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DERIVATIVES (Tables)
6 Months Ended
Jun. 30, 2018
Schedule of Information about Derivatives

The following table presents information about the interest rate swaps designated as cash flow hedges as of June 30, 2018 and December 31, 2017:

 

(Dollars in thousands)

 

June 30,

2018

 

 

 

December 31,

2017

 

 

Notional amount

 

$

230,000

 

 

 

$

180,000

 

 

Weighted average pay rate

 

 

1.84

 

%

 

 

1.64

 

%

Weighted average receive rate

 

 

1.81

 

%

 

 

1.33

 

%

Weighted average maturity

 

 

3.15

 

years

 

 

2.25

 

years

Unrealized gain, net

 

$

2,680

 

 

 

$

1,394

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of contracts

 

 

11

 

 

 

 

9

 

 

 

Schedule of Net Gains/(Losses)

The following table presents the net gain recorded in accumulated other comprehensive (loss)/income and the consolidated financial statements relating to the cash flow derivative instruments for the three months ended June 30, 2018 (after tax):

 

 

 

 

 

 

 

 

 

 

 

Amount of

 

 

 

 

 

 

 

 

 

 

 

Gain/(Loss)

 

 

 

Amount of

 

 

Amount of

 

 

Recognized in

 

 

 

Gain/(Loss)

 

 

Gain/(Loss)

 

 

Other

 

 

 

Recognized

 

 

Reclassified

 

 

Non-Interest

 

 

 

In OCI

 

 

From OCI to

 

 

Expense

 

(In thousands)

 

(Effective Portion)

 

 

Interest Expense

 

 

(Ineffective Portion)

 

Interest rate contracts

 

$

582

 

 

$

23

 

 

$

 

The following table presents the net (loss) recorded in accumulated other comprehensive (loss)/income and the consolidated financial statements relating to the cash flow derivative instruments for the three months ended June 30, 2017 (after tax):

 

 

 

 

 

 

 

 

 

 

 

Amount of

 

 

 

 

 

 

 

 

 

 

 

Gain/(Loss)

 

 

 

Amount of

 

 

Amount of

 

 

Recognized in

 

 

 

Gain/(Loss)

 

 

Gain/(Loss)

 

 

Other

 

 

 

Recognized

 

 

Reclassified

 

 

Non-Interest

 

 

 

In OCI

 

 

From OCI to

 

 

Expense

 

(In thousands)

 

(Effective Portion)

 

 

Interest Expense

 

 

(Ineffective Portion)

 

Interest rate contracts

 

$

(38

)

 

$

 

 

$

 

The following table presents the net gain recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the six months ended June 30, 2018 (after tax):

 

 

 

 

 

 

 

 

 

 

 

Amount of

 

 

 

 

 

 

 

 

 

 

 

Gain/(Loss)

 

 

 

Amount of

 

 

Amount of

 

 

Recognized in

 

 

 

Gain/(Loss)

 

 

Gain/(Loss)

 

 

Other

 

 

 

Recognized

 

 

Reclassified

 

 

Non-Interest

 

 

 

In OCI

 

 

From OCI to

 

 

Expense

 

(In thousands)

 

(Effective Portion)

 

 

Interest Expense

 

 

(Ineffective Portion)

 

Interest rate contracts

 

$

1,083

 

 

$

45

 

 

$

 

The following table presents the net gain recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the six months ended June 30, 2017 (after tax):

 

 

 

 

 

 

 

 

 

 

 

Amount of

 

 

 

 

 

 

 

 

 

 

 

Gain/(Loss)

 

 

 

Amount of

 

 

Amount of

 

 

Recognized in

 

 

 

Gain/(Loss)

 

 

Gain/(Loss)

 

 

Other

 

 

 

Recognized

 

 

Reclassified

 

 

Non-Interest

 

 

 

In OCI

 

 

From OCI to

 

 

Expense

 

(In thousands)

 

(Effective Portion)

 

 

Interest Expense

 

 

(Ineffective Portion)

 

Interest rate contracts

 

$

474

 

 

$

 

 

$

 

 

Schedule of Notional Amount and Fair Value

 

The following tables reflect the cash flow hedges included in the financial statements as of June 30, 2018 and December 31, 2017:

 

 

 

June 30, 2018

 

 

 

Notional

 

 

Fair

 

(In thousands)

 

Amount

 

 

Value

 

Interest rate swaps related to interest-bearing

   deposits

 

$

230,000

 

 

$

2,680

 

Total included in other assets

 

$

230,000

 

 

$

2,680

 

 

 

 

December 31, 2017

 

 

 

Notional

 

 

Fair

 

(In thousands)

 

Amount

 

 

Value

 

Interest rate swaps related to interest-bearing

   demand brokered deposits

 

$

180,000

 

 

$

1,394

 

Total included in other assets

 

$

180,000

 

 

$

1,394

 

 

Not Designated as Hedging Instrument [Member]  
Schedule of Information about Derivatives

Information about these swaps is as follows:

 

(Dollars in thousands)

 

June 30,

2018

 

 

 

December 31,

2017

 

 

Notional amount

 

$

376,338

 

 

 

$

317,363

 

 

Fair value

 

$

9,992

 

 

 

$

3,131

 

 

Weighted average pay rates

 

 

4.22

 

%

 

 

4.11

 

%

Weighted average receive rates

 

 

4.00

 

%

 

 

3.43

 

%

Weighted average maturity

 

 

7.5

 

years

 

 

7.6

 

years

 

 

 

 

 

 

 

 

 

 

 

Number of contracts

 

 

50

 

 

 

 

42