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DERIVATIVES | 12 Months Ended
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Dec. 31, 2020
DERIVATIVES |
DERIVATIVES | NOTE 23 – DERIVATIVES In the first quarter of 2020, the Company entered into an interest rate cap derivative contract (“interest rate cap” or “contract”) as a part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate cap does not represent the amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the contract. The interest rate subject to the cap is 30-day LIBOR. The interest rate cap had a notional amount of $300.0 million as of December 31, 2020 and was designated as a cash flow hedge of certain deposit liabilities of the Bank. The hedge was determined to be effective during the year ended December 31, 2020. The Company expects the hedge to remain effective during the remaining term of the contract. The following table reflects the derivatives recorded on the balance sheet at December 31, 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 | ​ | ​ | Amount of Loss Recognized in OCI, net of tax | ​ | ​ | Location of Gain (Loss) Reclassified from OCI into Income | ​ | ​ | Amount of Gain (Loss) Reclassified from OCI into Income
Interest rate caps related to customer deposits | ​ | $ | 1,311 | ​ | $ | N/A | ​ | $ | —
​ The effect of cash flow hedge accounting on accumulated other comprehensive income at December 31, 2020 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 | ​ | ​ | Notional Amount | ​ | ​ | Fair Value
Derivatives designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​
Interest rate caps related to customer deposits | ​ | $ | 300,000 | ​ | $ | 770
Total included in Other Assets | ​ | $ | 300,000 | ​ | $ | 770
​

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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 http://asc.fasb.org/topic&trid=2229140 + Details
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