DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2021

DERIVATIVES

Schedule of notional amount and fair value

The following tables reflect the derivatives recorded on the balance sheet (in thousands):

		Notional Amount		Fair Value
At December 31, 2021
Derivatives designated as hedges:
Interest rate caps related to customer deposits	$	300,000	$	3,385
Total included in Other Assets	$	300,000	$	3,385
At December 31, 2020
Derivatives designated as hedges:
Interest rate caps related to customer deposits	$	300,000	$	770
Total included in Other Assets	$	300,000	$	770

Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income

The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands):

			Location of		Amount of
	Amount of		Gain (Loss)		Gain (Loss)
	Gain (Loss)		Reclassified		Reclassified
	Recognized in OCI,		from OCI into		from OCI into
	net of tax		Income		Income
At December 31, 2021
Interest rate caps related to customer deposits	$	2,059	$	N/A	$	—
At December 31, 2020
Interest rate caps related to customer deposits	$	(1,311)	$	N/A	$	—