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DERIVATIVE INSTRUMENTS | 6 Months Ended
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Jun. 30, 2015
DERIVATIVE INSTRUMENTS [Abstract] |
DERIVATIVE INSTRUMENTS | NOTE L: DERIVATIVE INSTRUMENTS The Company is party to derivative financial instruments in the normal course of its business to meet the financing needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments have been limited to commitments to originate real estate loans held for sale and forward sales commitments. The Company does not hold or issue derivative financial instruments for trading or other speculative purposes. The Company enters into forward sales commitments for the future delivery of residential mortgage loans, and interest rate lock commitments to fund loans at a specified interest rate. The forward sales commitments are utilized to reduce interest rate risk associated with interest rate lock commitments and loans held for sale. Changes in the estimated fair value of the forward sales commitments and interest rate lock commitments subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time. At inception and during the life of the interest rate lock commitment, the Company includes the expected net future cash flows related to the associated servicing of the loan as part of the fair value measurement of the interest rate lock commitments. These derivatives are recorded at fair value. The following table presents the Company’s derivative financial instruments, their estimated fair values, and balance sheet location as of June 30, 2015:
(000's omitted) | Location | Notional |  | Fair Value |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward sales commitments | Other liabilities |  | $ | 7,816 |  |  | $ | (81 | )
Commitments to originate real estate loans for sale | Other assets |  |  | 9,803 |  |  |  | 195 |
Total derivatives, net |  |  |  |  |  |  | $ | 114 |
The following table presents the Company’s derivative financial instruments and the location of the net gain or loss recognized in the statement of income for the three and six months ended June 30, 2015:
|  |  | Loss Recognized in the Statement of Income |
(000's omitted) | Location |  | Three Months Ending June 30, 2015 |  |  | Six Months Ending June 30, 2015 |
Forward sales commitments | Mortgage banking and other services |  | $ | (59 | ) |  | $ | (38 | )
Commitments to originate real estate loans for sale | Mortgage banking and other services |  |  | 43 |  |  |  | 10 |
Total, net |  |  | $ | (16 | ) |  | $ | (28 | )

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