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DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

DERIVATIVES

cash flow hedges included in the consolidated statements of financial condition

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Assets

Liabilities

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Notional

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Notional

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(in thousands)

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Amount

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Fair Value (1)

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Amount

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Fair Value (1)

March 31, 2024

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Cash flow hedges:

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Interest rate swaps (Brokered Certificates of Deposit)

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$

25,000

$

188

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$

50,000

$

(313)

Fair value hedges:

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Interest rate swaps (Loans)

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—

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—

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50,000

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(353)

Total

$

25,000

$

188

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$

100,000

$

(666)

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December 31, 2023

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Cash flow hedges:

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​

​

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​

​

​

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​

​

Interest rate swaps (Brokered Certificates of Deposit)

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$

—

$

—

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$

75,000

$

(1,256)

Fair value hedges:

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​

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​

​

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Interest rate swaps (Loans)

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—

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—

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50,000

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(1,105)

Total

$

—

$

—

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$

125,000

$

(2,361)

(1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.

Net gains (losses) recorded in accumulated other comprehensive income and the consolidated statements of income relating to the cash flow derivative instruments

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​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
(in thousands)		2024			2023
Gain recognized in other comprehensive income	​	$	886	​	$	—
Gain (loss) recognized in interest expense	​		184	​		—

Derivative instruments designated as fair value hedges

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​	​	​	​
​	​	Three Months Ended
​	​	March 31,
(in thousands)		2024
Loss on hedged items recorded in interest income on loans	​	$	(6)
Gain on hedge recorded in interest income on loans	​		95

Cumulative basis adjustment for fair value hedges

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
(in thousands)		2024			2023
Loans receivable:	​	​	​	​	​	​
Carrying amount of the hedged assets(1)	​	$	50,000	​	$	50,000
Fair value hedging adjustment included in the carrying amount of the hedged assets	​		361	​		1,119

(1) This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in the hedging relationships was $403.0 million and $410.3 million, respectively. The cumulative basis adjustments associated with these hedging relationships was $0.4 million and $1.1 million, respectively, and the amounts of the designated hedged items were $50.0 million and $50.0 million, respectively.

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- Definition

Tabular disclosure for fair value hedging instruments of the location and amount of gains and losses reported in the statement of Consolidated Statements of Income.

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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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Tabular disclosure for cash flow 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 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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Tabular disclosure for fair value 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 4C
-Subparagraph (a)
-Publisher FASB
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