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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 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)
December 31, 2023 | ​ | (In thousands)
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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 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) | ​ | ​ | December 31, 2023 | ​ | ​ | December 31, 2022 | ​ | ​ | December 31, 2023 | ​ | ​ | December 31, 2022
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family residential | ​ | $ | 81,471 | ​ | $ | 82,613 | ​ | $ | (9,078) | ​ | $ | (10,480)
Commercial real estate | ​ | ​ | 110,666 | ​ | ​ | 167,353 | ​ | ​ | (8,301) | ​ | ​ | (15,442)
Total | ​ | $ | 192,137 | ​ | $ | 249,966 | ​ | $ | (17,379) | ​ | $ | (25,922)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portfolio Layer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for Investment (1) | ​ | $ | 2,590,087 | ​ | $ | — | ​ | $ | (949) | ​ | $ | —
Securities available for sale (2) | ​ | ​ | 283,195 | ​ | ​ | — | ​ | ​ | (2,254) | ​ | ​ | —
Total | ​ | $ | 2,873,282 | ​ | $ | — | ​ | $ | (3,203) | ​ | $ | —
(1) Carrying amount represents the amortized cost. At December 31, 2023, the amortized cost of the portfolio layer method closed portfolio was $2.6 billion, of which $500 million was designated as hedged. The cumulative amount of basis adjustments was $0.9 million. (2) Carrying amount represents the fair value. December 31, 2023, the fair value of the portfolio layer method closed portfolio was $283.2 million, of which $200 million was designated as hedged. The cumulative amount of basis adjustments was $2.3 million.
Schedule of effect of derivative instruments on the Consolidated Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | For the years ended
​ | ​ | Affected Line Item in the Statements | ​ | ​ | December 31,
(In thousands) |  | Where Net Income is Presented |  |  | 2023 |  | 2022 | ​ | 2021
Financial Derivatives: | ​ | ​ | ​ |  | ​ |  |  | ​ |  | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - non hedge | ​ | Other interest expense | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | (305)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - non hedge | ​ | Net gain (loss) from fair value adjustments | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 978
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - fair value hedge (loans) | ​ | Interest and fees on loans | ​ | ​ | ​ | 15,909 | ​ | ​ | 96 | ​ | ​ | (3,481)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - fair value hedge (securities) | ​ | Interest and dividends on securities | ​ | ​ | ​ | 2,912 | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - non hedge (municipal deposit) | ​ | Interest expense - Deposits | ​ | ​ | ​ | 3 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | -
Interest rate swaps - cash flow hedge (short-term advances) | ​ | Other interest expense | ​ | ​ | ​ | 5,312 | ​ |  | (2,218) | ​ |  | (10,554)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - cash flow hedge (brokered deposits) | ​ | Interest expense - Deposits | ​ | ​ | ​ | 20,112 | ​ | ​ | 2,504 | ​ | ​ | (139)
Total net income (expense) from the effects of derivative instruments | ​ | ​ | ​ | ​ | $ | 44,248 | ​ | $ | 382 | ​ | $ | (13,501)
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
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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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