DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 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 Statement of Financial Condition:

	At December 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		7	$	135,000		$	4,041	$	-		4	$	90,000		$	3,228	$	-
Weighted average pay rates				1.46	%								1.24	%
Weighted average receive rates				1.51	%								0.95	%
Weighted average maturity			4.29 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:

	At or for the Year Ended December 31,
	2017		2016
Interest rate products
Effective portion:
Amount of gain (loss) recognized in other comprehensive income	$	511	$	3,205
Amount of gain or (loss) reclassified from other comprehensive income into interest expense		283		23
Ineffective Portion:
Amount of gain or (loss) recognized in other  non-interest expense		-		-