XML 42 R33.htm IDEA: XBRL DOCUMENT v3.22.2.2
DERIVATIVES AND HEDGING (Tables)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Schedule of Derivatives Designated in Hedge Relationships  
As of September 30, 2022 and December 31, 2021, the notional values or contractual amounts and fair values of the Company’s derivatives designated in hedge relationships were as follows (in thousands):
Asset DerivativesLiability Derivatives
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (2)
Notional/
Contract Amount
Fair
   Value (2)
Interest Rate Swaps used in Cash Flow Hedges$— $— $— $— $400,000 $19,547 $400,000 $279 

(1)    Included in Loans receivable on the Consolidated Statements of Financial Condition.
(2)    Included in Accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2022 (in thousands):

For the Three Months Ended September 30, 2022
Amount of Gain or (Loss) Recognized in AOCI on Derivative Amount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(9,153)$(9,153)$— Interest Income$(1,283)$(1,283)$— 
For the Nine Months Ended September 30, 2022
Amount of Gain or (Loss) Recognized in AOCI on DerivativeAmount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(26,795)$(26,795)$— Interest Income$(371)$(371)$— 
  
Schedule of Derivatives Not Designated in Hedge Relationships  
As of September 30, 2022 and December 31, 2021, the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (in thousands):
Asset DerivativesLiability Derivatives
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (2)
Notional/
Contract Amount
Fair
   Value (2)
Interest rate swaps$448,912 $38,747 $551,606 $20,826 $448,912 $38,801 $551,606 $11,336 
Risk participation agreements1,342 — — — 51,419 68 — — 
Mortgage loan commitments
13,805 83 87,986 1,467 13,393 115 26,329 66 
Forward sales contracts
25,250 940 56,086 88 15,253 132 98,500 74 
$489,309 $39,770 $695,678 $22,381 $528,977 $39,116 $676,435 $11,476 

(1)Included in Other assets on the Consolidated Statements of Financial Condition.
(2)Included in Accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Gains (losses) recognized in income on non-designated hedging instruments for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Location on Consolidated
Statements of Operations		Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Mortgage loan commitmentsMortgage banking operations$(472)$(1,179)$(1,582)$(3,826)
Forward sales contractsMortgage banking operations682 865 681 2,004 
$210 $(314)$(901)$(1,822)
Offsetting Assets and Liabilities   as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022
Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition
Gross Amounts RecognizedAmounts offset
in the Statement
of Financial Condition		Net Amounts
in the Statement
of Financial Condition		Netting Adjustment Per Applicable Master Netting AgreementsFair Value
of Financial Collateral
in the Statement
of Financial Condition		Net Amount
Derivative assets
Interest rate swaps$38,747 $— $38,747 $— $— $38,747 
$38,747 $— $38,747 $— $— $38,747 
Derivative liabilities
Interest rate swaps$58,348 $— $58,348 $— $(17,036)$41,312 
$58,348 $— $58,348 $— $(17,036)$41,312 
December 31, 2021
Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition
Gross Amounts RecognizedAmounts offset
in the Statement
of Financial Condition		Net Amounts
in the Statement
of Financial Condition		Netting Adjustment Per Applicable Master Netting AgreementsFair Value
of Financial Collateral
in the Statement
of Financial Condition		Net Amount
Derivative assets
Interest rate swaps$20,826 $— $20,826 $— $— $20,826 
$20,826 $— $20,826 $— $— $20,826 
Derivative liabilities
Interest rate swaps$11,615 $— $11,615 $— $(9,669)$1,946 
$11,615 $— $11,615 $— $(9,669)$1,946