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Note 11 - Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
11.           Derivative Financial Instruments

At March 31, 2015 and December 31, 2014, the Company’s derivative financial instruments consist of interest rate swaps. The Company’s interest rate swaps are used to mitigate the Company’s exposure to rising interest rates on a portion ($18.0 million) of its floating rate junior subordinated debentures that have a contractual value of $61.9 million. Additionally, the Company at times may use interest rate swaps to mitigate the Company’s exposure to rising interest rates on its fixed rate loans.

At March 31, 2015 and December 31, 2014 derivatives with a combined notional amount of $36.3 million were not designated as hedges. At March 31, 2015 and December 31, 2014 derivatives with a combined notional amount of $14.4 million and $14.5 million were designated as fair value hedges. Changes in the fair value of the derivatives not designated as hedges are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. The portion of the changes in the fair value of the derivative designated as a fair value hedge which is considered ineffective are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income.

The following table sets forth information regarding the Company’s derivative financial instruments at March 31, 2015:

   
At or for the three months ended March 31, 2015
 
   
Notional
Amount
   
Net Carrying (1)
Value
 
   
(In thousands)
 
Interest rate saps (non-hedge)
  $ 36,321     $ (3,492 )
Interest rate swaps (hedge)
    10,273       (626 )
Interest rate swaps (hedge)
    4,110       6  
Total derivatives
  $ 50,704     $ (4,112 )

The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2014:

   
At or for the year ended December 31, 2014
 
   
Notional
Amount
   
Net Carrying
Value (1)
 
   
(In thousands)
 
Interest rate swaps (non-hedge)
  $ 36,321     $ (2,239 )
Interest rate swaps (hedge)
    4,131       84  
Interest rate swaps (hedge)
    10,340       (410 )
Total derivatives
  $ 50,792     $ (2,565 )

(1)
Derivatives in a net positive position are recorded as “Other assets” and derivatives in a net negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.

The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated:

   
For the three months ended
March 31,
 
(In thousands)
 
2015
   
2014
 
Financial Derivatives:
           
Interest rate swaps (non-hedge)
  $ (1,254 )   $ (1,014 )
Interest rate swaps (hedge)
    (54 )     (28 )
Net loss (1)
  $ (1,308 )   $ (1,042 )

(1)
Net gains and losses are recorded as part of “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income.