Note R –Derivatives

The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held-for-sale. These instruments are not accounted for as effective hedges. As of December 31, 2019, the Company had entered into six interest rate swap agreements with an aggregate notional amount of $37.8 million. Under these swap agreements the Company receives an adjustable rate of interest based upon LIBOR. The Company recorded a loss of $1.9 million and income of $647,000 and $1.8 million for the years ended December 31, 2019 and 2018 and 2017, respectively, to recognize the fair value of derivative instruments. Those amounts are recorded on the consolidated statements of operations under net realized and unrealized gains (losses) on loans originated for sale. At December 31, 2019, the amount payable by the Company under these swap agreements was $232,000. At December 31, 2018, the amount receivable by the Company under these swap agreements was $1.7 million. At December 31, 2019 and 2018, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $1.3 million and $251,000, respectively.

The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of December 31, 2019 are summarized below (in thousands):


	December 31, 2019
Maturity date	Notional amount	Interest rate paid	Interest rate received	Fair value
August 4, 2021	10,300	1.12%	1.90%	95
December 23, 2025	6,800	2.16%	1.93%	(152)
December 24, 2025	8,200	2.17%	1.93%	(192)
January 28, 2026	3,000	1.87%	1.94%	(18)
July 20, 2026	6,300	1.44%	1.97%	133
December 12, 2026	3,200	2.26%	1.89%	(98)
Total	$ 37,800			$ (232)

The $232,000 fair value loss position of the outstanding derivatives at December 31, 2019 as detailed in the above table, was recorded in other liabilities on the consolidated balance sheet.