In the Corporation entered into a forward-starting interest rate swap (the “Swap”) to hedge the cash flows of a million floating-rate FHLB borrowing. The Swap involves the exchange of the Corporation’s floating rate interest payments on the underlying principal amount. The Swap was designated, and qualified, for cash-flow hedge accounting. For derivative instruments that are designated and qualify as hedging instruments, the effective portion of gains or losses is reported as a component of other comprehensive income, and is subsequently reclassified into earnings as an adjustment to interest expense in the periods in which the hedged forecasted transaction affects earnings.

 

On the Corporation elected to terminate the Swap and as a result, as of both and the Corporation held derivative positions.

 

The following table details the Corporation’s derivative positions as of the

 

 

 

For the months ended the tax-effected accumulated other comprehensive loss associated with the Swap increased by thousand. For the months ended the Corporation reclassified thousand, net of income tax benefit of thousand from accumulated other comprehensive loss into earnings. During the month periods ended there were reclassifications of the Swap’s fair value from other comprehensive income to earnings.