DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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		7	$	135,000		$	2,898	$	(87	)		4	$	90,000		$	3,228	$	-
Weighted average pay rates				1.46	%									1.24	%
Weighted average receive rates				1.22	%									0.95	%
Weighted average maturity			4.79 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 for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Interest rate products
Effective portion:
Amount of gain (loss) recognized in other comprehensive income	$	(825	)	$	(998	)	$	(597	)	$	(998	)
Amount of gain or (loss) reclassified from other comprehensive income into interest expense		(92	)		(41	)		(179	)		(41	)
Ineffective Portion:
Amount of gain or (loss) recognized in other  non-interest expense		-			-			-			-