DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2017

Notional Amounts of All Derivative Instruments

The following table summarizes the notional amounts of all derivative instruments:
		Notional Amounts (1)
		As of		As of
		September 30,		December 31,
		2017		2016
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Written interest rate cap agreements		$	91,510	$	91,510
Purchased interest rate cap agreements			91,510		91,510
Forward Contracts:
Sale of TBA GNMA MBS pools			20,000		33,000
		$	203,020	$	216,020
(1)	Notional amounts are presented on a gross basis with no netting of offsetting exposure positions.

Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition

The following table summarizes for derivative instruments their fair value and location in the consolidated statements of financial condition:
	Asset Derivatives					Liability Derivatives
	Statement of	September 30,		December 31,			September 30,		December 31,
	Financial	2017		2016			2017		2016
	Condition Location	FairValue		FairValue		Statement of Financial Condition Location	FairValue		FairValue
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Written interest rate cap agreements	Other assets	$	-	$	-	Accounts payable and other liabilities	$	219	$	552
Purchased interest rate cap agreements	Other assets		219		554	Accounts payable and other liabilities		-		-
Forward Contracts:
Sales of TBA GNMA MBS pools	Other assets		75		-	Accounts payable and other liabilities		2		201
		$	294	$	554		$	221	$	753

Effect of Derivative Instruments on Statement of Income (Loss)

The following table summarizes the effect of derivative instruments on the consolidated statements of income:
		Gain (or Loss)				Gain (or Loss)
	Location of Gain or (Loss)	Quarter Ended				Nine-Month Period Ended
	Recognized in Statement of	September 30,				September 30,
	Income on Derivatives	2017		2016		2017		2016
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Written and purchased interest rate cap agreements	Interest income - Loans	$	(1)	$	5	$	(2)	$	(2)
Forward contracts:
Sales of TBA GNMA MBS pools	Mortgage banking activities		(34)		219		274		(17)
Total (loss) gain on derivatives		$	(35)	$	224	$	272	$	(19)