DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2018

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 Balance Sheet as of the periods indicated.

	At March 31, 2018									At December 31, 2017
	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		8	$	150,000	$	6,117	$	(78	)		7	$	135,000	$	4,041	$	-

Effect of Derivative Financial Instruments on Consolidated Statements of Income

The table below presents the effect of the cash flow hedge accounting on Accumulated Other Comprehensive Income as of March 31, 2018 and 2017.

	Three months ended March 31,
	2018			2017
Interest rate products
Amount of gain recognized in other comprehensive income	$	2,081		$	228
Amount of gain or (loss) reclassified from other comprehensive income into interest expense		(65	)		87

Offsetting of Derivative Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2018 and December 31, 2017. 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 Balance Sheet.

At March 31, 2018

Offsetting of Derivative Assets

								Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
FHLB Advances	$	6,117	$	(78	)	$	6,039	$	-	$	-	$	6,039

At December 31, 2017

Offsetting of Derivative Assets

							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
FHLB Advances	$	4,041	$	-	$	4,041	$	-	$	-	$	4,041