XML 63 R50.htm IDEA: XBRL DOCUMENT v3.22.0.1
DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of December 31, 2021 and December 31, 2020, the notional values or contractual amounts and fair values of the Company’s derivatives designated in hedge relationships were as follows (in thousands):
Asset DerivativesLiability Derivatives
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (2)
Notional/
Contract Amount
Fair
   Value (2)
Interest Rate Swaps with Dealer Counterparties$— $— $338 $9 $— $— $338 $9 
Interest Rate Swaps used in Cash Flow Hedges
$— $— $— $— $400,000 $279 $— $— 
Total$— $— $338 $9 $400,000 $279 $338 $9 

(1)    Included in Loans Receivable on the Consolidated Statements of Financial Condition.
(2)    Included in Other Liabilities on the Consolidated Statements of Financial Condition.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table presents the effect of cash flow hedge accounting on AOCI for the year ended December 31, 2021 (in thousands):

For The Year Ended December 31, 2021
Amount of Gain or (Loss) Recognized in AOCI on Derivative Amount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(920)$(920)$— Interest Income$340 $340 $— 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
As of December 31, 2021 and December 31, 2020, the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (in thousands):
Asset DerivativesLiability Derivatives
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (1)
Notional/
Contract Amount
Fair
   Value (2)
Notional/
Contract Amount
Fair
   Value (2)
Interest rate swaps$551,606 $20,826 $451,760 $39,057 $551,606 $11,336 $451,760 $22,327 
Mortgage loan commitments87,986 1,467 140,390 5,221 26,329 66 72,511 199 
Forward sales contracts56,086 88 79,414 420 98,500 74 204,000 1,556 
$695,678 $22,381 $671,564 $44,698 $676,435 $11,476 $728,271 $24,082 

(1)    Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of certain interest swaps and mortgage loan commitments (with a fair value of $20,000 at December 31, 2021 and $231,000 at December 31, 2020), which are included in Loans Receivable.
(2)    Included in Other Liabilities on the Consolidated Statements of Financial Condition.

Gains (losses) recognized in income on non-designated hedging instruments for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):
For the Years Ended December 31
Location on Income Statement202120202019
Mortgage loan commitmentsMortgage banking operations$(3,754)$4,430 $518 
Forward sales contractsMortgage banking operations1,243 (1,334)(693)
$(2,511)$3,096 $(175)
Offsetting Assets
The following presents additional information related to the Company’s derivative contracts, by type of financial instrument, as of December 31, 2021 and December 31, 2020 (in thousands):
December 31, 2021
Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition
Gross Amounts RecognizedAmounts offset in the Statement
of Financial Condition		Net Amounts
in the Statement
of Financial Condition		Derivative AmountFair Value
of Financial Collateral
in the Statement
of Financial Condition		Net Amount
Derivative assets
Interest rate swaps$20,826 $— $20,826 $— $— $20,826 
$20,826 $— $20,826 $— $— $20,826 
Derivative liabilities
Interest rate swaps$11,615 $— $11,615 $— $(9,669)$1,946 
$11,615 $— $11,615 $— $(9,669)$1,946 
December 31, 2020
Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition
Gross Amounts RecognizedAmounts offset in the Statement
of Financial Condition		Net Amounts
in the Statement
of Financial Condition		Derivative AmountFair Value
of Financial Collateral
in the Statement
of Financial Condition		Net Amount
Derivative assets
Interest rate swaps$39,066 $— $39,066 $— $— $39,066 
$39,066 $— $39,066 $— $— $39,066 
Derivative liabilities
Interest rate swaps$22,336 $— $22,336 $— $(22,220)$116 
$22,336 $— $22,336 $— $(22,220)$116