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DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2023

DERIVATIVES

Schedule of notional amount and fair value

The following tables reflect the derivatives recorded on the balance sheet (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Fair Value
​	​	​	Notional	​	​	Other	​	​	Other
​	​	​	Amount	​	​	Assets	​	​	Liabilities
At September 30, 2023	​	​	​	​	​	​	​	​	​
Derivatives designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps related to customer deposits and borrowings	​	$	700,000	​	$	6,505	​	$	—
​	​	​	​	​	​	​	​	​	​
Derivatives not designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate swaps	​	$	69,000	​	$	55	​	$	55
​	​	​	​	​	​	​	​	​	​
At December 31, 2022	​	​	​	​	​	​	​	​	​
Derivatives designated as hedges:	​	​	​	​	​	​	​	​	​
Interest rate cap related to customer deposits	​	$	—	​	$	—	​	$	—

Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income

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,

​

2023

2022

​

2023

2022

Interest rate swaps and caps related to customer deposits and borrowings

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) recognized in OCI, net of tax

​

$

509

​

$

(190)

​

$

4,517

​

$

7,574

Amount of gain (loss) reclassified from OCI into income

​

$

1,200

​

$

782

​

$

3,653

​

$

782

Location of gain (loss) reclassified from OCI into income

​

Licensing fees

​

N/A

​

Licensing fees

​

N/A

N/A - not applicable

X

- References

No definition available.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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