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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Summary of information regarding the Company's derivative financial instruments


	September 30, 2022				December 31, 2021
	Notional				Notional
	Amount		Fair Value ⁽¹⁾		Amount		Fair Value ⁽¹⁾

	(In thousands)
Interest rate swaps (cash flow hedge)	$	871,500	$	38,361	$	355,000	$	7,328
Interest rate swaps (fair value hedge)		287,085		26,221		—		—
Interest rate swaps (non-hedge)		111,446		18,698		113,988		3,355

Interest rate swaps (fair value hedge)		—		—		299,555		(12,329)
Interest rate swaps (cash flow hedge)		—		—		641,500		(9,387)
Interest rate swaps (non-hedge)		111,446		(18,698)		113,988		(3,355)
Total derivatives	$	1,381,477	$	64,582	$	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 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)		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Loans
Multi-family residential	$	92,692	$	113,730	$	(11,412)	$	7,608
Commercial real estate		168,117		192,694		(16,105)		3,477
Commercial business and other		—		6,298		—		122
Total	$	260,809	$	312,722	$	(27,517)	$	11,207

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


		For the three months ended				For the nine months ended
		September 30,				September 30,
(In thousands)	Affected Line Item in the Statements Where Net Income is Presented	2022		2021		2022		2021
Financial Derivatives:
	Other interest expense	$	—	$	(33)	$	—	$	(305)
	Net gain (loss) from fair value adjustments		—		(445)		—		978
Interest rate swaps (non-hedge)			—		(478)		—		673

Interest rate swaps (fair value hedge)	Interest and fees on loans		253		(1,206)		(2,068)		(3,231)

	Other interest expense		64		(2,737)		(3,890)		(7,942)
	Deposit		793		—		842		—
Interest rate swaps (cash flow hedge)			857		(2,737)		(3,048)		(7,942)

Net income (loss)		$	1,110	$	(4,421)	$	(5,116)	$	(10,500)

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

September 30, 2022

Gross Amounts Not Offset in the

Consolidated Statements of

Gross Amount Offset in

Net Amount of Assets

Financial Condition

Gross Amount of

the Statements

Presented in the

Financial

Cash Collateral

(In thousands)

Recognized Assets

of Condition

Statements of Condition

Instruments

Received

Net Amount

Interest rate swaps

83,280

—

83,280

—

50,505

32,775

Gross Amounts Not Offset in the

Consolidated Statements of

Gross Amount of

Gross Amount Offset in

Net Amount of Liabilities

Financial Condition

Recognized

the Statements

Presented in the

Financial

Cash Collateral

(In thousands)

Liabilities

of Condition

Statements of Condition

Instruments

Pledged

Net Amount

Interest rate swaps

18,698

—

18,698

—

18,698

December 31, 2021

Gross Amounts Not Offset in the

Consolidated Statements of

Gross Amount Offset in

Net Amount of Assets

Financial Condition

Gross Amount of

the Statements

Presented in the

Financial

Cash Collateral

(In thousands)

Recognized Assets

of Condition

Statements of Condition

Instruments

Received

Net Amount

Interest rate swaps

10,683

—

10,683

—

10,683

Gross Amounts Not Offset in the

Consolidated Statements of

Gross Amount of

Gross Amount Offset in

Net Amount of Liabilities

Financial Condition

Recognized

the Statements

Presented in the

Financial

Cash Collateral

(In thousands)

Liabilities

of Condition

Statements of 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