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DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTSWe 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 nine months ended September 30, 2021, changes in fair value of interest rate swaps on loans and foreign exchange contracts were gains of $41 thousand and $240 thousand, compared to a gain of $3 thousand and a loss of $285 thousand for the three and nine months ended September 30, 2020, and were included in other income on the consolidated statements of operations.
The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated.
September 30, 2021December 31, 2020
($ in thousands)Notional AmountFair
Value(1)		Notional AmountFair
Value(1)
Derivative assets:
Interest rate swaps on loans$63,514 $4,495 $67,840 $7,304 
Foreign exchange contracts5,295 173 7,010 328 
Total$68,809 $4,668 $74,850 $7,632 
Derivative liabilities:
Interest rate swaps on loans$63,514 $4,739 $67,840 7,789 
Foreign exchange contracts5,295 159 7,010 313 
Total$68,809 $4,898 $74,850 $8,102 
(1)The fair value of interest rate swaps 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.