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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Amounts of All Derivative Instruments |
The following table summarizes the notional amounts of all derivative instruments: |  |  |
|  | Notional Amounts (1)
|  | As of |  | As of
|  | September 30, |  | December 31,
|  | 2018 |  | 2017
(In thousands) |
Undesignated economic hedges: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Written interest rate cap agreements | $ | 89,510 |  | $ | 91,010
Purchased interest rate cap agreements |  | 89,510 |  |  | 91,010
Forward Contracts: |  |  |  |  |
Sale of TBA GNMA MBS pools |  | 28,000 |  |  | 26,000
Forward loan sales commitments |  | 5,005 |  |  | -
| $ | 212,025 |  | $ | 208,020
(1) | Notional amounts are presented on a gross basis with no netting of offsetting exposure positions. |  |  |
Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition |
The following table summarizes for derivative instruments their fair values and location in the consolidated statements of financial condition:
| Asset Derivatives |  | Liability Derivatives
| Statement of |  | September 30, |  | December 31, |  |  |  | September 30, |  | December 31,
| Financial |  | 2018 |  | 2017 |  |  |  | 2018 |  | 2017
| Condition Location |  | Fair Value |  | Fair Value |  | Statement of Financial Condition Location |  | Fair Value |  | Fair Value
(In thousands) |
Undesignated economic hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written interest rate cap agreements | Other assets |  | $ | - |  | $ | - |  | Accounts payable and other liabilities |  | $ | 815 |  | $ | 305
Purchased interest rate cap agreements | Other assets |  |  | 815 |  |  | 305 |  | Accounts payable and other liabilities |  |  | - |  |  | -
Forward Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of TBA GNMA MBS pools | Other assets |  |  | 116 |  |  | 7 |  | Accounts payable and other liabilities |  |  | 20 |  |  | 19
Forward loan sales commitments | Other assets |  |  | - |  |  | - |  | Accounts payable and other liabilities |  |  | - |  |  | -
|  |  | $ | 931 |  | $ | 312 |  |  |  | $ | 835 |  | $ | 324
Effect of Derivative Instruments on Statement of Income (Loss) |
The following table summarizes the effect of derivative instruments on the consolidated statements of income:
|  |  | (Loss) or Gain |  | (Loss) or Gain
| Location of (Loss) or Gain |  | Quarter Ended |  | Nine-Month Period Ended
| Recognized in Statement |  | September 30, |  | September 30,
| of Income on Derivatives |  | 2018 |  | 2017 |  | 2018 |  | 2017
|  |  | (In thousands)
UNDESIGNATED ECONOMIC HEDGES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written and purchased interest rate cap agreements | Interest income - Loans |  | $ | - |  | $ | (1) |  | $ | - |  | $ | (2)
Forward contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of TBA GNMA MBS pools | Mortgage Banking Activities |  |  | - |  |  | - |  |  | - |  |  | -
Forward loan sales commitments | Mortgage Banking Activities |  |  | 211 |  |  | (34) |  |  | 108 |  |  | 274
Total (loss) gain on derivatives |  |  | $ | 211 |  | $ | (35) |  | $ | 108 |  | $ | 272

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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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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