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DERIVATIVE INSTRUMENTS | 9 Months Ended
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Sep. 30, 2022
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 and to certain loan clients to allow them to hedge the risk of rising interest rates on their variable rate loans. During the three and nine months ended September 30, 2022, changes in fair value of interest rate swaps on loans and foreign exchange contracts were gains of $38 thousand and $224 thousand and were included in other income on the consolidated statements of operations. 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 losses of $41 thousand and gains of $240 thousand. The following table presents the notional amount and fair value of our derivative instruments as of the dates indicated.
|  | September 30, 2022 |  | December 31, 2021
($ in thousands) |  | Notional Amount |  | Fair Value(1) |  | Notional Amount |  | Fair Value(1)
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps on loans |  | $ | 34,199 |  |  | $ | 2,295 |  |  | $ | 58,834 |  |  | $ | 3,390 |
Foreign exchange contracts |  | 4,629 |  |  | 382 |  |  | 4,725 |  |  | 175 |
Total |  | $ | 38,828 |  |  | $ | 2,677 |  |  | $ | 63,559 |  |  | $ | 3,565 |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps on loans |  | $ | 34,199 |  |  | $ | 2,251 |  |  | $ | 58,834 |  |  | 3,594 |
Foreign exchange contracts |  | 4,629 |  |  | 377 |  |  | 4,725 |  |  | 146 |
Total |  | $ | 38,828 |  |  | $ | 2,628 |  |  | $ | 63,559 |  |  | $ | 3,740 |
(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.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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