DERIVATIVES AND HEDGING (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Designated in Hedge Relationships

As of March 31, 2014 and December 31, 2013, the notional values or contractual amounts and fair values of the Company's derivatives designated in hedge relationships were as follows (in thousands):



	Asset Derivatives								Liability Derivatives
	March 31, 2014				December 31, 2013				March 31, 2014				December 31, 2013
	Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾
Interest rate swaps	$	7,338	$	1,259	$	7,420	$	1,295	$	7,338	$	1,259	$	7,420	$	1,295


⁽¹⁾	Included in Loans Receivable on the Consolidated Statements of Financial Condition.


⁽²⁾	Included in Other Liabilities on the Consolidated Statements of Financial Condition.

Schedule of Derivatives Not Designated in Hedge Relationships

As of March 31, 2014 and December 31, 2013, the notional values or contractual amounts and fair values of the Company's derivatives not designated in hedge relationships were as follows (in thousands):



	Asset Derivatives								Liability Derivatives
	March 31, 2014				December 31, 2013				March 31, 2014				December 31, 2013
	Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾
Interest rate swaps	$	139,002	$	3,813	$	135,122	$	3,651	$	139,002	$	3,813	$	135,122	$	3,651
Mortgage loan commitments	15,701		128		14,107		57		8,489		32		7,326		43
Forward sales contracts	8,489		32		22,526		73		21,500		37		—		—
	$	163,192	$	3,973	$	171,755	$	3,781	$	168,991	$	3,882	$	142,448	$	3,694


⁽¹⁾	Included in Other Assets on the Consolidated Statement of Financial Condition, with the exception of those interest rate swaps from prior to 2009 that were not designated in hedge relationships (with a fair value of $726,000 at March 31, 2014 and $791,000 at December 31, 2013), which are included in Loans Receivable.


⁽²⁾	Included in Other Liabilities on the Consolidated Statement of Financial Condition.

Gains (losses) recognized in income on non-designated hedging instruments for the three months ended March 31, 2014 and 2013 were as follows (in thousands):



		Three Months Ended March 31
	Location on Income Statement	2014			2013
Mortgage loan commitments	Mortgage banking operations	$	70		$	62
Forward sales contracts	Mortgage banking operations	(66		)	(56		)
		$	4		$	6

Offsetting Assets and Liabilities

The following table illustrates the potential effect of the Company's derivative master netting arrangements, by type of financial instrument, on the Company's Statement of Financial Condition as of March 31, 2014 and December 31, 2013 (in thousands):



	March 31, 2014
							Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition
	Gross Amounts Recognized		Amounts offset in the Statement of Financial Condition		Net Amounts in the Statement of Financial Condition		Netting Adjustment Per Applicable Master Netting Agreements			Fair Value of Financial Collateral in the Statement of Financial Condition			Net Amount
Derivative assets
Interest rate swaps	$	5,072	$	—	$	5,072	$	(696	)	$	—		$	4,376
	$	5,072	$	—	$	5,072	$	(696	)	$	—		$	4,376

Derivative liabilities
Interest rate swaps	$	5,072	$	—	$	5,072	$	(696	)	$	(3,680	)	$	696
	$	5,072	$	—	$	5,072	$	(696	)	$	(3,680	)	$	696

	December 31, 2013
							Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition
	Gross Amounts Recognized		Amounts offset in the Statement of Financial Condition		Net Amounts in the Statement of Financial Condition		Netting Adjustment Per Applicable Master Netting Agreements			Fair Value of Financial Collateral in the Statement of Financial Condition			Net Amount
Derivative assets
Interest rate swaps	$	4,946	$	—	$	4,946	$	(554	)	$	—		$	4,392
	$	4,946	$	—	$	4,946	$	(554	)	$	—		$	4,392

Derivative liabilities
Interest rate swaps	$	4,946	$	—	$	4,946	$	(554	)	$	(2,657	)	$	1,735
	$	4,946	$	—	$	4,946	$	(554	)	$	(2,657	)	$	1,735