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Derivative Instruments and hedging activities (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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- Definition

Tabular disclosure of gains and losses on derivative instruments included in an entity's trading activities.

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