XML 64 R49.htm IDEA: XBRL DOCUMENT v3.24.0.1
Derivative Financial Instruments (Tables)
12 Months Ended
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