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DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
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 and six months ended June 30, 2021, changes in fair value of interest rate swaps and caps on loans and foreign exchange contracts were a loss of $71 thousand and a gain of $200 thousand, compared to losses of $107 thousand and $288 thousand for the three and six months ended June 30, 2020, and were included in other income on the consolidated statements of operations.
The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated.
June 30, 2021December 31, 2020
($ in thousands)Notional AmountFair
Value(1)		Notional AmountFair
Value(1)
Derivative assets:
Interest rate swaps and caps on loans$64,215 $4,960 $67,840 $7,304 
Foreign exchange contracts3,920 224 7,010 328 
Total$68,135 $5,184 $74,850 $7,632 
Derivative liabilities:
Interest rate swaps and caps on loans$64,215 $5,242 $67,840 7,789 
Foreign exchange contracts3,920 212 7,010 313 
Total$68,135 $5,454 $74,850 $8,102 
(1)The fair value of interest rate swaps and caps on loans and foreign exchange contracts 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. We elect, however, to account for all derivatives with counterparty institutions on a gross basis.