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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Notional Balance and Fair Values of Derivatives Outstanding

The following table shows the notional balances and fair values (including net accrued interest) of the derivatives outstanding by derivative type at December 31, 2016 and December 31, 2015:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

 

 

Notional

Amount

 

 

Derivative

Assets

 

 

Derivative

Liabilities

 

 

Notional

Amount

 

 

Derivative

Assets

 

 

Derivative

Liabilities

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

15,923

 

 

$

 

 

$

39

 

 

$

12,284

 

 

$

 

 

$

246

 

Total derivatives designated as hedging relationships

 

 

15,923

 

 

 

 

 

 

39

 

 

 

12,284

 

 

 

 

 

 

246

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate caps/floors

 

 

2,865

 

 

 

1

 

 

 

 

 

 

3,140

 

 

 

2

 

 

 

 

Total derivatives not designated as hedging

   instruments

 

 

2,865

 

 

 

1

 

 

 

 

 

 

3,140

 

 

 

2

 

 

 

 

Total

 

$

18,788

 

 

 

1

 

 

 

39

 

 

$

15,424

 

 

 

2

 

 

 

246

 

Cash Collateral

 

 

 

 

 

 

 

 

 

(190

)

 

 

 

 

 

 

 

 

 

(270

)

Netting adjustments

 

 

 

 

 

 

151

 

 

 

151

 

 

 

 

 

 

 

24

 

 

 

24

 

Net amount presented in Balance Sheet

 

 

 

 

 

$

152

 

 

$

 

 

 

 

 

 

$

26

 

 

$

 

 

Summary of Net Losses on Derivatives and Hedging Activities

For the years ended December 31, 2016, 2015 and 2014, the Company recorded net losses on derivatives and hedging activities:

 

 

 

2016

 

 

2015

 

 

2014

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

 

 

$

 

 

$

 

Total net gain (loss) related to fair value hedge

   ineffectiveness

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Economic hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate caps/floors

 

 

(1

)

 

 

(9

)

 

 

(33

)

Total net gains (losses) related to derivatives not designated

   as hedging instruments

 

 

(1

)

 

 

(9

)

 

 

(33

)

Net gains (losses) on derivatives and hedging activities

 

$

(1

)

 

$

(9

)

 

$

(33

)

 

Summary of Recorded Net Gains (Losses) on Derivatives and Related Hedged Items in Fair Value Hedging Relationships

The following table shows the recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Company’s net interest income for the years ended December 31, 2016 and 2015. No hedging relationships were outstanding during the year ended December 31, 2014.

 

 

 

December 31, 2016

 

 

 

Gain/(Loss)

on

Derivatives

 

 

Gain/(Loss)

on Hedged

Items

 

 

Net Fair Value

Hedge

Ineffectiveness

 

 

Effect of

Derivatives on

Net Interest

Income

 

Commercial real estate loans

 

$

211

 

 

$

(211

)

 

$

 

 

$

(199

)

Total

 

$

211

 

 

$

(211

)

 

$

 

 

$

(199

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

Gain/(Loss)

on

Derivatives

 

 

Gain/(Loss)

on Hedged

Items

 

 

Net Fair Value

Hedge

Ineffectiveness

 

 

Effect of

Derivatives on

Net Interest

Income

 

Commercial real estate loans

 

$

(242

)

 

$

242

 

 

$

 

 

$

(82

)

Total

 

$

(242

)

 

$

242

 

 

$

 

 

$

(82

)