v2.4.0.8
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Not Designated as Hedging Instruments, Notional Amount And Statements of Financial Position, Location
The table below summarizes the notional amounts and fair values of the derivative instruments used to manage risk.
 
 
 
 
Asset Derivatives
(Other Assets)
 
Liability Derivatives
(Other Liabilities)
Notional Amount
 
Fair Value
 
Fair Value
(in thousands)
June 30,
2014
 
December 31,
2013
 
June 30,
2014
 
December 31,
2013
 
June 30,
2014
 
December 31,
2013
Non-designated hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate cap contracts
$
23,800

 
$
23,800

 
$
2

 
$
10

 
$
—

 
$
—

The table below summarizes the notional amounts and fair values of the client-related derivative instruments.

 
 
Asset Derivatives
(Other Assets)
 
Liability Derivatives
(Other Liabilities)
 
Notional Amount
 
Fair Value
 
Fair Value
(in thousands)
June 30,
2014
 
December 31,
2013
 
June 30,
2014
 
December 31,
2013
 
June 30,
2014
 
December 31,
2013
Non-designated hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap contracts
$
178,359

 
$
185,213

 
$
1,184

 
$
990

 
$
1,184

 
$
990
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table shows the location and amount of gains and losses related to derivatives used for risk management purposes that were recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013.
 
 
Location of Gain or (Loss) Recognized in Operations on Derivative
Amount of Gain or (Loss) Recognized in Operations on Derivative
 
Amount of Gain or (Loss) Recognized in Operations on Derivative
Three months ended June 30,
 
Six months ended June 30,
(in thousands)
2014
 
2013
 
2014
 
2013
Non-designated hedging instruments
 
 
 
 
 
 
 
 
Interest rate cap contracts
Gain on state tax credits, net
$
(8
)
 
$
11

 
$
(8
)
 
$
10

The following table shows the location and amount of gains and losses recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. For the three and six months ended June 30, 2014 and 2013 the Company entered into derivative contracts with third parties to fully offset the client-related derivative instruments. Accordingly, there was no fair value adjustment recorded.
 
 
Location of Gain or (Loss) Recognized in Operations on Derivative
Amount of Gain or (Loss) Recognized in Operations on Derivative
 
Amount of Gain or (Loss) Recognized in Operations on Derivative
Three months ended June 30,
 
Six months ended June 30,
(in thousands)
2014
 
2013
 
2014
 
2013
Non-designated hedging instruments
 
 
 
 
 
 
 
 
Interest rate swap contracts
Interest and fees on loans
$
—

 
$
(68
)
 
$
—

 
$
(173
)


At June 30, 2014 and December 31, 2013, the Company had $1.2 million and $1.0 million, respectively, of counterparty credit exposure on derivatives. At June 30, 2014, and December 31, 2013, the Company had pledged cash of $1.3 million and $1.0 million, respectively, as collateral in connection with our interest rate swap agreements.