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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2019

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
		June 30,			December 31,
		2019			2018
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Written interest rate cap agreements		$	67,510		$	68,510
Purchased interest rate cap agreements			67,510			68,510
Interest rate lock commitments			10,104			11,722
Forward Contracts:
Sale of TBA GNMA MBS pools			30,000			33,000
Forward loan sales commitments			3,869			6,339
		$	178,993		$	188,081

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		June 30,			December 31,					June 30,			December 31,
	Financial		2019			2018					2019			2018
	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		$	94		$	617
Purchased interest rate cap agreements	Other assets			96			623		Accounts payable and other liabilities			-			-
Interest rate lock commitments	Other assets			294			383		Accounts payable and other liabilities			-			-
Forward Contracts:
Sales of TBA GNMA MBS pools	Other assets			-			-		Accounts payable and other liabilities			387			383
Forward loan sales commitments	Other assets			20			12		Accounts payable and other liabilities			-			-
			$	410		$	1,018				$	481		$	1,000

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 Unrealized Gain (Loss)		Quarter Ended						Six-Month Period Ended
	Recognized in Statement		June 30,						June 30,
	of Income on Derivatives		2019			2018			2019			2018
			(In thousands)
UNDESIGNATED ECONOMIC HEDGES:
Interest rate contracts:
Written and purchased interest rate cap agreements	Interest income - Loans		$	-		$	-		$	(4)		$	-
Interest rate lock commitments	Mortgage Banking Activities			150			-			130			-
Forward contracts:
Sales of TBA GNMA MBS pools	Mortgage Banking Activities			(131)			(51)			(4)			(103)
Forward loan sales commitments	Mortgage Banking Activities			3			-			8			-
Total (loss) gain on derivatives			$	22		$	(51)		$	130		$	(103)

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- References

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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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