| 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 March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Notional amount | | Fair value gain | | (dollars in thousands) | March 31,
2024 | | December 31,
2023 | | March 31,
2024 | | December 31,
2023 | | Derivative instruments (included in other assets): | | | | | | | | | Interest rate lock commitments | $ | 5,564 | | | $ | 2,405 | | | $ | 116 | | | $ | 62 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Notional amount | | Fair value loss | | (dollars in thousands) | March 31,
2024 | | December 31,
2023 | | March 31,
2024 | | December 31,
2023 | | Derivative instruments (included in other liabilities): | | | | | | | | | | | | | | | | | Forward commitments to sell mortgage-backed securities | $ | 8,500 | | | $ | 5,000 | | | $ | 19 | | | $ | 83 | | | | | | | | | |
| | | | | | | | | | | | | | | (dollars in thousands) | March 31,
2024 | | December 31,
2023 | | | | Notional Amount | $ | 425,000 | | | $ | 400,000 | | | | | Fair value loss included in other liabilities | (8,895) | | | (8,443) | | | | | Tax effected amount included in accumulated other comprehensive (loss) income | (5,693) | | | (6,164) | | | | | Average remaining life | 2.56 | | 2.67 | | | | Weighted average pay rate | 6.37 | % | | 6.55 | % | | | | Weighted average receive rate | 5.40 | % | | 5.41 | % | | |
|