DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2022

DERIVATIVES

Schedule of notional amount and fair value

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

		Notional		Fair
		Amount		Value
At December 31, 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

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):

	Year ended December 31,
	2022		2021		2020
Interest rate caps related to customer deposits
Amount of gain (loss) recognized in OCI, net of tax	$	8,131	$	2,059	$	(1,311)
Amount of gain (loss) reclassified from OCI into income	$	1,949	$	—	$	—
Location of gain (loss) reclassified from OCI into income		Licensing fees		N/A		N/A