DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019.

	December 31, 2020						December 31, 2019
	Asset derivatives			Liability derivatives			Asset derivatives			Liability derivatives
	Balance sheet location	Fair  value (1)		Balance sheet location	Fair  value (1)		Balance sheet location	Fair  value (1)		Balance sheet location	Fair  value (1)
	(In thousands)
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	—	Other liabilities	$	228	Other assets	$	—	Other liabilities	$	—
Derivatives not designated as hedging instruments:
Interest rate customer swaps	Other assets	83,255		Other liabilities	84,590		Other assets	36,089		Other liabilities	36,580
Risk participation agreements	Other assets	49		Other liabilities	375		Other assets	10		Other liabilities	242
Total		$	83,304		$	85,193		$	36,099		$	36,822

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(1)For additional details, see Part II. Item 8. “Financial Statements and Supplementary Data - Note 21: Fair Value Measurements.”

Schedule of Derivative Instruments, Gain (Loss)

The following table presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations for the years ended December 31, 2020 and 2019.

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (1) Years Ended December 31,						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Years Ended December 31,
	2020		2019		2018			2020		2019		2018
(In thousands)
Interest rate swaps	$	(158)	$	(46)	$	990	Interest expense	$	70	$	508	$	907
Total	$	(158)	$	(46)	$	990		$	70	$	508	$	907

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(1) The guidance in ASU 2017-12 requires that amounts in Accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. Transition guidance for this ASU further states that upon adoption, previously recorded cumulative ineffectiveness for cash flow hedges existing at the adoption date be eliminated by means of a cumulative-effect adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of Retained earnings as of the initial application date.

Derivatives Not Designated as Hedging Instruments

The following table presents the effect of the Bank’s derivative financial instruments, not designated as hedging instruments, in the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018.

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivatives	Amount of Gain or (Loss), Net, Recognized in Income on Derivatives for Years Ended December 31,
		2020		2019		2018
		(In thousands)
Interest rate swaps	Other income/(expense)	$	(844)	$	6	$	(118)
Risk participation agreements	Other income/(expense)	(95)		(82)		158
Total		$	(939)	$	(76)	$	40