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Derivative Hedging Instruments | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Hedging Instruments | (14) Derivative Hedging Instruments To accommodate customer need and to support the Company’s asset/liability positioning, on occasion we enter into interest rate swaps with a customer and a bank counterparty. The Company enters into a floating rate loan and a fixed rate swap with our customer. Simultaneously, the Company enters into an offsetting fixed rate swap with a bank counterparty. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay a bank counterparty the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. These transactions allow the Company’s customer to effectively convert variable rate loans to fixed rate loans. Since the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. The following table summarizes the Company’s interest rate swap positions and the impact of a 1 basis point change in interest rates as of September 30, 2017.
|  | Notional Amount |  |  | Weighted Average Rate Received/(Paid) |  |  | Impact of a 1 basis point change in interest rates |  |  | Repricing Frequency
Derivative Assets |  | $ | 60,711 |  |  |  | 5.09 | % |  | $ | 35 |  |  | Monthly
Derivative Liabilities |  |  | (60,711 | ) |  |  | -5.09 | % |  |  | (35 | ) |  | Monthly
Net Exposure |  | $ | — |  |  |  |  |  |  | $ | — |  |  |
The following table summarizes the Company’s interest rate swap positions and the impact of a 1 basis point change in interest rates as of December 31, 2016.
|  | Notional Amount |  |  | Weighted Average Rate Received/(Paid) |  |  | Impact of a 1 basis point change in interest rates |  |  | Repricing Frequency
Derivative Assets |  | $ | 52,975 |  |  |  | 5.07 | % |  | $ | 30 |  |  | Monthly
Derivative Liabilities |  |  | (52,975 | ) |  |  | -5.07 | % |  |  | (30 | ) |  | Monthly
Net Exposure |  | $ | — |  |  |  |  |  |  | $ | — |  |  |
The Company monitors and controls all derivative products with a comprehensive Board of Director approved commercial loan swap policy. All hedge transactions must be approved in advance by the Lenders Loan Committee or the Directors Loan Committee of the Board of Directors.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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