INTEREST RATE SWAPS (Tables)

3 Months Ended

Mar. 31, 2020

INTEREST RATE SWAPS

Summary of swaps designated as cash flow hedges

								March 31, 2020				December 31, 2019
										Unrealized				Unrealized
	Notional		Pay		Receive			Assets /		Gain (Loss)		Assets /		Gain (Loss)
(dollars in thousands)	Amount		Rate		Rate		Term	(Liabilities)		in AOCI		(Liabilities)		in AOCI
Interest rate swap on money market deposits	$	10,000	2.17	%		1M LIBOR	12/2013 - 12/2020	$	(112)	$	(84)	$	(46)	$	(34)
Interest rate swap on FHLB advance		10,000	2.33	%		3M LIBOR	12/2013 - 12/2020		(124)		(93)		(58)		(43)
Total	$	20,000						$	(236)	$	(177)	$	(104)	$	(77)

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

	Three Months Ended
	March 31,
(in thousands)	2020		2019
Interest rate swap on money market deposits	$	12	$	(8)
Interest rate swap on FHLB advance		17		(11)
Total interest (benefit) expense on swap transactions	$	29	$	(19)

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

	Three Months Ended
	March 31,
(in thousands)	2020		2019
Gains (losses) recognized in OCI on derivative (effective portion)	$	(161)	$	(69)
Gains (losses) reclassified from OCI on derivative (effective portion)		(29)		19
Gains (losses) recognized in income on derivative (ineffective portion)		—		—

Summary of interest rate swaps related to clients

		March 31, 2020				December 31, 2019
		Notional				Notional
(in thousands)	Bank Position	Amount		Fair Value		Amount		Fair Value
Interest rate swaps with Bank clients - Assets	Pay variable/receive fixed	$	142,846	$	14,013	$	95,411	$	5,062
Interest rate swaps with Bank clients - Liabilities	Pay variable/receive fixed		—		—		6,640		(55)
Interest rate swaps with Bank clients - Total	Pay variable/receive fixed	$	142,846	$	14,013	$	102,051	$	5,007
Offsetting interest rate swaps with institutional swap dealer	Pay fixed/receive variable		142,846		(14,013)		102,051		(5,007)
Total		$	285,692	$	—	$	204,102	$	—