DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
Derivatives designated as hedges:
Interest rate swaps related to client deposits and borrowings	$	700,000	$	4,137	$	1,400
Derivatives not designated as hedges:
Interest rate swaps	$	69,000	$	416	$	416
At December 31, 2023
Derivatives designated as hedges:
Interest rate swaps related to client deposits and borrowings	$	700,000	$	1,530	$	4,880
Derivatives not designated as hedges:
Interest rate swaps	$	69,000	$	1,157	$	1,157

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 March 31,
	2024		2023
Interest rate swaps and caps related to client deposits and borrowings
Amount of gain (loss) recognized in OCI, net of tax	$	4,279	$	(1,553)
Amount of gain (loss) reclassified from OCI into income	$	1,251	$	1,235
Location of gain (loss) reclassified from OCI into income		Licensing fees		Licensing fees

N/A - not applicable