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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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)
June 30, 2023 | ​ | (In thousands)
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (borrowings and deposits) | ​ | $ | 921,500 | ​ | $ | 35,655 | ​ | $ | - | ​ | $ | -
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (loans and securities) | ​ | ​ | 864,192 | ​ | ​ | 35,564 | ​ | ​ | - | ​ | ​ | -
Non hedge: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (loans and deposits) | ​ |  | 121,351 | ​ | ​ | 16,513 | ​ | ​ | 120,351 | ​ | ​ | 16,510
Total | ​ | $ | 1,907,043 | ​ | $ | 87,732 | ​ | $ | 120,351 | ​ | $ | 16,510
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) | ​ | ​ | June 30, 2023 | ​ | ​ | December 31, 2022 | ​ | ​ | June 30, 2023 | ​ | ​ | December 31, 2022
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family residential | ​ | $ | 81,741 | ​ | $ | 82,613 | ​ | $ | (10,094) | ​ | $ | (10,480)
Commercial real estate | ​ | ​ | 159,727 | ​ | ​ | 167,353 | ​ | ​ | (14,686) | ​ | ​ | (15,442)
Total | ​ | $ | 241,468 | ​ | $ | 249,966 | ​ | $ | (24,780) | ​ | $ | (25,922)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portfolio Layer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for Investment (1) | ​ | $ | 2,651,394 | ​ | $ | — | ​ | $ | (6,625) | ​ | $ | —
Securities available for sale (2) | ​ | ​ | 294,931 | ​ | ​ | — | ​ | ​ | (5,504) | ​ | ​ | —
Total | ​ | $ | 2,946,325 | ​ | $ | — | ​ | $ | (12,129) | ​ | $ | —
(1) Carrying amount represents the amortized cost. At June 30, 2023, the amortized cost of the portfolio layer method closed portfolio was $2.7 billion, of which $400 million was designated as hedged. The basis adjustments at June 30, 2023 totaled $6.6 million. (2) Carrying amount represents the fair value. At June 30, 2023, the fair value of the portfolio layer method closed portfolio was $295 million, of which $200 million was designated as hedged. The basis adjustments at June 30, 2023 totaled $5.5 million. ​
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 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Financial Derivatives: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - fair value hedge (loans) | Interest and fees on loans | ​ | $ | 2,669 | ​ | $ | (886) | ​ | $ | 4,566 | ​ | $ | (2,321)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - fair value hedge (securities) | Interest and dividends on securities | ​ | ​ | 788 | ​ | ​ | — | ​ | ​ | 846 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - non hedge (municipal deposits) | Deposits | ​ | ​ | 3 | ​ |  | — | ​ | ​ | 3 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - cash flow hedge (short-term advances) | Other interest expense | ​ | ​ | 1,922 | ​ |  | (1,489) | ​ | ​ | 3,343 | ​ |  | (3,954)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps - cash flow hedge (brokered deposits) | Deposits | ​ | ​ | 4,958 | ​ | ​ | 104 | ​ | ​ | 7,825 | ​ | ​ | 49
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net income (expense) from the effects of derivative instruments | ​ | ​ | $ | 10,340 | ​ | $ | (2,271) | ​ | $ | 16,583 | ​ | $ | (6,226)
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, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | 87,732 | ​ | $ | — | ​ | $ | 87,732 | ​ | $ | — | ​ | $ | (83,485) | ​ | $ | 4,247
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | ​ | 16,510 | ​ | ​ | — | ​ | ​ | 16,510 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,510
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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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