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DERIVATIVES | 9 Months Ended
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Sep. 30, 2022
DERIVATIVES |
DERIVATIVES | NOTE 14 — DERIVATIVES In 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 interest rate cap had a notional amount of $300.0 million and a maturity date of March 1, 2025. The notional amount of the interest rate cap did not represent the amount exchanged by the parties. The amount exchanged was determined by reference to the notional amount and the other terms of the contract. The interest rate subject to the cap was 30-day LIBOR. The interest rate cap was designated as a cash flow hedge of certain deposit liabilities of the Company. The hedge was determined to be highly effective during the three and nine months ended September 30, 2022 and 2021. In the third quarter of 2022, the Company terminated the interest rate cap. The unrecognized value of $12.7 million at termination will be released from Accumulated Other Comprehensive Income and recorded as a credit to Licensing fees expense through March 2025. The following tables reflect the derivatives recorded on the balance sheet (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Notional | ​ | ​ | Fair
​ | ​ | ​ | Amount | ​ | ​ | Value
At September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​
Derivatives designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​
Interest rate caps related to customer deposits | ​ | $ | — | ​ | $ | —
Total included in Other Assets | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​
Derivatives designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​
Interest rate caps related to customer deposits | ​ | $ | 300,000 | ​ | $ | 3,385
Total included in Other Assets | ​ | $ | 300,000 | ​ | $ | 3,385
​ The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2022 |  | 2021 | ​ | 2022 |  | 2021
Interest rate caps related to customer deposits | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in OCI, net of tax | ​ | $ | 352 | ​ | $ | (97) | ​ | $ | 8,109 | ​ | $ | 1,069
Amount of gain (loss) reclassified from OCI into income | ​ | $ | 782 | ​ | $ | — | ​ | $ | 782 | ​ | $ | —
Location of gain (loss) reclassified from OCI into income | ​ |  | Licensing fees | ​ |  | N/A | ​ |  | Licensing fees | ​ |  | N/A
N/A - not applicable

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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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