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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivatives
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Income and Comprehensive Income at March 31, 2019 and December 31, 2018:
 
March 31, 2019
 
Notional/
Contract
Amount
 
Fair
Value
 
Balance
Sheet
Location
 
Expiration
Date
(Dollars in thousands)
 

 
 

 
 
 
 
Derivatives designated as hedging instruments
Interest rate swaps by effective date:
 

 
 
 
 
 
 
March 15, 2016
$
12,500

 
$
516

 
 Other Assets
 
March 15, 2026
December 15, 2016
5,000

 
136

 
 Other Assets
 
December 15, 2026
June 15, 2017
6,000

 
145

 
 Other Assets
 
June 15, 2027
December 15, 2017
10,000

 
306

 
 Other Assets
 
December 15, 2027
December 15, 2017
5,000

 
137

 
 Other Assets
 
December 15, 2027
September 15, 2018
20,000

 
(289
)
 
 Other Liabilities
 
September 15, 2021
September 15, 2018
20,000

 
(439
)
 
 Other Liabilities
 
September 15, 2022
September 15, 2018
17,500

 
(235
)
 
 Other Liabilities
 
September 15, 2021
September 15, 2018
17,500

 
(356
)
 
 Other Liabilities
 
September 15, 2022
February 21, 2019
40,000

 
(320
)
 
 Other Liabilities
 
February 21, 2022
Total
$
153,500

 
$
(399
)
 
 
 
 


 
December 31, 2018
 
Notional/
Contract
Amount
 
Fair
Value
 
Balance
Sheet
Location
 
Expiration
Date
(Dollars in thousands)
 
 
 
 
 
 
 
Derivatives designated as hedging instruments
Interest rate swaps by effective date:
 
 
 
 
 
 
 
March 15, 2016
$
12,500

 
$
768

 
 Other Assets
 
March 15, 2026
December 15, 2016
5,000

 
246

 
 Other Assets
 
December 15, 2026
June 15, 2017
6,000

 
285

 
 Other Assets
 
June 15, 2027
December 15, 2017
10,000

 
554

 
 Other Assets
 
December 15, 2027
December 15, 2017
5,000

 
261

 
 Other Assets
 
December 15, 2027
September 15, 2018
20,000

 
(176
)
 
Other Liabilities
 
September 15, 2021
September 15, 2018
20,000

 
(266
)
 
Other Liabilities
 
September 15, 2022
September 15, 2018
17,500

 
(134
)
 
Other Liabilities
 
September 15, 2021
September 15, 2018
17,500

 
(203
)
 
Other Liabilities
 
September 15, 2022
Total
113,500

 
1,335

 
 
 
 
Schedule of Derivative Financial Instruments Designated as Cash Flow Hedges
The table below presents the Company’s derivative financial instruments that are designated as cash flow hedgers of interest rate risk and their effect on the Company’s Consolidated Statements of Income and Comprehensive Income during the three months ended March 31, 2019 and 2018:
໿
 
Three Months Ended March 31, 2019
 
Amount of Gain
Recognized in OCI
on
Derivatives, net of
Tax
(Effective Portion)
 
Location of Gain
(Loss) Recognized in
Income of
Derivatives
(Ineffective Portion)
 
Amount of Gain (Loss)
Recognized in Income of
Derivatives
(Ineffective Portion)
(Dollars in thousands)
 

 
 
 
 

Derivatives in cash flow hedges
Interest rate swaps by effective
date:
 

 
 
 
 

March 15, 2016
$
(176
)
 
Not applicable
 
$
—

December 15, 2016
(77
)
 
Not applicable
 
—

June 15, 2017
(98
)
 
Not applicable
 
—

December 15, 2017
(173
)
 
Not applicable
 
—

December 15, 2017
(87
)
 
Not applicable
 
—

September 15, 2018
(79
)
 
Not applicable
 
—

September 15, 2018
(121
)
 
Not applicable
 
—

September 15, 2018
(71
)
 
Not applicable
 
—

September 15, 2018
(107
)
 
Not applicable
 
—

February 21, 2019
(224
)
 
Not applicable
 
—

Total
$
(1,213
)
 
 
 
$
—


 
Three Months Ended March 31, 2018
 
Amount of Gain
Recognized in OCI
on
Derivatives, net of
Tax
(Effective Portion)
 
Location of Gain
(Loss) Recognized in
Income of
Derivatives
(Ineffective Portion)
 
Amount of Gain (Loss)
Recognized in Income of
Derivatives
(Ineffective Portion)
(Dollars in thousands)
 
 
 
 
 
Derivatives in cash flow hedges
Interest rate swaps by effective
date:
 
 
 
 
 
March 15, 2016
$
234

 
Not applicable
 
$
—

December 15, 2016
103

 
Not applicable
 
—

June 15, 2017
129

 
Not applicable
 
—

December 15, 2017
220

 
Not applicable
 
—

December 15, 2017
111

 
Not applicable
 
—

Total
$
797

 
 
 
$
—
Offsetting Derivatives Liabilities
The following table presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018. The net amounts of derivative liabilities and assets can be reconciled to the tabular disclosure of the fair value hierarchy, see Note 12, Fair Value of Financial Instruments. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Company’s Consolidated Balance Sheets.
 
 
 
 
 
 
 
Gross Amounts Not Offset
 
 
 
Gross Amounts Recognized
 
Gross Amounts Offset
 
Net Amounts Presented
 
Financial Instruments
 
Cash Collateral Pledged
 
Net Amount
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
1,240

 
—

 
$
512

 
—

 
$
250

 
$
262

Total
$
1,240

 
—

 
$
512

 
—

 
$
250

 
$
262

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
(1,639
)
 
—

 
$
(911
)
 
—

 
$
(1,070
)
 
$
159

Total
$
(1,639
)
 
—

 
$
(911
)
 
—

 
$
(1,070
)
 
$
159

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
2,114

 
—

 
$
1,672

 
—

 
$
2,460

 
$
(788
)
Total
$
2,114

 
—

 
$
1,672

 
—

 
$
2,460

 
$
(788
)
 
 
 
 
 
 
 
 
 
 
 

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
(779
)
 
—

 
$
(337
)
 
—

 
—

 
$
(337
)
Total
$
(779
)
 
—

 
$
(337
)
 
—

 
—

 
$
(337
)
Offsetting Derivative Assets
The following table presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018. The net amounts of derivative liabilities and assets can be reconciled to the tabular disclosure of the fair value hierarchy, see Note 12, Fair Value of Financial Instruments. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Company’s Consolidated Balance Sheets.
 
 
 
 
 
 
 
Gross Amounts Not Offset
 
 
 
Gross Amounts Recognized
 
Gross Amounts Offset
 
Net Amounts Presented
 
Financial Instruments
 
Cash Collateral Pledged
 
Net Amount
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
1,240

 
—

 
$
512

 
—

 
$
250

 
$
262

Total
$
1,240

 
—

 
$
512

 
—

 
$
250

 
$
262

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
(1,639
)
 
—

 
$
(911
)
 
—

 
$
(1,070
)
 
$
159

Total
$
(1,639
)
 
—

 
$
(911
)
 
—

 
$
(1,070
)
 
$
159

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
2,114

 
—

 
$
1,672

 
—

 
$
2,460

 
$
(788
)
Total
$
2,114

 
—

 
$
1,672

 
—

 
$
2,460

 
$
(788
)
 
 
 
 
 
 
 
 
 
 
 

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
(779
)
 
—

 
$
(337
)
 
—

 
—

 
$
(337
)
Total
$
(779
)
 
—

 
$
(337
)
 
—

 
—

 
$
(337
)