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Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2024
Notes Tables  
Summary of information regarding the Company's derivative financial instruments

    

Assets

    

Liabilities

Notional

Notional

    

Amount

    

Fair Value (1)

    

Amount

    

Fair Value (1)

September 30, 2024

(In thousands)

Cash flow hedges:

Interest rate swaps (deposits and borrowings)

$

430,000

$

10,239

$

520,750

$

8,438

Fair value hedges:

Interest rate swaps (loans and securities)

452,353

13,138

445,000

2,346

Non hedge:

Interest rate swaps (loans)

 

430,172

26,926

430,172

26,926

Total

$

1,312,525

$

50,303

$

1,395,922

$

37,710

December 31, 2023

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

(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 Value 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, 2024

December 31, 2023

September 30, 2024

December 31, 2023

Loans

Multi-family residential

$

81,180

$

81,471

$

(7,390)

$

(9,078)

Commercial real estate

64,297

70,198

(3,295)

(4,778)

Commercial business

40,440

40,468

(2,526)

(3,523)

Total

$

185,917

$

192,137

$

(13,211)

$

(17,379)

Portfolio Layer

Loans held for Investment

$

2,476,025

$

2,590,087

$

2,184

$

(949)

Securities available for sale

269,135

283,195

(89)

(2,254)

Total

$

2,745,160

$

2,873,282

$

2,095

$

(3,203)

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

For the three months ended

    

For the nine months ended

Affected Line Item in the Statements

September 30, 

September 30, 

(In thousands)

    

Where Net Income is Presented

    

2024

    

2023

    

2024

    

2023

Financial Derivatives:

  

 

  

 

  

 

  

Interest rate swaps - fair value hedge (loans)

Interest and fees on loans

3,962

5,335

11,345

9,901

Interest rate swaps - fair value hedge (securities)

Interest and dividends on securities

1,181

942

3,185

1,787

Interest rate swaps - non hedge (municipal deposit)

Interest expense - Deposits

 

1

1

4

 

Interest rate swaps - cash flow hedge (short-term advances)

Other interest expense

195

 

994

559

4,336

 

Interest rate swaps - cash flow hedge (brokered deposits)

Interest expense - Deposits

6,411

6,060

19,341

13,886

Total net income (expense) from the effects of derivative instruments

$

11,749

$

13,332

$

34,431

$

29,914

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

September 30, 2024

Assets:

Interest rate swaps

$

50,303

$

$

50,303

$

$

(22,815)

$

27,488

Liabilities:

Interest rate swaps

37,710

37,710

37,710

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