Annual report pursuant to Section 13 and 15(d)

DERIVATIVES (Tables)

v2.4.0.8
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2013
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 December 31, 2013 and 2012 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pay fixed - receive floating interest rate swaps

1

 

$

36,000

 

$

 -

 

$

4,489

 

0.31%

 

3.51%

 

4.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*This receive rate is a weighted average rate for the 8 loan swaps that have a receive rate range from 4.71% to 6.09%.  The pay rate is a weighted average rate taking into consideration the floor rates discussed above.

 

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

Shown below is a summary regarding loan swap derivative activities at December 31, 2013 and 2012 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

1

 

$

744

 

$

18

 

$

 -

 

4.58%

 

2.96%

 

9.59

Pay fixed - receive floating interest rate swaps

1

 

$

744

 

$

 -

 

$

18

 

2.96%

 

4.58%

 

9.59