Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Tables)

v2.4.0.8
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2014
Cash Flow Hedging [Member]
  
Derivative [Line Items]  
Summary of the Derivatives

Shown below is a summary of the derivatives designated as cash flow hedges at March 31, 2014 and December 31, 2013 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pay fixed - receive floating interest rate swaps

3

 

$
68,000 

 

$

 -

 

$
3,784 

 
0.23% 

 
2.77% 

 
2.88 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

4

 

$
55,000 

 

$
13 

 

$

 -

 
4.93% 

*
3.55% 

*
5.47 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pay fixed - receive floating interest rate swaps

1

 

$
36,000 

 

$

 -

 

$
3,046 

 
0.25% 

 
3.51% 

 
3.46 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

8

 

$
100,000 

 

$

 -

 

$
516 

 
5.17% 

*
3.89% 

*
5.72 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*The prime loan swaps receive rate and pay rate are weighted average rates.  The pay weighted average rate takes into consideration the floor rate discussed above.

 

Interest Rate Swap [Member]
  
Derivative [Line Items]  
Summary of the Derivatives

As of March 31, 2014, the Company had securities with a market value of $1.0 million pledged as collateral for the loan swaps.  Shown below is a summary regarding loan swap derivative activities at March 31, 2014 and December 31, 2013 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

31

 

$
112,100 

 

$
16 

 

$

 -

 
4.30% 

 
2.56% 

 
7.78 

Pay fixed - receive floating interest rate swaps

31

 

$
112,100 

 

$

 -

 

$
16 

 
2.56% 

 
4.30% 

 
7.78 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

1

 

$
718 

 

$
33 

 

$

 -

 
4.58% 

 
2.92% 

 
8.59 

Pay fixed - receive floating interest rate swaps

1

 

$
718 

 

$

 -

 

$
33 

 
2.92% 

 
4.58% 

 
8.59