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INTEREST RATE SWAPS (Tables)
9 Months Ended
Sep. 30, 2021
INTEREST RATE SWAPS  
Schedule of interest expense recorded on swap transactions in the consolidated statements of income

    

Three Months Ended

Nine Months Ended

    

September 30, 

September 30, 

(in thousands)

2021

    

2020

    

2021

    

2020

Interest rate swap on money market deposits

$

$

52

$

$

107

Interest rate swap on FHLB advance

 

 

51

 

 

104

Total interest (benefit) expense on swap transactions

$

$

103

$

$

211

Summary of net gains recorded in AOCI and the consolidated statements of income relating to the swaps

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(in thousands)

    

2021

    

2020

    

2021

    

2020

Gains (losses) recognized in OCI on derivative (effective portion)

 

$

 

$

(1)

 

$

 

$

(173)

Gains (losses) reclassified from OCI on derivative (effective portion)

 

(103)

 

 

(211)

Gains (losses) recognized in income on derivative (ineffective portion)

 

 

 

Summary of interest rate swaps related to clients

    

September 30, 2021

December 31, 2020

 

Notional

Notional

 

(in thousands)

    

Bank Position

Amount

    

Fair Value

    

Amount

    

Fair Value

 

Interest rate swaps with Bank clients - Assets

 

Pay variable/receive fixed

 

$

109,456

 

$

6,707

 

$

138,277

 

$

12,545

Interest rate swaps with Bank clients - Liabilities

 

Pay variable/receive fixed

 

15,953

 

(103)

 

Interest rate swaps with Bank clients - Total

 

Pay variable/receive fixed

 

$

125,409

 

$

6,604

 

$

138,277

 

$

12,545

Offsetting interest rate swaps with institutional swap dealer

Pay fixed/receive variable

125,409

(6,604)

138,277

(12,545)

Total

 

$

250,818

$

 

$

276,554

$