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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

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		FairValue			FairValue			Statement of Financial Condition Location		FairValue			FairValue
(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

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-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

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-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

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

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