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DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2016
DERIVATIVES AND HEDGING ACTIVITIES [Abstract]  
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition
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 September 30, 2016
 
  
Count
  
Notional
Amount
  
Fair Value
Assets
  
Fair Value
Liabilities
 
             
Derivatives designated as hedging instruments Interest Rate Products
  
4
  
$
90,000
  
$
-
  
$
249
 
Total derivatives designated as hedging instruments
  
4
  
$
90,000
  
$
-
  
$
249
 

Weighted average pay rates
  
1.24
%
Weighted average receive rates
  
0.81
%
Weighted average maturity
 
5.57 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 September 30, 2016:

  
At or for the Three Months
Ended September 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
 
$
717
  
$
(9
)
 
$
-
 

  
At or for the Nine Months
Ended September 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
 
$
(281
)
 
$
32
  
$
-
 
Offsetting of Derivative Liabilities
Offsetting of Derivative Liabilities as of September 30, 2016:

    
Gross Amounts
  
Net Amounts of
Assets
  
Gross Amounts Not Offset in the
Statements of Financial Condition
   
  
Gross Amounts
of Recognized
Liabilities
  
Offset in the
Statements of
Financial
Condition
  
presented in
the Statements
of Financial
Condition
  
Financial
Instruments
  
Cash Collateral
Received
  
Net Amount
 
Counterparty A
 
$
249
  
$
-
  
$
249
  
$
-
  
$
-
  
$
249