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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]  
Derivative Financial Instruments According to Type of Hedge Designation

Our derivative financial instruments according to the type of hedge in which they are designated at December 31 follow:

 
2021
  
   
Notional
Amount
    
Average
Maturity
(years)
    
Fair
Value
  
   
(Dollars in thousands)
  
Fair value hedge designation
                  
Pay-fixed interest rate swap agreements - commercial
  
$
6,753
      
7.4
    
$
(384
)
Pay-fixed interest rate swap agreements - securities available for sale
    
148,895
      
5.8
      
4,413
  
Total
  
$
155,648
      
5.9
    
$
4,029
                         
No hedge designation
                        
Rate-lock mortgage loan commitments
  
$
129,846
      
0.1
    
$
2,140
  
Mandatory commitments to sell mortgage loans
    
97,737
      
0.1
      
(68
)
Interest rate swaption agreement
     10,000       0.2       186  
Pay-fixed interest rate swap agreements - commercial
    
207,080
      
5.7
      
(5,179
)
Pay-variable interest rate swap agreements - commercial
    
207,080
      
5.7
      
5,179
  
Interest rate cap agreements
    
90,000
      
1.3
      
35
  
Total
  
$
741,743
      
3.4
    
$
2,293
  

 
2020
  
   
Notional
Amount
    
Average
Maturity
(years)
    
Fair
Value
  
   
(Dollars in thousands)
  
Fair value hedge designation
                  
Pay-fixed interest rate swap agreements - commercial
  
$
7,088
      
8.4
    
$
(776
)
Pay-fixed interest rate swap agreements - securities available for sale
    
41,950
      
7.1
      
15
  
Total
  
$
49,038
      
7.3
    
$
(761
)
                         
No hedge designation
                        
Rate-lock mortgage loan commitments
  
$
168,816
      
0.1
    
$
7,020
  
Mandatory commitments to sell mortgage loans
    
186,092
      
0.1
      
(941
)
Pay-fixed interest rate swap agreements - commercial
    
147,456
      
4.5
      
(9,700
)
Pay-variable interest rate swap agreements - commercial
    
147,456
      
4.5
      
9,700
  
Pay-fixed interest rate swap agreements
     25,000       0.6       (295 )
Interest rate cap agreements
     135,000       1.8       5  
Purchased options
    
2,908
      
0.5
      
42
  
Written options
    
2,848
      
0.5
      
(42
)
Total
  
$
815,576
      
2.0
    
$
5,789
  
Fair Value of Derivative Instruments

Fair Values of Derivative Instruments

 
Asset Derivatives
    
Liability Derivatives
  
   
December 31,
    
December 31,
  
   
2021
    
2020
    
2021
    
2020
  
   
Balance
Sheet
Location
    
Fair
Value
    
Balance
Sheet
Location
    
Fair
Value
    
Balance
Sheet
Location
    
Fair
Value
    
Balance
Sheet
Location
    
Fair
Value
  
   
(In thousands)
  
Derivatives designated as hedging instruments
    
-
            
-
            
-
            
-
        
Pay-fixed interest rate swap agreements
  
Other assets
    
$
4,413
    
Other assets
    
$
15
    
Other liabilities
    
$
384
    
Other liabilities
    
$
776
  
Derivatives not designated as hedging instruments
                                                                
Rate-lock mortgage loan commitments
  
Other assets
      $
2,140
    
Other assets
      $
7,020
    
Other liabilities
    
$
-
    
Other liabilities
     $
-
  
Mandatory commitments to sell mortgage loans
  
Other assets
      
-
    
Other assets
      
-
    
Other liabilities
      
68
    
Other liabilities
      
941
  
Interest rate swaption agreement
  
Other assets
       186    
Other assets
       -    
Other liabilities
       -    
Other liabilities
       -  
Pay-fixed interest rate swap agreements - commercial
  
Other assets
      
165
    
Other assets
      
-
    
Other liabilities
      
5,344
    
Other liabilities
      
9,700
  
Pay-variable interest rate swap agreements - commercial
  
Other assets
      
5,344
    
Other assets
      
9,700
    
Other liabilities
      
165
    
Other liabilities
      
-
  
Pay-fixed interest rate swap agreements
  
Other assets
      
-
    
Other assets
      
-
    
Other liabilities
      
-
    
Other liabilities
      
295
  
Interest rate cap agreements
  
Other assets
      
35
    
Other assets
      
5
    
Other liabilities
      
-
    
Other liabilities
      
-
  
Purchased options
  
Other assets
      
-
    
Other assets
      
42
    
Other liabilities
      
-
    
Other liabilities
      
-
  
Written options
  
Other assets
      
-
    
Other assets
      
-
    
Other liabilities
      
-
    
Other liabilities
      
42
  
             
7,870
              
16,767
              
5,577
              
10,978
  
Total derivatives
          
$
12,283
            
$
16,782
            
$
5,961
            
$
11,754
  
Effect of Derivative Financial Instruments on Consolidated Statement of Operations

The effect of derivative financial instruments on the Consolidated Statements of Operations follows:

Year Ended December 31,
  
   
Gain (loss) Recognized
in Other
Comprehensive
Income (Loss)
(Effective Portion)
  
 Location of
 Gain (Loss)
 Reclassified
 from
 Accumulated
 Other
 Comprehensive
Income
 into Income
 (Effective
 Portion)
  
Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive
Income into Income
(Effective Portion)
  
 Location of
 Gain (Loss)
Recognized
 in Income
  
Gain (Loss)
Recognized
in Income
  
   
2021
    
2020
    
2019
    
2021
    
2020
    
2019
    
2021
    
2020
    
2019
  
   
(In thousands)
  
Fair Value Hedges
                                                          
Pay-fixed interest rate swap agreement - commercial
                                      
Interest and fees on loans
  
$
392
    
$
(534
)
  
$
(242
)
Pay-fixed interest rate swap agreement - securities available for sale
                                      
Interest on securities available for sale - tax-exempt
    
4,398
      
15
      
-
  
Total
                                                                      
$
4,790
    
$
(519
)
  
$
(242
)
Cash Flow Hedges
                                                                
Interest rate cap agreements
  
$
-
    
$
125
    
$
(1,211
)
Interest expense
  
$
-
    
$
(1,885
)
  
$
363
  

                       
Pay-fixed interest rate swap agreements
    
-
      
(479
)
    
(392
)
Interest expense
    
-
      
(654
)
    
62
  

                       
Total
  
$
-
    
$
(354
)
  
$
(1,603
)
    
$
-
    
$
(2,539
)
  
$
425
                            
No hedge designation
                                                                            
Rate-lock mortgage loan commitments
    





















 
 Net gains on mortgage loans
   $ (4,880
 )
   $ 5,608
     $ 725
  
Mandatory commitments to sell mortgage loans
   





















 
 Net gains on mortgage loans
     873
       (791
 )
     233
  
Interest rate swaption agreement
    





















 
 Net gains on mortgage loans
     (2
 )
     -
       -
  
Pay-fixed interest rate swap agreements - commercial
    





















 
 Interest income
     4,521
       (6,059
 )
     (4,046
 )
Pay-variable interest rate swap agreements -commercial
    





















 
 Interest income
     (4,521
 )
     6,059
       4,046
  
Pay-fixed interest rate swap agreements
    





















 
 Interest expense
     295
       231
       -
  
Interest rate cap agreements
    





















 
 Interest expense
     30
       (57
 )
     -
  
Purchased options
    





















 
 Interest expense
     (42
 )
     (99
 )
     25
  
Written options
    





















 
 Interest expense
     42
       97
       (23
 )
Total
    





















      $ (3,684 )   $ 4,989     $ 960