DERIVATIVES AND HEDGING ACTIVITIES (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Derivatives, Fair Value [Line Items] |
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| Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) |
The table below presents the effect of the cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss) for the periods indicated: | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | (In thousands) | | 2021 | | 2020 | | 2021 | | 2020 | | (Loss) gain recognized in other comprehensive income | | $ | (1,406) | | $ | (4,617) | | $ | 3,542 | | $ | (25,198) | | Gain recognized on termination of derivatives | | | — | | | — | | | 16,505 | | | — | | Gain (loss) reclassified from other comprehensive income into interest expense | | | (10) | | | (1,156) | | | (864) | | | (1,360) | |
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| Designated as Hedging Instrument |
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| Derivatives, Fair Value [Line Items] |
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| Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition |
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2021 | | December 31, 2020 | | | | | Notional | | Fair Value | | Fair Value | | | | Notional | | Fair Value | | Fair Value | (Dollars in thousands) | | Count | | Amount | | Assets | | Liabilities | | Count | | Amount | | Assets | | Liabilities | Included in derivative assets/(liabilities): | | | | | | | | | | | | | | | | | | | | | | | Interest rate swaps related to FHLBNY advances | | 4 | | $ | 150,000 | | $ | 2,547 | | $ | — | | — | | $ | — | | $ | — | | $ | — | Interest rate swaps related to FHLBNY advances | | — | | $ | — | | $ | — | | $ | — | | 32 | | $ | 655,000 | | $ | — | | $ | (18,442) |
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| Not Designated as Hedging Instrument [Member] |
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| Derivatives, Fair Value [Line Items] |
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| Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition |
| | | | | | | | | | | | | | June 30, 2021 | | | | | Notional | | Fair Value | | Fair Value | (In thousands) | | Count | | Amount | | Assets | | Liabilities | Included in derivative assets/(liabilities): | | | | | | | | | | | | Loan level interest rate swaps with borrower | | 137 | | $ | 937,092 | | $ | 42,753 | | $ | — | Loan level interest rate swaps with borrower | | 49 | | | 314,786 | | | — | | | (4,750) | Loan level interest rate floors with borrower | | 47 | | | 407,249 | | | — | | | (4,743) | Loan level interest rate swaps with third-party counterparties | | 137 | | | 937,092 | | | — | | | (42,753) | Loan level interest rate swaps with third-party counterparties | | 49 | | | 314,786 | | | 4,750 | | | — | Loan level interest rate floors with third-party counterparties | | 47 | | | 407,249 | | | 4,743 | | | — |
| | | | | | | | | | | | | | December 31, 2020 | | | | | Notional | | Fair Value | | Fair Value | (In thousands) | | Count | | Amount | | Assets | | Liabilities | Included in derivative assets/(liabilities): | | | | | | | | | | | | Loan level interest rate swaps with borrower | | 65 | | $ | 570,277 | | $ | 24,764 | | $ | — | Loan level interest rate floors with borrower | | 41 | | | 364,643 | | | — | | | (5,832) | Loan level interest rate swaps with third-party counterparties | | 65 | | | 570,277 | | | — | | | (24,764) | Loan level interest rate floors with third-party counterparties | | 41 | | | 364,643 | | | 5,832 | | | — |
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| Loan Level Derivative Income |
Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | (In thousands) | | 2021 | | 2020 | | 2021 | | 2020 | Loan level derivative income | | $ | 559 | | $ | 2,494 | | $ | 2,351 | | $ | 3,657 |
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