Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivatives

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated statements of financial condition as of December 31, 2024 and 2023. Information about the valuation methods used to measure fair value is provided in note 22.

		Asset derivatives fair value					Liability derivatives fair value
	Balance Sheet	December 31,		December 31,		Balance Sheet	December 31,		December 31,
	location	2024		2023		location	2024		2023
Derivatives designated as hedging instruments:
Interest rate products	Other assets	$	31,864	$	28,928	Other liabilities	$	1,296	$	3,400
Total derivatives designated as hedging instruments		$	31,864	$	28,928		$	1,296	$	3,400
Derivatives not designated as hedging instruments:
Interest rate products	Other assets	$	7,773	$	8,480	Other liabilities	$	7,780	$	8,484
Interest rate lock commitments	Other assets		282		287	Other liabilities		—		5
Forward contracts	Other assets		104		—	Other liabilities		10		110
Total derivatives not designated as hedging instruments		$	8,159	$	8,767		$	7,790	$	8,599

Derivative Instruments, Gain (Loss)

The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for 2024 and 2023:

	Location of gain (loss)	Amount of gain recognized in income on derivatives
	recognized in income on	For the years ended December 31,
Derivatives in hedging relationships	derivatives	2024		2023
Interest rate products	Interest and fees on loans	$	13,567	$	1,107

	Location of gain (loss)	Amount of (loss) gain recognized in income on derivatives
	recognized in income on	For the years ended December 31,
Hedged items	hedged items	2024		2023
Interest rate products	Interest and fees on loans	$	(6,104)	$	6,702

	Location of gain (loss)	Amount of (loss) gain recognized in income on derivatives
Derivatives not designated	recognized in income on	For the years ended December 31,
as hedging instruments	derivatives	2024		2023
Interest rate products	Other non-interest expense	$	(115)	$	2
Interest rate lock commitments	Mortgage banking income		(27)		(10)
Forward contracts	Mortgage banking income		204		(216)
Total		$	62	$	(224)

Summary of effect of fair value cash flow hedge accounting on accumulated other comprehensive income

The table below presents the effect of cash flow hedge accounting on AOCI as of the dates presented.

	For the year ended December 31, 2024
	Loss recognized in OCI on derivatives		Loss recognized in OCI included component		Loss recognized in OCI excluded component		Location of loss recognized from AOCI into income	Loss reclassified from AOCI into income		Loss reclassified from AOCI into income included component		Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships:
Interest rate products	$	(1,639)	$	(906)	$	(733)	Interest income	$	(2,009)	$	(1,535)	$	(474)

	For the year ended December 31, 2023
	Loss recognized in OCI on derivatives		Loss recognized in OCI included component		Loss recognized in OCI excluded component		Location of loss recognized from AOCI into income	Loss reclassified from AOCI into income		Loss reclassified from AOCI into income included component		Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships:
Interest rate products	$	(1,453)	$	(1,081)	$	(372)	Interest income	$	(1,678)	$	(1,223)	$	(455)