DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2016

DERIVATIVES AND HEDGING ACTIVITIES [Abstract]

Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition

Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are paid on the Company’s liabilities.

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition:

	At June 30, 2016
	Count		Notional Amount		Fair Value Assets		Fair Value Liabilities
Derivatives designated as hedging instruments
Interest Rate Products		4	$	90,000	$	-	$	957
Total derivatives designated as hedging instruments		4	$	90,000	$	-	$	957

Weighted average pay rates	1.24%
Weighted average receive rates	0.64%
Weighted average maturity	5.82 years

Effect of Derivative Financial Instruments on Consolidated Statements of Income

The table below presents the effect of the Company’s derivative financial instruments as the amount of gain or (loss) on the Consolidated Statements of Income as of June 30, 2016:

	At or for the Three and Six Months Ended June 30, 2016
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Effective Portion)			Amount of Gain or (Loss) Reclassified from Other Comprehensive Income into Interest Expense (Effective Portion)			Amount of Gain or (Loss) Recognized in Other Non-Interest Expense (Ineffective Portion)
Interest Rate Products	$	(998	)	$	(41	)	$	-

Offsetting of Derivative Liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2016. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

Offsetting of Derivative Liabilities as of June 30, 2016:

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition				Net Amount
							Financial Instruments		Cash Collateral Received
Counterparty A	$	957	$	-	$	957	$	-	$	-	$	957