DERIVATIVE INSTRUMENTS

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest rates and foreign currency exchange rates in accordance with our risk management policies.

During the three months ended March 31, 2020 and 2019, changes in fair value on interest rate swaps and caps on loans were $(182) thousand and $(99) thousand, and were included in other income on the consolidated statements of operations.

The following table presents the notional amount and fair value of derivative instruments included in the Consolidated Statements of Financial Condition as of the dates indicated.



	March 31, 2020				December 31, 2019
($ in thousands)	Notional Amount		Fair Value(1)		Notional Amount		Fair Value(1)
Derivative assets:
Interest rate swaps and caps on loans	$	69,970	$	8,242	$	70,674	$	3,445
Foreign exchange contracts	4,272		369		4,643		138
Total	$	74,242	$	8,611	$	75,317	$	3,583
Derivative liabilities:
Interest rate swaps and caps on loans	$	69,970	$	8,881	$	70,674	3,717
Foreign exchange contracts	4,272		182		4,643		136
Total	$	74,242	$	9,063	$	75,317	$	3,853


(1)	The fair value of interest rate swaps and cap on loans are included in other assets and accrued expenses and other liabilities, respectively, in the accompanying consolidated statements of financial condition.

We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. However, we elected to account for all derivatives with counterparty institutions on a gross basis.