime at June 30, 2023 and December 31, 2022:
(dollars in thousands)June 30,
2023
December 31,
2022
Notional Amount$225,000 $200,000 
Fair value loss included in other liabilities(10,124)(9,999)
Tax effected amount included in accumulated other comprehensive (loss) income(7,391)(7,300)
Average remaining life3.093.37
Weighted average pay rate7.71 %7.23 %
Weighted average receive rate5.43 %5.48 %