Derivative Instruments and hedging activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure

Financial instruments designated as cash flow hedges or non-hedging derivatives outstanding

Notional amount

Derivative assets

Derivative liabilities 

Statement of

Fair value at

Statement of

Fair value at

At December 31,

condition

December 31,

condition

December 31,

(In thousands)

2022

2021

classification

2022

2021

classification

2022

2021

Derivatives designated as

 hedging instruments:

Forward contracts

$

15,100

$

87,900

Other assets

$

93

$

18

Other liabilities

$

22

$

125

Total derivatives designated 

 as hedging instruments

$

15,100

$

87,900

$

93

$

18

$

22

$

125

Derivatives not designated

 as hedging instruments:

Interest rate caps

$

150,000

$

27,866

Other assets

$

1,045

$

-

Other liabilities

$

1,045

$

-

Indexed options on deposits 

85,414

79,114

Other assets

18,091

26,075

-

-

-

Bifurcated embedded options

78,972

72,352

-

-

-

Interest

bearing

deposits

15,933

22,753

Total derivatives not

 designated as 

 hedging instruments

$

314,386

$

179,332

$

19,136

$

26,075

$

16,978

$

22,753

Total derivative assets

 and liabilities 

$

329,486

$

267,232

$

19,229

$

26,093

$

17,000

$

22,878

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Year ended December 31, 2022

(In thousands)

Amount of net gain (loss)

recognized in OCI on

derivatives (effective

portion)

Classification in the statement of

operations of the net gain (loss)

reclassified from AOCI into income

(effective portion and ineffective

portion)

Amount of net gain

(loss) reclassified from

AOCI into income

(effective portion)

Amount of net gain

(loss) recognized in

income on derivatives

(ineffective portion)

Forward contracts

$

1,636

Mortgage banking activities

$

1,458

$

-

Total

$

1,636

$

1,458

$

-

Year ended December 31, 2021

(In thousands)

Amount of net gain (loss)

recognized in OCI on

derivatives (effective

portion)

Classification in the statement of

operations of the net gain (loss)

reclassified from AOCI into income

(effective portion and ineffective

portion)

Amount of net gain

(loss) reclassified from

AOCI into income

(effective portion)

Amount of net gain

(loss) recognized in

income on derivatives

(ineffective portion)

Forward contracts

$

456

Mortgage banking activities

$

(704)

$

-

Total

$

456

$

(704)

$

-

Year ended December 31, 2020

(In thousands)

Amount of net gain (loss)

recognized in OCI on

derivatives (effective

portion)

Classification in the statement of

operations of the net gain (loss)

reclassified from AOCI into income

(effective portion and ineffective

portion)

Amount of net gain

(loss) reclassified from

AOCI into income

(effective portion)

Amount of net gain

(loss) recognized in

income on derivatives

(ineffective portion)

Forward contracts

$

(6,594)

Mortgage banking activities

$

(5,559)

$

-

Total

$

(6,594)

$

(5,559)

$

-

Amount of Net Gain (Loss) Recognized in Income on Derivatives

Amount of Net Gain (Loss) Recognized in Income on Derivatives

Year ended 

Year ended 

Year ended 

Classification of Net Gain (Loss)

December 31,

December 31,

December 31,

(In thousands)

Recognized in Income on Derivatives

2022

2021

2020

Forward contracts

Mortgage banking activities

$

8,094

$

2,027

$

(5,027)

Indexed options on deposits

Interest expense

(5,290)

6,824

5,462

Bifurcated embedded options 

Interest expense

4,942

(6,538)

(3,417)

Total 

$

7,746

$

2,313

$

(2,982)