DERIVATIVES (Tables)

6 Months Ended

Jun. 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		Asset /
		Amount		(Liability)
At June 30, 2023
Derivatives designated as hedges:
Interest rate swap related to customer deposits	$	400,000	$	5,771
Total included in Other Assets	$	400,000	$	5,771
At December 31, 2022
Derivatives designated as hedges:
Interest rate cap related to customer deposits	$	—	$	—
Total included in Other Assets	$	—	$	—

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):

	June 30,				Six months ended June 30,
	2023		2022		2023		2022
Interest rate caps related to customer deposits
Amount of gain (loss) recognized in OCI, net of tax	$	4,695	$	1,677	$	4,007	$	7,764
Amount of gain (loss) reclassified from OCI into income	$	1,218	$	—	$	2,453	$	—
Location of gain (loss) reclassified from OCI into income		Licensing fees		N/A		Licensing fees		N/A

N/A - not applicable