Derivative Instruments and hedging activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure

Financial instruments designated as cash flow hedges or non-hedging derivatives outstanding

Notional amount

Derivative assets

Derivative liabilities 

Statement of

Fair value at

Statement of

Fair value at

At December 31,

condition

December 31,

condition

December 31,

(In thousands)

2024

2023

classification

2024

2023

classification

2024

2023

Derivatives not designated

 as hedging instruments:

Forward contracts

$

11,150

$

14,930

Trading

account debt

securities

$

48

$

-

Other liabilities

$

1

$

138

Interest rate caps

95,625

528,125

Other assets

26

2,195

Other liabilities

26

2,213

Indexed options on deposits 

93,510

89,730

Other assets

25,949

22,224

-

-

-

Bifurcated embedded options

86,278

82,118

-

-

-

Interest

bearing

deposits

22,805

18,752

Total derivatives not

 designated as 

 hedging instruments

$

286,563

$

714,903

$

26,023

$

24,419

$

22,832

$

21,103

Total derivative assets

 and liabilities 

$

286,563

$

714,903

$

26,023

$

24,419

$

22,832

$

21,103

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

For cash flow hedges, net gains (losses) on derivative contracts that are reclassified from accumulated other comprehensive income

(loss) to current period earnings are included in the line item in which the hedged item is recorded and during the period in which the

forecasted transaction impacts earnings, as presented in the tables below.

Year ended December 31, 2023

(In thousands)

Amount of net gain (loss)

recognized in OCI on

derivatives (effective

portion)

Classification in the statement of

operations of the net gain (loss)

reclassified from AOCI into income

(effective portion and ineffective

portion)

Amount of net gain

(loss) reclassified from

AOCI into income

(effective portion)

Amount of net gain

(loss) recognized in

income on derivatives

(ineffective portion)

Forward contracts

$

(30)

Mortgage banking activities

$

41

$

-

Total

$

(30)

$

41

$

-

Year ended December 31, 2022

(In thousands)

Amount of net gain (loss)

recognized in OCI on

derivatives (effective

portion)

Classification in the statement of

operations of the net gain (loss)

reclassified from AOCI into income

(effective portion and ineffective

portion)

Amount of net gain

(loss) reclassified from

AOCI into income

(effective portion)

Amount of net gain

(loss) recognized in

income on derivatives

(ineffective portion)

Forward contracts

$

1,636

Mortgage banking activities

$

1,458

$

-

Total

$

1,636

$

1,458

$

-

Amount of Net Gain (Loss) Recognized in Income on Derivatives

For the year ended December 31, 2024, the Corporation recognized a gain of $

0.6

 million (2023 –gain of $

1.5

 million; 2022 – gain

of $

7.7

 million) related to its non-hedging derivatives, as detailed in the table below.

Amount of Net Gain (Loss) Recognized in Income on Derivatives

Year ended 

Year ended 

Year ended 

Classification of Net Gain (Loss)

December 31,

December 31,

December 31,

(In thousands)

Recognized in Income on Derivatives

2024

2023

2022

Forward contracts

Mortgage banking activities

$

34

$

655

$

8,094

Interest rate caps

Other operating income

18

(18)

-

Indexed options on deposits

Interest expense

7,423

6,201

(5,290)

Bifurcated embedded options 

Interest expense

(6,842)

(5,326)

4,942

Total 

$

633

$

1,512

$

7,746