DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2015

Notional Amounts of All Derivative Instruments

The following table summarizes the notional amounts of all derivative instruments:
	Notional Amounts
	As of		As of
	March 31,		December 31,
	2015		2014
Undesignated economic hedges:	(In thousands)
Interest rate contracts:
Interest rate swap agreements	$	5,440	$	5,440
Written interest rate cap agreements		36,809		37,132
Purchased interest rate cap agreements		36,809		37,132
Forward Contracts:
Sale of TBA GNMA MBS pools		32,000		19,000
	$	111,058	$	98,704
Notional amounts are presented on a gross basis with no netting of offseting exposure positions.

Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition

The following table summarizes the fair value of derivative instruments as of the indicated dates and the location in the statement of financial condition:
	Asset Derivatives					Liability Derivatives
	Statement of	March 31,		December 31,			March 31,		December 31,
	Financial	2015		2014			2015		2014
	Condition Location	Fair Value		Fair Value		Statement of Financial Condition Location	Fair Value		Fair Value
	(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Interest rate swap agreements	Other assets	$	-	$	33	Accounts payable and other liabilities	$	-	$	33
Written interest rate cap agreements	Other assets		-		-	Accounts payable and other liabilities		1		6
Purchased interest rate cap agreements	Other assets		1		6	Accounts payable and other liabilities		-		-
Forward Contracts:
Sales of TBA GNMA MBS pools	Other assets		-		-	Accounts payable and other liabilities		220		148
		$	1	$	39		$	221	$	187

Effect of Derivative Instruments on Statement of Income (Loss)

The following table summarizes the effect of derivative instruments on the statement of income :
		Gain (or Loss)
	Location of Gain or (Loss)		Quarter Ended
	Recognized in Income on	March 31,
(In thousands)	Derivatives	2015		2014
			(In thousands)
UNDESIGNATED ECONOMIC HEDGES:
Interest rate contracts:
Interest rate swap agreements	Interest income - Loans	$	-	$	313
Forward contracts:
Sales of TBA GNMA MBS pools	Mortgage Banking Activities		(72)		(165)
Total (loss) gain on derivatives		$	(72)	$	148

Summary of Interest Rate Swaps

	As of		As of
	March 31,		December 31,
	2015		2014
		(Dollars in thousands)
Pay fixed/receive floating :
Notional amount	$	5,440	$	5,440
Weighted-average receive rate at period end		2.04%		2.03%
Weighted-average pay rate at period end		3.45%		3.45%
As of March 31, 2015, the Corporation has not entered into any derivative instrument containing credit-risk-related
contingent features.