| Summary of the Derivatives |
The following table summarizes key elements of the Company’s derivative instruments as of March 31, 2016 and December 31, 2015, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands):
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March 31, 2016
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December 31, 2015
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Derivative (2)
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Derivative (2)
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Notional or Contractual Amount (1)
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Positions
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Assets
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Liabilities
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Collateral Pledged (3)
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Notional or Contractual Amount (1)
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Positions
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Assets
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Liabilities
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Collateral Pledged (3)
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Derivatives designated as accounting hedges:
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Interest rate contracts:
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Cash flow hedges
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$
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263,000
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11
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$
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1,797
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$
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15,279
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$
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18,562
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$
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263,000
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11
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$
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946
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$
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10,352
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$
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14,449
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Fair value hedges
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61,150
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4
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-
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3,418
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-
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61,150
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4
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-
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888
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-
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Total
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324,150
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15
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1,797
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18,697
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18,562
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324,150
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15
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946
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11,240
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14,449
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Derivatives not designated as accounting hedges:
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Interest rate contracts:
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Loan Swaps
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153,107
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74
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7,540
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7,540
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11,296
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138,969
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68
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3,758
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3,758
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5,983
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Other contracts:
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Interest rate lock commitments
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62,975
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258
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1,252
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-
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-
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50,369
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199
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701
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-
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-
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Total
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216,082
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332
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8,792
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7,540
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11,296
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189,338
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267
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4,459
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3,758
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5,983
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Total derivatives
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$
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540,232
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347
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$
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10,589
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$
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26,237
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$
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29,858
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$
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513,488
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282
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$
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5,405
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$
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14,998
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$
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20,432
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(1) Notional amounts are not recorded on the balance sheet and are generally used only as a basis on which interest and other payments are determined.
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(2) Balances represent fair value of derivative financial instruments.
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(3) Collateral pledged is comprised of both cash and securities.
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