DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2022

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative Instruments and location in statements of financials

	Location in	Fair Value
	Consolidated Statements	June 30,		December 31,
	of Financial Condition	2022		2021
		(In Thousands)
Derivatives designated as hedging instruments
Active interest rate swap	Accrued expenses and other liabilities	$	7,349	$	—
Total derivates designated as hedging instruments		$	7,349	$	—
Derivatives not designated as hedging instruments
Asset Derivatives
Interest rate products	Prepaid expenses and other assets	$	7,927	$	2,816
Total derivatives not designated as hedging instruments		$	7,927	$	2,816
Liability Derivatives
Interest rate products	Accrued expenses and other liabilities	$	7,709	$	2,895
Total derivatives not designated as hedging instruments		$	7,709	$	2,895

Schedule of effect of cash flow hedge accounting on statements of comprehensive income

	Amount of Gain (Loss)
	Recognized in AOCI
	Three Months Ended June 30,
Cash Flow Hedges	2022		2021
	(In Thousands)
Terminated interest rate swap, net of income taxes	$	(1,564)	$	(1,564)
Active interest rate swap, net of income taxes		(2,589)		—
	$	(4,153)	$	(1,564)

	Amount of Gain (Loss)
	Recognized in AOCI
	Six Months Ended June 30,
Cash Flow Hedges	2022		2021
	(In Thousands)
Terminated interest rate swap, net of income taxes	$	(3,111)	$	(3,110)
Active interest rate swap, net of income taxes		(5,672)		—
	$	(8,783)	$	(3,110)

Schedule of effect of cash flow hedge accounting on statements of operations

	Three Months Ended June 30,
Cash Flow Hedges	2022				2021
	Interest		Interest		Interest		Interest
	Income		Expense		Income		Expense
	(In Thousands)
Total Interest Income	$	52,698	$	—	$	50,452	$	—
Total Interest Expense		—		3,867		—		5,768
	$	52,698	$	3,867	$	50,452	$	5,768
Terminated interest rate swap	$	2,025	$	—	$	2,025	$	—
Active interest rate swap		668		—		—		—
	$	2,693	$	—	$	2,025	$	—

	Six Months Ended June 30,
Cash Flow Hedges	2022				2021
	Interest		Interest		Interest		Interest
	Income		Expense		Income		Expense
	(In Thousands)
Total Interest Income	$	99,372	$	—	$	101,085	$	—
Total Interest Expense		—		7,275		—		12,312
	$	99,372	$	7,275	$	101,085	$	12,312
Terminated interest rate swap	$	4,028	$	—	$	4,028	$	—
Active interest rate swap		1,038		—		—		—
	$	5,066	$	—	$	4,028	$	—