Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Derivative Financial Instruments

The Company’s interest rate swap derivative financial instruments as of December 31, 2014 are as follows:

(Dollars in thousands)	Forecasted Notional  Amount		Variable Interest Rate 1	Fixed Interest Rate 1		Payment Term 2
Interest rate swap	$	160,000	3 month LIBOR	3.378	%	Oct. 21, 2014 - Oct. 21, 2021
Interest rate swap	100,000		3 month LIBOR	2.498	%	Nov 30, 2015 - Nov. 30, 2022

__________

¹The Company pays the fixed interest rate and the counterparty pays the Company the variable interest rate.

² No cash will be exchanged prior to the beginning of the payment term.

Summary of Pre-Tax Gains or Losses

The following table presents the pre-tax gains or losses recorded in accumulated other comprehensive income and the Company’s statements of operations relating to the interest rate swap derivative financial instruments:

	Years ended
(Dollars in thousands)	December 31, 2014			December 31, 2013	December 31, 2012
Interest rate swaps
Amount of (loss) gain recognized in OCI (effective portion)	$	(19,557	)	18,728	(7,926	)
Amount of loss reclassified from OCI to interest expense	(993		)	—	—
Amount of loss recognized in other non-interest expense (ineffective portion)	—			—	—

Offsetting Assets

The following table discloses the offsetting of financial assets and interest rate swap derivative assets:

	December 31, 2014				December 31, 2013
(Dollars in thousands)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Position	Net Amounts of Assets Presented in the Statements of Financial Position	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statements of Financial Position		Net Amounts of Assets Presented in the Statements of Financial Position
Interest rate swaps	$	—	—	—	6,844	(4,948	)	1,896

Offsetting Liabilities

The following table discloses the offsetting of financial liabilities and interest rate swap derivative liabilities:

	December 31, 2014				December 31, 2013
(Dollars in thousands)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Position	Net Amounts of Liabilities Presented in the Statements of Financial Position	Gross Amounts of Recognized Liabilities	Gross Amounts Offset in the Statements of Financial Position		Net Amounts of Liabilities Presented in the Statements of Financial Position
Interest rate swaps	$	16,668	—	16,668	4,948	(4,948	)	—