Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Tables)

v2.4.0.8
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2014 and December 31, 2013 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

 

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

 

As of June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pay fixed - receive floating interest rate swaps

5

 

$
188,000 

 

$

 -

 

$
5,102 

 
0.23% 

(1)
2.77% 

(1)
2.23 

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

4

 

$
55,000 

 

$
420 

 

$

 -

 
4.93% 

 
3.55% 

 
5.22 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Due to their deferred nature, the rates and the life exclude the two FHLB advance swaps entered into in the 2nd quarter of 2014.

 

 

 

 

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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

As of June 30, 2014, the Company had securities with a market value of $1.8 million pledged as collateral for the loan swaps.  Shown below is a summary regarding loan swap derivative activities at June 30, 2014 and December 31, 2013 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

Receive

 

Pay

 

Life

   

Positions

 

Amount

 

Asset

 

Liability

 

Rate

 

Rate

 

(Years)

As of June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive fixed - pay floating interest rate swaps

31

 

$
111,106 

 

$
1,279 

 

$

 -

 
4.30% 

 
2.57% 

 
7.53 

Pay fixed - receive floating interest rate swaps

31

 

$
111,106 

 

$

 -

 

$
1,279 

 
2.57% 

 
4.30% 

 
7.53 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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