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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of information regarding the Company's derivative financial instruments


	March 31, 2022				December 31, 2021
	Notional				Notional
	Amount		Fair Value ⁽¹⁾		Amount		Fair Value ⁽¹⁾

	(In thousands)
Interest rate swaps (cash flow hedge)	$	575,750	$	20,829	$	355,000	$	7,328
Interest rate swaps (fair value hedge)		219,494		6,768		—		—
Interest rate swaps (non-hedge)		113,140		8,039		113,988		3,355
Interest rate swaps (fair value hedge)		77,696		(2,266)		299,555		(12,329)
Interest rate swaps (cash flow hedge)		420,750		(1,280)		641,500		(9,387)
Interest rate swaps (non-hedge)		113,140		(8,039)		113,988		(3,355)
Total derivatives	$	1,519,970	$	24,051	$	1,524,031	$	(14,388)

(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 Statement of		Carrying Amount of the				Included in the Carrying Amount of
Financial Position in Which		Hedged				the Hedged
the Hedged Item Is Included		Assets/(Liabilities)				Assets/(Liabilities)
(In thousands)		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Loan Receivable
Multi-family residential	$	105,498	$	113,730	$	31	$	7,608
Commercial real estate		182,184		192,694		(5,768)		3,477
Commercial business and other		5,875		6,298		(18)		122
Total	$	293,557	$	312,722	$	(5,755)	$	11,207

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


	Affected Line Item in the Statement Where Net income is Presented	For the three months ended
		March 31,
(In thousands)		2022		2021
Financial Derivatives:
	Other interest expense	$	—	$	(135)
	Net gain (loss) from fair value adjustments		—		2,618
Interest rate swaps (non-hedge)			—		2,483

Interest rate swaps (fair value hedge)	Interest and fees on loans		(1,435)		38

Interest rate swaps (cash flow hedge)	Other interest expense		(2,520)		(2,586)

Net loss		$	(3,955)	$	(65)

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

March 31, 2022

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount Offset in

Net Amount of Assets

Condition

Gross Amount of

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Recognized Assets

Condition

Instruments

Received

Net Amount

Interest rate swaps

35,636

—

35,636

—

21,005

14,631

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount of

Gross Amount Offset in

Net Amount of Liabilities

Condition

Recognized

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Liabilities

Condition

Instruments

Pledged

Net Amount

Interest rate swaps

11,585

—

11,585

—

11,585

December 31, 2021

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount Offset in

Net Amount of Assets

Condition

Gross Amount of

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Recognized Assets

Condition

Instruments

Received

Net Amount

Interest rate swaps

10,683

—

10,683

—

10,683

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount of

Gross Amount Offset in

Net Amount of Liabilities

Condition

Recognized

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Liabilities

Condition

Instruments

Pledged

Net Amount

Interest rate swaps

25,071

—

25,071

—

21,527

3,544

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details