COMMITMENTS, CONTINGENCIES AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Summary of Contractual and Notional Amounts of Financial Instruments

The following is a summary of the contractual and notional amounts of the Company’s financial instruments:

	March 31, 2017		December 31, 2016
Lending-Related Instruments:
Loan origination commitments and unadvanced lines of credit:
Home equity	$	464,909	$	454,225
Commercial and commercial real estate	56,515		83,103
Residential	30,949		17,795
Letters of credit	2,858		2,580
Other commitments	428		432
Derivative Financial Instruments:
Customer loan swaps	$	557,798	$	532,526
FHLBB advance interest rate swaps	50,000		50,000
Junior subordinated debt interest rate swaps	43,000		43,000
Interest rate lock commitments	18,821		15,249
Forward delivery commitments	5,715		15,125

Summary of Derivative Financial Instruments

The following table presents the total positions, notional and fair value of the Company's customer loans swaps with its commercial customers and the corresponding interest rate swap agreements with counterparty for the periods indicated:

		March 31, 2017						December 31, 2016
	Balance Sheet Location	Number of Positions	Notional		Fair Value			Number of Positions	Notional		Fair Value
Receive fixed, pay variable	Other assets / (accrued interest and other liabilities)	31	$	157,291	$	(4,683	)	50	$	266,263	$	(1,945	)
Receive fixed, pay variable	Other assets / (accrued interest and other liabilities)	23	121,608		1,877			—	—		—
Pay fixed, receive variable	Other assets / (accrued interest and other liabilities)	54	278,899		2,806			50	266,263		1,945
Total		108	$	557,798	$	—		100	$	532,526	$	—

The details of the junior subordinated debt interest rate swaps for the periods indicated were as follows: 

						March 31, 2017			December 31, 2016
Notional Amount		Trade Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Fair Value(1)			Fair Value(1)
$	10,000	3/18/2009	6/30/2021	3-Month USD LIBOR	5.09%	$	(733	)	$	(806	)
10,000		7/8/2009	6/30/2029	3-Month USD LIBOR	5.84%	(2,214		)	(2,321		)
10,000		5/6/2010	6/30/2030	3-Month USD LIBOR	5.71%	(2,186		)	(2,290		)
5,000		3/14/2011	3/30/2031	3-Month USD LIBOR	5.75%	(1,160		)	(1,211		)
8,000		5/4/2011	7/7/2031	3-Month USD LIBOR	5.56%	(1,665		)	(1,744		)
$	43,000					$	(7,958	)	$	(8,372	)

The details of the FHLBB advance interest rate swaps for the periods indicated were as follows:

						March 31, 2017			December 31, 2016
Notional Amount		Trade Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Fair Value(1)			Fair Value(1)
$	25,000	2/25/2015	2/25/2018	1-Month USD LIBOR	1.54%	$	(74	)	$	(152	)
25,000		2/25/2015	2/25/2019	1-Month USD LIBOR	1.74%	(134		)	(237		)
$	50,000					$	(208	)	$	(389	)

(1) Presented within accrued interest and other liabilities on the consolidated statements of condition.

Schedule of Interest Rate Derivatives

ur pipeline of mortgage loans with fixed-rate interest rate lock commitments were as follows for the periods indicated:

		March 31, 2017					December 31, 2016
	Balance Sheet Location	Notional		Fair Value			Notional		Fair Value
Fixed-rate mortgage interest rate locks	Other Assets	$	14,342	$	219		$	12,310	$	202
Fixed-rate mortgage interest rate locks	Accrued interest and other liabilities	4,479		(44		)	2,939		(15		)
Total		$	18,821	$	175		$	15,249	$	187

Forward Delivery Commitments

The Company's forward delivery commitments on loans held for sale was as follows for the periods indicated:

		March 31, 2017				December 31, 2016
	Balance Sheet Location	Notional		Fair Value		Notional		Fair Value
Forward delivery commitments ("best-effort")	Other Assets	$	5,715	$	160	$	14,250	$	587
Forward delivery commitments ("best-effort")	Accrued interest and other liabilities	—		—		875		(309		)
Total		$	5,715	$	160	$	15,125	$	278

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:

	For The Three Months Ended March 31,
	2017		2016
Derivatives designated as cash flow hedges:
Effective portion of unrealized gains (losses) recognized within AOCI during the period, net of tax	$	90	$	(2,342	)
Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross(1)	$	455	$	365

(1) Reclassified into the consolidated statements of income within interest on subordinated debentures.