INTEREST RATE SWAPS (Tables)

6 Months Ended

Jun. 30, 2015

INTEREST RATE SWAPS

Summary of swaps designated as cash flow hedges

							June 30, 2015						December 31, 2014
(in thousands)	Notional Amount		Pay Rate		Receive Rate	Term	Assets/(Liabilities)			Unrealized Gain (Loss) in Accumulated OCI			Assets/(Liabilities)			Unrealized Gain (Loss) in Accumulated OCI
Interest rate swap on money market deposits	$	10,000	2.17	%	1-month LIBOR	Dec. 2013 - Dec. 2020	$	(239	)	$	(155	)	$	(232	)	$	(150	)
Interest rate swap on FHLB advance	10,000		2.33	%	3-month LIBOR	Dec. 2013 - Dec. 2020	(266		)	(173		)	(256		)	(166		)
	$	20,000					$	(505	)	$	(328	)	$	(488	)	$	(316	)

Schedule of interest expense recorded on swap transactions in the consolidated statements of income

	Three Months Ended				Six Months Ended
	June,				June,
(in thousands)	2015		2014		2015		2014
Interest rate swap on money market deposits	$	50	$	51	$	99	$	100
Interest rate swap on FHLB advance	53		48		105		99
Total interest expense on swap transactions	$	103	$	99	$	204	$	199

Summary of net gains recorded in accumulated OCI and the consolidated statements of income relating to the swaps

	Three Months Ended						Six Months Ended
	June,						June,
(in thousands)	2015			2014			2015			2014
Gains (losses) recognized in OCI on derivative (Effective Portion)	$	175		$	(364	)	$	(221	)	$	(704	)
Losses reclassified from OCI on derivative (Effective Portion)	$	(103	)	$	(99	)	$	(204	)	$	(199	)
Gains (losses) recognized in income on derivative (Ineffective Portion)	$	—		$	—		$	—		$	—

Summary of interest rate swaps related to clients

		Notional Amount		Fair Value			Notional Amount		Fair Value
(in thousands)	Bank Position	June 30, 2015					December 31, 2014
Interest rate swaps with Bank clients	Pay variable/receive fixed	$	19,277	$	(69	)	$	—	$	—
Offsetting interest rate swaps with counterparty	Pay fixed/receive variable	19,277		69			—		—
Total		$	38,554	$	—		$	—	$	—