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Derivative Instruments and hedging activities (Tables)
12 Months Ended
Dec. 31, 2023
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)
2023
2022
classification
2023
2022
classification
2023
2022
Derivatives designated as
 
hedging instruments:
Forward contracts
$
-
$
15,100
Other assets
$
-
$
93
Other liabilities
 
$
-
$
22
Total derivatives designated
 
 
as hedging instruments
$
-
$
15,100
$
-
$
93
$
-
$
22
Derivatives not designated
 
as hedging instruments:
Forward contracts
$
14,930
$
-
-
$
-
$
-
Other liabilities
$
138
$
-
Interest rate caps
528,125
150,000
Other assets
2,195
1,045
Other liabilities
2,213
1,045
Indexed options on deposits
 
89,730
85,414
Other assets
22,224
18,091
-
-
-
Bifurcated embedded options
82,118
78,972
-
-
-
Interest
bearing
deposits
18,752
15,933
Total derivatives not
 
designated as
 
 
hedging instruments
$
714,903
$
314,386
$
24,419
$
19,136
$
21,103
$
16,978
Total derivative assets
 
and liabilities
 
$
714,903
$
329,486
$
24,419
$
19,229
$
21,103
$
17,000
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
 
 
 
 
 
 
Year ended December
 
31, 2023
(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
$
(30)
Mortgage banking activities
$
41
$
-
Total
$
(30)
$
41
$
-
 
 
 
 
 
 
 
Year ended December
 
31, 2022
(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
$
1,636
Mortgage banking activities
$
1,458
$
-
Total
$
1,636
$
1,458
$
-
 
 
 
 
 
 
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)
$
-
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
2023
2022
2021
Forward contracts
Mortgage banking activities
$
655
$
8,094
$
2,027
Interest rate caps
Other operating income
(18)
-
-
Indexed options on deposits
Interest expense
6,201
(5,290)
6,824
Bifurcated embedded options
 
Interest expense
(5,326)
4,942
(6,538)
Total
 
$
1,512
$
7,746
$
2,313