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Derivative Financial Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Information on our derivatives follows:

 
Asset derivatives
Liability derivatives
(in thousands)
December 31, 2014

 
December 31, 2013

December 31, 2014

 
December 31, 2013

Fair value hedges:
 
 
 
 
 
 
Interest rate contracts notional amount
$
4,589

 
$
17,956

$
26,899

 
$
21,577

Interest rate contracts fair value 1
61

 
961

1,996

 
2,519

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance


 
Year ended December 31,
(in thousands)
2014

 
2013

 
2012

(Decrease) increase in value of designated interest rate swaps recognized in interest income
$
(377
)
 
$
3,680

 
$
(188
)
Payment on interest rate swaps recorded in interest income
(1,002
)
 
(1,422
)
 
(1,342
)
Increase (decrease) in value of hedged loans recognized in interest income
662

 
(3,971
)
 
311

(Decrease ) increase in value of yield maintenance agreement recognized against interest income
(91
)
 
(71
)
 
168

Net loss on derivatives recognized against interest income 2
$
(808
)
 
$
(1,784
)
 
$
(1,051
)

1 See Note 4 for valuation methodology.
2 Includes hedge ineffectiveness gain of $194 thousand, loss of $362 thousand and gain of $291 thousand for the years December 31, 2014, 2013 and 2012, respectively. Changes in value of swaps were included in the assessment of hedge effectiveness.
Offsetting Assets
Information on financial instruments that are eligible for offset in the consolidated statements of condition follows:
Offsetting of Financial Assets and Derivative Assets
 
 
 
 
 
 
 
(in thousands)
 
 
Gross Amounts Not Offset in the Statements of Condition
 
 
 
Gross Amounts
Net Amounts
 
 
 
 
Gross Amounts
Offset in the
of Assets Presented
 
 
 
 
of Recognized
Statements of
in the Statements
Financial
Cash Collateral
 
 
Assets1
Condition
of Condition1
Instruments
Received
Net Amount
As of December 31, 2014
 
 
 
 
 
 
Derivatives by Counterparty
 
 
 
 
 
 
   Counterparty A
$
61

$

$
61

$
(61
)
$

$

   Counterparty B






Total
$
61

$

$
61

$
(61
)
$

$

 
 
 
 
 
 
 
As of December 31, 2013
 
 
 
 
 
 
Derivatives by Counterparty
 
 
 
 
 
 
   Counterparty A
$
961

$

$
961

$
(825
)
$

$
136

   Counterparty B






Total
$
961

$

$
961

$
(825
)
$

$
136

1 Amounts exclude accrued interest totaling $1 thousand and $10 thousand at December 31, 2014 and December 31, 2013, respectively.

Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
 
 
 
 
 
 
 
(in thousands)
 
 
Gross Amounts Not Offset in the Statements of Condition
 
 
 
Gross Amounts
Net Amounts of
 
 
 
 
Gross Amounts
Offset in the
Liabilities Presented
 
 
 
 
of Recognized
Statements of
in the Statements of
Financial
Cash Collateral
 
 
Liabilities2
Condition
Condition2
Instruments
Pledged
Net Amount
As of December 31, 2014
 
 
 
 
 
 
Derivatives by Counterparty
 
 
 
 
 
 
   Counterparty A
$
1,616

$

$
1,616

$
(61
)
(1,360
)
$
195

   Counterparty B
380


380


(380
)

Total
$
1,996

$

$
1,996

$
(61
)
$
(1,740
)
$
195

 
 
 
 
 
 
 
As of December 31, 2013
 
 
 
 
 
 
Derivatives by Counterparty
 
 
 
 
 
 
   Counterparty A
$
825

$

$
825

$
(825
)
$

$

   Counterparty B
1,694


1,694


(1,694
)

Total
$
2,519

$

$
2,519

$
(825
)
$
(1,694
)
$


2 Amounts exclude accrued interest totaling $39 thousand and $60 thousand at December 31, 2014 and December 31, 2013, respectively.