DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2020

DERIVATIVES AND HEDGING ACTIVITIES [Abstract]

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) as of June 30, 2020 and 2019.

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Amount of loss recognized in other comprehensive income	$	(4,617	)	$	(5,745	)	$	(25,198	)	$	(8,673	)
Amount of gain (loss) reclassified from other comprehensive income into interest expense		(1,156	)		332			(1,360	)		688

Designated as Hedging Instrument [Member]

Derivatives, Fair Value [Line Items]

Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of the periods indicated.

	At June 30, 2020								At December 31, 2019
	Count		Notional Amount		Fair Value Assets		Fair Value Liabilities		Count		Notional Amount		Fair Value Assets		Fair Value Liabilities
Included in other assets/(liabilities):
Interest rate swaps related to FHLBNY advances		—	$	—	$	—	$	—		7	$	130,000	$	1,081	$	—
Interest rate swaps related to FHLBNY advances		38	$	750,000	$	—	$	30,504		19	$	315,000	$	—	$	7,718

Not Designated as Hedging Instrument [Member]

Derivatives, Fair Value [Line Items]

Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition

The Company maintains an interest-rate risk protection program for its loan portfolio, which was established in 2019, in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income.  The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparties. These interest rate derivatives do not qualify as designated hedges, under ASU 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amount of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate derivative agreements. The following table reflects freestanding derivatives included in the Consolidated Statements of Financial Condition as of the period indicated:

	At June 30, 2020
	Count		Notional Amount		Fair Value Assets		Fair Value Liabilities
Included in other assets/(liabilities):
Loan level interest rate swaps with borrower		30	$	277,792	$	20,019	$	—
Loan level interest rate floors with borrower		7		94,492		—		1,544
Loan level interest rate swaps with third-party counterparties		30		277,792		—		20,019
Loan level interest rate floors with third-party counterparties		7		94,492		1,544		—

	At December 31, 2019
	Count		Notional Amount		Fair Value Assets		Fair Value Liabilities
Included in other assets/(liabilities):
Loan level interest rate swaps with borrower		7	$	61,038	$	$1,347	$	—
Loan level interest rate swaps with borrower		1		7,205		—		15
Loan level interest rate swaps with third-party counterparties		7		61,038		—		1,347
Loan level interest rate swaps with third-party counterparties		1		7,205		15		—

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Loan level derivative income	$	2,494	$	291	$	3,657	$	291