DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap on the Consolidated Statements of Income

The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statement of income for the three and nine months ended September 30, 2020:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Derivative - interest rate swaps:
Interest income	$	(3,437)	$	1,400	$	(7,383)	$	1,514
Hedged items - loans:
Interest income	(16)		6		40		5
Net effect on interest income	$	(3,453)	$	1,406	$	(7,343)	$	1,519

Schedule of Interest Rate Swap on Consolidated Balance Sheet

The following table presents the fair value of the Company’s interest rate swaps, as well as its classification on the unaudited consolidated statements of financial condition as of September 30, 2020 and December 31, 2019:

			Fair Values of Derivative Instruments
			Asset Derivatives			Liability Derivatives
(Dollars in thousands)	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
As of September 30, 2020:
Interest Rate Swaps	$	1,000,000	Prepaid Expenses and Other Assets	$	—	Other Liabilities and Accrued Expenses	$	10,834
As of December 31, 2019:
Interest Rate Swaps	$	1,000,000	Prepaid Expenses and Other Assets	$	1,156	Other Liabilities and Accrued Expenses	$	746

Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges

As of September 30, 2020 and December 31, 2019, the following amounts were recorded in the unaudited consolidated statements of financial condition related to cumulative basis adjustments for its fair value hedges.

Line Item in the Consolidated Statements of Financial Condition in Which the Hedged Items are Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
(Dollars in thousands)
As of September 30, 2020:
Loans receivable, net (1)	$	1,010,879	$	10,879
As of December 31, 2019:
Loans receivable, net (1)	$	999,595	$	(405)