DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2017

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 Statements of Financial Condition:

	At March 31, 2017									At December 31, 2016
	Count		Notional Amount			Fair Value Assets		Fair Value Liabilities		Count		Notional Amount			Fair Value Assets		Fair Value Liabilities
Included in other assets/(liabilities):
Interest rate swaps related to FHLBNY advances		6	$	115,000		$	3,576	$	-		4	$	90,000		$	3,228	$	-
Weighted average pay rates				1.40	%								1.24	%
Weighted average receive rates				1.09	%								0.95	%
Weighted average maturity			5.03 years									5.32 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 March 31, 2017:

	At or for the Three Months Ended March 31, 2017
	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	$	3,500	$	(43	)	$	-