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Derivative Instruments | 9 Months Ended
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Sep. 30, 2012
Derivative instruments and hedging activities disclosure abstract |
Derivative Instruments And Hedging Activities Disclosure Text Block | NOTE 7: DERIVATIVE INSTRUMENTS Financial derivatives are reported at fair value in other assets or other liabilities on the accompanying Consolidated Balance Sheets. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For derivatives not designated as part of a hedging relationship, the gain or loss is recognized in current earnings. From time to time, the Company may enter into interest rate swaps (“swaps”) to facilitate customer transactions and meet their financing needs. Upon entering into these swaps, the Company enters into offsetting positions in order to minimize the risk to the Company. These swaps qualify as derivatives, but are not designated as hedging instruments. At September 30, 2012, the Company had no derivative contracts designated as part of a hedging relationship to assist in managing i t s interest rate sensitivity. Interest rate swap agreements involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument is positive, this generally indicates that the counterparty or customer owes the Company, and results in credit risk to the Company. When the fair value of a derivative instrument is negative, the Company owes the customer or counterparty and therefore, has no credit risk. A summary of the Company's interest rate swaps as of and for the nine months ended September 30, 2012 is presented below.
|  |  |  |  |  |  |  |  |  | Other
|  |  |  |  | Other |  | Other |  |  | noninterest
|  |  |  |  | Assets |  | Liabilities |  |  | income
|  |  |  |  | Estimated |  | Estimated |  |  | Gains
(Dollars in thousands) |  | Notional |  | Fair Value |  | Fair Value |  |  | (Losses)
Interest rate swap agreements: |  |  |  |  |  |  |  |  |
Pay fixed / receive variable | $ | 5,454 |  | — |  | 1,281 |  | $ | 44
Pay variable / receive fixed |  | 5,454 |  | 1,281 |  | — |  |  | (44)
| Total interest rate swap agreements | $ | 10,908 |  | 1,281 |  | 1,281 |  | $ | —

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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