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Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2025
Summary of Significant Accounting Policies  
Summary of information regarding the Company's derivative financial instruments

    

Assets

    

Liabilities

Notional

Notional

    

Amount

    

Fair Value (1)

    

Amount

    

Fair Value (1)

September 30, 2025

(In thousands)

Cash flow hedges:

Interest rate swaps (deposits)

$

205,000

$

2,035

$

700,750

$

6,138

Interest rate floor options (loans)

100,000

1,117

Fair value hedges:

Interest rate swaps (loans)

412,324

11,848

235,000

1,673

Non hedge:

Interest rate swaps (loans)

 

553,238

25,615

553,238

25,615

Total

$

1,270,562

$

40,615

$

1,488,988

$

33,426

December 31, 2024

Cash flow hedges:

Interest rate swaps (deposits)

$

950,750

$

14,686

$

$

Fair value hedges:

Interest rate swaps (loans)

560,587

19,812

135,000

194

Non hedge:

Interest rate swaps (loans)

 

486,929

20,202

486,929

20,202

Total

$

1,998,266

$

54,700

$

621,929

$

20,396

(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, 2025

December 31, 2024

September 30, 2025

December 31, 2024

Loans

Multi-family residential

$

84,554

$

76,882

$

502

$

(11,015)

Commercial real estate

59,375

62,843

372

(4,009)

Commercial business

26,029

39,500

174

(3,113)

Total

$

169,958

$

179,225

$

1,048

$

(18,137)

Portfolio Layer

Loans held for Investment (1)

$

480,000

$

500,000

$

1,421

$

(2,025)

Total

$

480,000

$

500,000

$

1,421

$

(2,025)

(1) Carrying amount represents the amortized cost of the portfolio layer method closed portfolio at September 30 2025 and December 31, 2024, totaling $2.2 billion and $2.4 billion, respectively.

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

    

2025

    

2024

    

2025

    

2024

Financial Derivatives:

  

 

  

 

  

 

  

Interest rate swaps - fair value hedge (loans)

Interest and fees on loans

$

2,032

$

3,962

$

6,022

$

11,345

Interest rate swaps - fair value hedge (securities)

Interest and dividends on securities

1,181

3,185

Interest rate swaps - non hedge (municipal deposit)

Interest expense - Deposits

 

1

 

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

Other interest expense

 

195

559

 

Interest rate swaps - cash flow hedge (brokered deposits)

Interest expense - Deposits

2,543

 

6,411

9,969

19,341

Interest rate floor options - cash flow hedge (loans)

Interest and fees on loans

(104)

(219)

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

$

4,471

$

11,749

$

15,772

$

34,431

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, 2025

Assets:

Interest rate swaps

$

39,498

$

$

39,498

$

$

(17,315)

$

22,183

Interest rate floor options

1,117

1,117

1,117

Liabilities:

Interest rate swaps

33,426

33,426

33,426

December 31, 2024

Assets:

Interest rate swaps

$

54,700

$

$

54,700

$

$

(47,665)

$

7,035

Liabilities:

Interest rate swaps

20,396

20,396

20,396