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COMMITMENTS, CONTINGENCIES AND DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Summary of Contractual and Notional Amounts of Financial Instruments
The following is a summary of the contractual and notional amounts of the Company’s off-balance sheet financial instruments:
(In thousands)
 
September 30,
2019
 
December 31,
2018
Lending-Related Instruments:
 
 

 
 

Commitments to extend credit
 
$
755,731

 
$
654,575

Standby letters of credit
 
5,776

 
3,063

Derivative Financial Instruments:
 
 
 
 

Customer loan swaps
 
$
832,286

 
$
833,030

Interest rate swap on loans
 
100,000

 
—

Fixed-rate mortgage interest rate lock commitments
 
54,144

 
12,077

Junior subordinated debt interest rate swaps
 
43,000

 
43,000

Forward delivery commitments
 
16,630

 
4,315

FHLBB advance interest rate swaps
 
—

 
25,000
Summary of Derivative Financial Instruments
The following table presents the total positions, notional and fair value of the Company's customer loans swaps with its commercial customers and the corresponding interest rate swap agreements with the counterparty for the dates indicated:
(In thousands, except number of positions)
 
 
 
September 30, 2019
 
December 31, 2018
 
Presentation on Consolidated Statements of Condition
 
Number of Positions
 
Notional Amount
 
Fair Value
 
Number of Positions
 
Notional Amount
 
Fair Value
Receive fixed, pay variable
 
Accrued interest and other liabilities
 
1

 
$
1,146

 
$
(2
)
 
57

 
$
297,624

 
$
(7,841
)
Receive fixed, pay variable
 
Other assets
 
84

 
414,997

 
24,260

 
25

 
118,891

 
3,467

Pay fixed, receive variable
 
(Accrued interest and other liabilities) / other assets
 
85

 
416,143

 
(24,258
)
 
82

 
416,515

 
4,374

Total
 
 
 
170

 
$
832,286

 
$
—

 
164

 
$
833,030

 
$
—

The details of the junior subordinated debt interest rate swaps for the dates indicated were as follows: 
(Dollars in thousands)
 
 
 
 
 
 
 
September 30, 2019
 
December 31, 2018
Trade
Date
 
Maturity
Date
 
Variable Index
Received
 
Fixed Rate
Paid
 
Presentation on Consolidated
Statements of Condition
 
Notional
Amount
 
Fair
Value
 
Notional
Amount
 
Fair
Value
3/18/2009
 
6/30/2021
 
3-Month USD LIBOR
 
5.09%
 
Accrued interest and other liabilities
 
$
10,000

 
$
(357
)
 
$
10,000

 
$
(272
)
7/8/2009
 
6/30/2029
 
3-Month USD LIBOR
 
5.84%
 
Accrued interest and other liabilities
 
10,000

 
(2,688
)
 
10,000

 
(1,655
)
5/6/2010
 
6/30/2030
 
3-Month USD LIBOR
 
5.71%
 
Accrued interest and other liabilities
 
10,000

 
(2,792
)
 
10,000

 
(1,636
)
3/14/2011
 
3/30/2031
 
3-Month USD LIBOR
 
4.35%
 
Accrued interest and other liabilities
 
5,000

 
(1,501
)
 
5,000

 
(877
)
5/4/2011
 
7/7/2031
 
3-Month USD LIBOR
 
4.14%
 
Accrued interest and other liabilities
 
8,000

 
(2,264
)
 
8,000

 
(1,242
)
 
 
 
 
 
 
 
 
 
 
$
43,000

 
$
(9,602
)
 
$
43,000

 
$
(5,682
)




The Company's pipeline of mortgage loans with fixed-rate interest rate lock commitments for which it intends to sell the loan upon origination was as follows for the dates indicated:
 
 
 
 
September 30, 2019
 
December 31, 2018
(In thousands)
 
Presentation on Consolidated Statements of Condition
 
Notional Amount
 
Fair Value
 
Notional Amount
 
Fair Value
Fixed-rate mortgage interest rate locks
 
Other assets
 
$
50,291

 
$
968

 
$
8,239

 
$
95

Fixed-rate mortgage interest rate locks
 
Accrued interest and other liabilities
 
3,853

 
(30
)
 
3,838

 
(28
)
Total
 
 
 
$
54,144

 
$
938

 
$
12,077

 
$
67

The details of the interest rate swap for the date indicated were as follows:
(Dollars in thousands)
 
 
 
 
 
 
 
September 30, 2019
Trade
Date
 
Maturity Date
 
Variable Index
Paid
 
Fixed Rate
Received
 
Presentation on Consolidated Statements of Condition
 
Notional
Amount
 
Fair
Value
6/12/2019
 
6/10/2024
 
1-Month
USD LIBOR
 
1.693%
 
Other assets
 
$
100,000

 
$
1,507
Forward Delivery Commitments
The Company's forward delivery commitments on loans held for sale for the dates indicated were as follows:
 
 
 
 
September 30, 2019
 
December 31, 2018
(In thousands)
 
Balance Sheet Location
 
Notional
 
Fair Value
 
Notional
 
Fair Value
Forward delivery commitments ("best effort")
 
Other Assets
 
$
15,201

 
$
501

 
$
2,593

 
$
32

Forward delivery commitments ("best effort")
 
Accrued interest and other liabilities
 
1,429

 
(6
)
 
1,722

 
(17
)
Total
 
 
 
$
16,630


$
495

 
$
4,315

 
$
15
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:
 
 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
 
 
Effective portion of unrealized (losses) gains recognized within OCI during the period, net of tax
 
$
(310
)
 
$
462

 
$
(2,438
)
 
$
2,031

Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross
 
$
342

 
$
177

 
$
662

 
$
665