Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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)
June 30, 2024	(In thousands)
Cash flow hedges:
Interest rate swaps (deposits)	$	775,750	$	22,638	$	—	$	—
Fair value hedges:
Interest rate swaps (loans and securities)		899,098		30,936		—		—
Non hedge:
Interest rate swaps (loans)		393,169		19,685		393,169		19,685
Total	$	2,068,017	$	73,259	$	393,169	$	19,685
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)		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Loans
Multi-family residential	$	78,135	$	81,471	$	(11,102)	$	(9,078)
Commercial real estate		63,264		70,198		(5,059)		(4,778)
Commercial business		39,508		40,468		(3,801)		(3,523)
Total	$	180,907	$	192,137	$	(19,962)	$	(17,379)
Portfolio Layer
Loans held for Investment	$	2,505,187	$	2,590,087	$	(6,656)	$	(949)
Securities available for sale		264,878		283,195		(5,195)		(2,254)
Total	$	2,770,065	$	2,873,282	$	(11,851)	$	(3,203)

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

		For the three months ended				For the six months ended
	Affected Line Item in the Statements	June 30,				June 30,
(In thousands)	Where Net Income is Presented	2024		2023		2024		2023
Financial Derivatives:
Interest rate swaps - fair value hedge (loans)	Interest and fees on loans		3,796		2,669		7,383		4,566
Interest rate swaps - fair value hedge (securities)	Interest and dividends on securities		1,056		788		2,004		846
Interest rate swaps - non hedge (municipal deposit)	Interest expense - Deposits		—		3		1		3
									-
Interest rate swaps - cash flow hedge (short-term advances)	Other interest expense		—		1,922		364		3,343
Interest rate swaps - cash flow hedge (brokered deposits)	Interest expense - Deposits		6,432		4,958		12,930		7,825
Total net income (expense) from the effects of derivative instruments		$	11,284	$	10,340	$	22,682	$	16,583

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
June 30, 2024
Assets:
Interest rate swaps	$	73,259	$	—	$	73,259	$	—	$	(66,875)	$	6,384
Liabilities:
Interest rate swaps		19,685		—		19,685		—		—		19,685
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