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Derivative Instruments and hedging activities (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure |
Financial instruments designated as cash flow hedges or non-hedging derivatives outstanding |
|  | Notional amount |  | Derivative assets | Derivative liabilities
|  |  |  | Statement of |  | Fair value at | Statement of |  | Fair value at
|  | At December 31, |  | condition |  | December 31, | condition |  | December 31,
(In thousands) |  | 2021 |  | 2020 |  | classification |  | 2021 |  | 2020 | classification |  | 2021 |  | 2020
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts | $ | 87,900 | $ | 188,800 |  | Other assets | $ | 18 | $ | - | Other liabilities | $ | 125 | $ | 1,267
Total derivatives designated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
as hedging instruments | $ | 87,900 | $ | 188,800 |  |  | $ | 18 | $ | - |  | $ | 125 | $ | 1,267
Derivatives not designated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate caps | $ | 27,866 | $ | 29,248 |  | Other assets | $ | - | $ | - | Other liabilities | $ | - | $ | -
Indexed options on deposits |  | 79,114 |  | 69,054 |  | Other assets |  | 26,075 |  | 20,785 | - |  | - |  | -
Bifurcated embedded options |  | 72,352 |  | 63,121 |  | - |  | - |  | - | Interest bearing deposits |  | 22,753 |  | 17,658
Total derivatives not |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments | $ | 179,332 | $ | 161,423 |  |  | $ | 26,075 | $ | 20,785 |  | $ | 22,753 | $ | 17,658
Total derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and liabilities | $ | 267,232 | $ | 350,223 |  |  | $ | 26,093 | $ | 20,785 |  | $ | 22,878 | $ | 18,925
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
Year ended December 31, 2021
(In thousands) | Amount of net gain (loss) recognized in OCI on derivatives (effective portion) |  | Classification in the statement of operations of the net gain (loss) reclassified from AOCI into income (effective portion and ineffective portion) |  | Amount of net gain (loss) reclassified from AOCI into income (effective portion) |  | Amount of net gain (loss) recognized in income on derivatives (ineffective portion)
Forward contracts | $ | 456 |  | Mortgage banking activities | $ | (704) | $ | -
Total | $ | 456 |  |  | $ | (704) | $ | -
Year ended December 31, 2020
(In thousands) | Amount of net gain (loss) recognized in OCI on derivatives (effective portion) |  | Classification in the statement of operations of the net gain (loss) reclassified from AOCI into income (effective portion and ineffective portion) |  | Amount of net gain (loss) reclassified from AOCI into income (effective portion) |  | Amount of net gain (loss) recognized in income on derivatives (ineffective portion)
Forward contracts | $ | (6,594) |  | Mortgage banking activities | $ | (5,559) | $ | -
Total | $ | (6,594) |  |  | $ | (5,559) | $ | -
Year ended December 31, 2019
(In thousands) | Amount of net gain (loss) recognized in OCI on derivatives (effective portion) |  | Classification in the statement of operations of the net gain (loss) reclassified from AOCI into income (effective portion and ineffective portion) |  | Amount of net gain (loss) reclassified from AOCI into income (effective portion) |  | Amount of net gain (loss) recognized in income on derivatives (ineffective portion)
Forward contracts | $ | (3,502) |  | Mortgage banking activities | $ | (3,992) | $ | -
Total | $ | (3,502) |  |  | $ | (3,992) | $ | -
Amount of Net Gain (Loss) Recognized in Income on Derivatives |
| Amount of Net Gain (Loss) Recognized in Income on Derivatives
|  | Year ended | Year ended | Year ended
| Classification of Net Gain (Loss) | December 31, | December 31, | December 31,
(In thousands) | Recognized in Income on Derivatives | 2021 | 2020 | 2019
Forward contracts | Mortgage banking activities | $ | 2,027 | $ | (5,027) | $ | (2,254)
Interest rate caps | Other operating income |  | - |  | - |  | (5)
Indexed options on deposits | Interest expense |  | 6,824 |  | 5,462 |  | 7,898
Bifurcated embedded options | Interest expense |  | (6,538) |  | (3,417) |  | (6,883)
Total |  | $ | 2,313 | $ | (2,982) | $ | (1,244)

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