DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of All Derivative Instruments

The following table summarizes the notional amounts of all derivative instruments as of the indicated dates:
	Notional Amounts (1)
	As of		As of
	September 30,		December 31,
	2020		2019
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Interest rate swap agreements	$	16,680	$	-
Written interest rate cap agreements		14,500		21,010
Purchased interest rate cap agreements		14,500		21,010
Interest rate lock commitments		24,713		11,456
Forward Contracts:
Sale of TBA GNMA MBS pools		35,000		35,000
Forward loan sales commitments		25,097		6,418
	$	130,490	$	94,894

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

The following table summarizes for derivative instruments their fair values and location in the consolidated statements of financial condition as of the indicated dates:
	Asset Derivatives					Liability Derivatives
	Statement of	September 30,		December 31,			September 30,		December 31,
	Financial	2020		2019			2020		2019
	Condition Location	Fair Value		Fair Value		Statement of Financial Condition Location	Fair Value		Fair Value
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Interest rate swap agreements	Other assets	$	1,762	$	-	Accounts payable and other liabilities	$	1,789	$	-
Written interest rate cap agreements	Other assets		-		-	Accounts payable and other liabilities		1		11
Purchased interest rate cap agreements	Other assets		1		11	Accounts payable and other liabilities		-		-
Interest rate lock commitments	Other assets		951		341	Accounts payable and other liabilities		-		-
Forward Contracts:
Sales of TBA GNMA MBS pools	Other assets		364		-	Accounts payable and other liabilities		31		138
Forward loan sales commitments	Other assets		20		20	Accounts payable and other liabilities		-		-
		$	3,098	$	372		$	1,821	$	149

Effect of Derivative Instruments on Statement of Income (Loss)

The following table summarizes the effect of derivative instruments on the consolidated statements of income for the indicated periods:
		Gain or (Loss)				Gain or (Loss)
	Location of Unrealized Gain (Loss)	Quarter Ended				Nine-Month Period Ended
	on Derivative Recognized in	September 30,				September 30,
	Statement of Income	2020		2019		2020		2019
		(In thousands)
UNDESIGNATED ECONOMIC HEDGES:
Interest rate contracts:
Interest rate swap agreements	Interest income - Loans	$	18	$	-	$	18	$	-
Written and purchased interest rate cap agreements	Interest income - Loans		-		(1)		-		(5)
Interest rate lock commitments	Mortgage Banking Activities		254		15		910		145
Forward contracts:
Sales of TBA GNMA MBS pools	Mortgage Banking Activities		454		214		458		210
Forward loan sales commitments	Mortgage Banking Activities		-		-		-		8
Total gain on derivatives		$	726	$	228	$	1,386	$	358