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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of key terms of each swap
The following table summarizes key terms of each interest rate cap.
Interest Rate Cap
 
Notional Amount
 
Effective Start Date
 
Maturity Date
 
Strike Rate
 
Underlying Index of Cap
 
Variable Rate on Underlying Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Cap 1
 
$
7,500

 
July 1, 2012
 
July 1, 2017
 
0.47
%
 
3-Month LIBOR
 
3-Month LIBOR + 4.00%
Cap 2
 
8,000

 
July 7, 2012
 
July 7, 2017
 
0.47

 
3-Month LIBOR
 
3-Month LIBOR + 3.10%
Cap 3
 
25,000

 
September 15, 2014
 
September 15, 2019
 
1.82

 
3-Month LIBOR
 
3-Month LIBOR + 1.32%
Cap 4
 
10,000

 
September 30, 2014
 
September 30, 2019
 
1.85

 
3-Month LIBOR
 
3-Month LIBOR + 2.80%
 
 
$
50,500

 
 
 
 
 
 
 
 
 
 
The following table summarizes key terms of each interest rate swap.
Interest Rate Swap
 
Notional Amount
 
Effective Start Date
 
Maturity Date
 
Pay Fixed Rate
 
Receive Floating Rate
 
 
 
 
 
 
 
 
 
 
 
Swap 1
 
$
25,000

 
April 6, 2015
 
April 5, 2020
 
1.650
%
 
3-Month LIBOR
Swap 2
 
25,000

 
May 5, 2015
 
May 5, 2020
 
1.683

 
3-Month LIBOR
Swap 3
 
25,000

 
June 5, 2015
 
June 5, 2020
 
1.720

 
3-Month LIBOR
Swap 4
 
25,000

 
August 5, 2015
 
August 5, 2020
 
2.440

 
3-Month LIBOR
Swap 5
 
25,000

 
February 5, 2016
 
February 5, 2021
 
2.703

 
3-Month LIBOR
Swap 6
 
50,000

 
August 5, 2016
 
August 5, 2021
 
2.882

 
3-Month LIBOR
Swap 7
 
25,000

 
October 1, 2014
 
August 31, 2017
 
1.197

 
1-Month LIBOR + 0.10%
Swap 8
 
25,000

 
October 16, 2014
 
August 16, 2018
 
1.596

 
1-Month LIBOR + 0.13%
 
 
$
225,000

 
 
 
 
 
 
 
 
Schedule of balance sheet location and fair value amounts of derivative instruments
The following table summarizes the balance sheet location and fair value amounts of derivative instruments grouped by the underlying hedged instrument.
 
 
 
 
December 31, 2014
 
December 31, 2013
 
 
Balance Sheet
Location
 
Notional
Amount
 
Fair Value
 
Notional Amount
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
FHLB advances:
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Other assets
 
$
75,000

 
$
795

 
$
75,000

 
$
3,962

Interest rate swaps
 
Other liabilities
 
100,000

 
2,249

 

 

 
 
 
 
 
 
 
 
 
 
 
Brokered money market deposits:
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Other liabilities
 
50,000

 
200

 

 

 
 
 
 
 
 
 
 
 
 
 
Subordinated term loan:
 
 
 
 

 
 

 
 

 
 

Interest rate cap
 
Other assets
 
7,500

 
128

 
7,500

 
193

 
 
 
 
 
 
 
 
 
 
 
TRUPs:
 
 
 
 

 
 

 
 
 
 

Interest rate caps
 
Other assets
 
43,000

 
1,104

 
8,000

 
208

 
 
 
 
 
 
 
 
 
 
 
Mortgage loan commitments:
 
 
 
 
 
 
 
 
 
 
Interest rate lock commitments
 
Other assets
 
23,274

 
342

 
17,654

 
354

Forward sale commitments
 
Other liabilities
 
34,727

 
49