Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024	(In thousands)
Cash flow hedges:
Interest rate swaps (borrowings and deposits)	$	825,750	$	24,448	$	—	$	—
Fair value hedges:
Interest rate swaps (loans and securities)		900,825		30,482		—		—
Non hedge:
Interest rate swaps (loans and deposits)		368,195		20,236		367,195		20,235
Total	$	2,094,770	$	75,166	$	367,195	$	20,235
December 31, 2023
Cash flow hedges:
Interest rate swaps (borrowings and deposits)	$	555,000	$	21,973	$	270,750	$	1,076
Fair value hedges:
Interest rate swaps (loans and securities)		702,540		21,068		200,000		1,354
Non hedge:
Interest rate swaps (loans and deposits)		361,486		25,972		360,486		25,971
Total	$	1,619,026	$	69,013	$	831,236	$	28,401

(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 Statement		Carrying Amount of the				Included in the Carrying Amount of
of Financial Condition in Which		Hedged				the Hedged
the Hedged Item Is Included		Assets/(Liabilities)				Assets/(Liabilities)
(In thousands)		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Loans
Multi-family residential	$	78,986	$	81,471	$	(10,911)	$	(9,078)
Commercial real estate		63,748		70,198		(5,300)		(4,778)
Commercial business		39,708		40,468		(3,940)		(3,523)
Total	$	182,442	$	192,137	$	(20,151)	$	(17,379)
Portfolio Layer
Loans held for Investment	$	2,541,669	$	2,590,087	$	(6,334)	$	(949)
Securities available for sale		272,523		283,195		(5,051)		(2,254)
Total	$	2,814,192	$	2,873,282	$	(11,385)	$	(3,203)

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	2024		2023
Financial Derivatives:
Interest rate swaps - fair value hedge (loans)	Interest and fees on loans		3,587		1,897
Interest rate swaps - fair value hedge (securities)	Interest and dividends on securities		949		58
Interest rate swaps - non hedge (municipal deposit)	Interest expense - Deposits		1		—
Interest rate swaps - cash flow hedge (short-term advances)	Other interest expense		364		1,421
Interest rate swaps - cash flow hedge (brokered deposits)	Interest expense - Deposits		6,498		2,867
Total net income (expense) from the effects of derivative instruments		$	11,399	$	6,243

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, 2024
Assets:
Interest rate swaps	$	75,166	$	—	$	75,166	$	—	$	(68,285)	$	6,881
Liabilities:
Interest rate swaps		20,235		—		20,235		—		—		20,235
December 31, 2023
Assets:
Interest rate swaps	$	69,013	$	—	$	69,013	$	—	$	(48,505)	$	20,508
Liabilities:
Interest rate swaps		28,401		—		28,401		—		—		28,401