Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Summary of information regarding the Company's derivative financial instruments

	Assets				Liabilities
	Notional				Notional
	Amount		Fair Value (1)		Amount		Fair Value (1)
March 31, 2023	(In thousands)
Cash flow hedges:
Interest rate swaps (borrowings and deposits)	$	650,750	$	28,653	$	270,750	$	3,277
Fair value hedges:
Interest rate swaps (loans and securities)		471,520		20,967		-		-
Non hedge:
Interest rate swaps (loans)		109,749		15,452		109,749		15,452
Total	$	1,232,019	$	65,072	$	380,499	$	18,729
December 31, 2022
Cash flow hedges:
Interest rate swaps (borrowings and deposits)	$	700,750	$	31,716	$	170,750	$	210
Fair value hedges:
Interest rate swaps (loans)		273,607		24,673		-		-
Non hedge:
Interest rate swaps (loans)		110,598		18,197		110,598		18,197
Total	$	1,084,955	$	74,586	$	281,348	$	18,407

(1)Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.

Schedule of fair value hedged items for the periods indicated

						Cumulative Amount
						of the Fair Hedging Adjustment
Line Item in the Consolidated		Carrying Amount of the				Included in the Carrying Amount of
Statement of Financial Condition in		Hedged Assets				the Hedged Assets
Which the Hedged Item is Included		Assets/(Liabilities)				Assets/(Liabilities)
(In thousands)		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Loans:
Multi-family residential	$	84,384	$	82,613	$	(8,081)	$	(10,480)
Commercial real estate		168,311		167,353		(12,797)		(15,442)
Total	$	252,695	$	249,966	$	(20,878)	$	(25,922)
Securities available for sale:
Mortgage-backed securities	$	306,425	$	—	$	(1,238)	$	—
Total	$	306,425	$	—	$	(1,238)	$	—

Schedule of effect of derivative instruments on the Consolidated Statements of Income

		For the three months ended
	Affected Line Item in the Statements	March 31,
(In thousands)	Where Net Income is Presented	2023		2022
Financial Derivatives:
Interest rate swaps - fair value hedge (loans)	Interest and fees on loans	$	1,897	$	(1,435)
Interest rate swaps - fair value hedge (securities)	Interest and dividends on securities		58		—
Interest rate swaps - cash flow hedge (borrowings)	Other interest expense		1,421		(2,465)
					-
Interest rate swaps - cash flow hedge (deposits)	Deposits		2,867		(55)
Total net income (loss) from the effects of derivative instruments		$	6,243	$	(3,955)

Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition

			Gross Amount		Net Amount
	Gross Amounts		Offset in Statement of		Presented in Statement of		Financial		Cash
(In thousands)	Recognized		Financial Condition		Financial Condition		Instruments		Collateral		Net Amount
March 31, 2023
Assets:
Interest rate swaps	$	65,072	$	—	$	65,072	$	—	$	(64,445)	$	627
Liabilities:
Interest rate swaps		18,729		—		18,729		—		—		18,729
December 31, 2022
Assets:
Interest rate swaps	$	74,586	$	—	$	74,586	$	—	$	(72,185)	$	2,401
Liabilities:
Interest rate swaps		18,407		—		18,407		—		—		18,407