Note 9. Derivatives

The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held for sale. These instruments are not accounted for as hedges. As of September 30, 2017, the Company had entered into eleven interest rate swap agreements with an aggregate notional amount of $59.7 million. These swap agreements provide for the Company to receive an adjustable rate of interest based upon the three-month London Interbank Offering Rate (LIBOR). The Company recorded a loss of $2.5 million for the nine months ended September 30, 2017 to recognize the fair value of the derivative instruments which is reported in gain (loss) on sale of loans. The amount receivable by the Company under these swap agreements was $722,000 at September 30, 2017 which is reported in other assets. The Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $756,000 as of September 30, 2017.

The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of September 30, 2017 are summarized below (dollars in thousands):



	September 30, 2017
Maturity date	Notional amount	Interest rate paid	Interest rate received	Fair value
August 4, 2021	$ 10,300	1.12%	1.31%	$ 306
August 17, 2025	2,500	2.27%	1.31%	(15)
August 17, 2025	2,500	2.27%	1.31%	(15)
December 11, 2025	2,400	2.14%	1.32%	13
December 23, 2025	6,800	2.16%	1.33%	27
December 24, 2025	8,200	2.17%	1.33%	22
January 28, 2026	3,000	1.87%	1.31%	79
July 20, 2026	6,300	1.44%	1.31%	405
December 12, 2026	3,200	2.26%	1.31%	(2)
January 4, 2027	10,100	2.35%	1.30%	(79)
April 27, 2027	4,400	2.32%	1.32%	(19)
Total	$ 59,700			$ 722