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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of All Derivative Instruments [Table Text Block]
The following table summarizes the notional amounts of all derivative instruments as of the
 
indicated dates:
 
Notional Amounts
(1)
As of December 31,
 
2021
2020
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
 
Interest rate swap agreements
 
$
12,588
$
15,864
 
Written interest rate cap agreements
14,500
14,500
 
Purchased interest rate cap agreements
14,500
14,500
 
Interest rate lock commitments
12,097
19,931
Forward Contracts:
 
Sale of TBA GNMA MBS pools
27,000
42,000
 
Forward loan sales commitments
12,668
19,998
$
93,353
$
126,793
(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 [Table Text Block]
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
Statements of
December 31,
 
December 31,
 
December 31,
 
December 31,
 
Financial Condition
2021
2020
Statements of
2021
2020
Location
Fair Value
Fair Value
Financial Condition Location
 
Fair Value
Fair Value
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
 
Interest rate swap agreements
 
Other assets
$
1,098
$
1,622
Accounts payable and other liabilities
$
1,092
$
1,639
 
Written interest rate cap agreements
Other assets
-
-
Accounts payable and other liabilities
8
1
 
Purchased interest rate cap agreements
Other assets
8
1
Accounts payable and other liabilities
-
-
 
Interest rate lock commitments
Other assets
379
737
Accounts payable and other liabilities
-
-
Forward Contracts:
 
Sales of TBA GNMA MBS pools
Other assets
-
102
Accounts payable and other liabilities
78
280
 
Forward loan sales commitments
Other assets
20
20
Accounts payable and other liabilities
-
-
$
1,505
$
2,482
$
1,178
$
1,920
Effect of Derivative Instruments on Statement of Income (Loss) [Table Text Block]
The following table summarizes the effect of derivative instruments
 
on the consolidated statements of income for the indicated
periods:
Gain (or Loss)
Location of Unrealized Gain (Loss)
Year ended
on Derivative Recognized in
December 31,
Statements of Income
2021
2020
2019
(In thousands)
Undesignated economic hedges:
 
Interest rate contracts:
 
Interest rate swap agreements
 
Interest income - Loans
$
23
$
27
$
-
 
Written and purchased interest rate cap agreements
Interest income - Loans
-
-
(6)
 
Interest rate lock commitments
Mortgage Banking Activities
(687)
576
224
 
Forward contracts:
 
Sales of TBA GNMA MBS pools
Mortgage Banking Activities
114
(54)
245
 
Forward loan sales commitments
Mortgage Banking Activities
-
(37)
8
 
Total (loss) gain on derivatives
$
(550)
$
512
$
471