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Derivatives and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Offsetting Assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 (in thousands).
|  | Fair Values of Derivative Instruments as of June 30, 2024
|  | Asset Derivatives |  | Liability Derivatives
|  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (1) |  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (2)
Derivatives not designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 2,320,802 |  |  | Other assets |  | $ | 197,311 |  |  | $ | 2,320,802 |  |  | Other liabilities |  | $ | 197,395 |
Credit contracts |  | 11,796 |  |  | Other assets |  | — |  |  | 75,909 |  |  | Other liabilities |  | — |
Total derivatives not designated as a hedging instrument |  |  |  |  |  | 197,311 |  |  |  |  |  |  | 197,395 |
Derivatives designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | 375,000 |  |  | Other assets |  | 11,837 |  |  | — |  |  | Other liabilities |  | — |
Total gross derivative amounts recognized on the balance sheet |  |  |  |  |  | 209,148 |  |  |  |  |  |  | 197,395 |
Gross amounts offset on the balance sheet |  |  |  |  |  | — |  |  |  |  |  |  | — |
Net derivative amounts presented on the balance sheet |  |  |  |  |  | $ | 209,148 |  |  |  |  |  |  | 197,395 |
Gross amounts not offset on the balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - institutional counterparties |  |  |  |  |  | $ | — |  |  |  |  |  |  | — |
Cash collateral - institutional counterparties |  |  |  |  |  | 201,390 |  |  |  |  |  |  | — |
Net derivatives not offset |  |  |  |  |  | $ | 7,758 |  |  |  |  |  |  | 197,395 |
|  | Fair Values of Derivative Instruments as of December 31, 2023
|  | Asset Derivatives |  | Liability Derivatives
|  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (1) |  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (2)
Derivatives not designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 1,152,200 |  |  | Other assets |  | $ | 89,261 |  |  | $ | 1,152,200 |  |  | Other liabilities |  | $ | 89,461 |
Credit contracts |  | 46,359 |  |  | Other assets |  | 17 |  |  | 96,462 |  |  | Other liabilities |  | 8 |
Total derivatives not designated as a hedging instrument |  |  |  |  |  | 89,278 |  |  |  |  |  |  | 89,469 |
Derivatives designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | 330,000 |  |  | Other assets |  | 15,886 |  |  | 125,000 |  |  | Other liabilities |  | 1,365 |
Total gross derivative amounts recognized on the balance sheet |  |  |  |  |  | 105,164 |  |  |  |  |  |  | 90,834 |
Gross amounts offset on the balance sheet |  |  |  |  |  | — |  |  |  |  |  |  | — |
Net derivative amounts presented on the balance sheet |  |  |  |  |  | $ | 105,164 |  |  |  |  |  |  | 90,834 |
Gross amounts not offset on the balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - institutional counterparties |  |  |  |  |  | $ | — |  |  |  |  |  |  | — |
Cash collateral - institutional counterparties |  |  |  |  |  | 101,328 |  |  |  |  |  |  | — |
Net derivatives not offset |  |  |  |  |  | $ | 3,836 |  |  |  |  |  |  | 90,834 |
(1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2024 and December 31, 2023.
Offsetting Liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 (in thousands).
|  | Fair Values of Derivative Instruments as of June 30, 2024
|  | Asset Derivatives |  | Liability Derivatives
|  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (1) |  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (2)
Derivatives not designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 2,320,802 |  |  | Other assets |  | $ | 197,311 |  |  | $ | 2,320,802 |  |  | Other liabilities |  | $ | 197,395 |
Credit contracts |  | 11,796 |  |  | Other assets |  | — |  |  | 75,909 |  |  | Other liabilities |  | — |
Total derivatives not designated as a hedging instrument |  |  |  |  |  | 197,311 |  |  |  |  |  |  | 197,395 |
Derivatives designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | 375,000 |  |  | Other assets |  | 11,837 |  |  | — |  |  | Other liabilities |  | — |
Total gross derivative amounts recognized on the balance sheet |  |  |  |  |  | 209,148 |  |  |  |  |  |  | 197,395 |
Gross amounts offset on the balance sheet |  |  |  |  |  | — |  |  |  |  |  |  | — |
Net derivative amounts presented on the balance sheet |  |  |  |  |  | $ | 209,148 |  |  |  |  |  |  | 197,395 |
Gross amounts not offset on the balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - institutional counterparties |  |  |  |  |  | $ | — |  |  |  |  |  |  | — |
Cash collateral - institutional counterparties |  |  |  |  |  | 201,390 |  |  |  |  |  |  | — |
Net derivatives not offset |  |  |  |  |  | $ | 7,758 |  |  |  |  |  |  | 197,395 |
|  | Fair Values of Derivative Instruments as of December 31, 2023
|  | Asset Derivatives |  | Liability Derivatives
|  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (1) |  | Notional Amount |  | Consolidated Statements of Financial Condition |  | Fair value (2)
Derivatives not designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 1,152,200 |  |  | Other assets |  | $ | 89,261 |  |  | $ | 1,152,200 |  |  | Other liabilities |  | $ | 89,461 |
Credit contracts |  | 46,359 |  |  | Other assets |  | 17 |  |  | 96,462 |  |  | Other liabilities |  | 8 |
Total derivatives not designated as a hedging instrument |  |  |  |  |  | 89,278 |  |  |  |  |  |  | 89,469 |
Derivatives designated as a hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | 330,000 |  |  | Other assets |  | 15,886 |  |  | 125,000 |  |  | Other liabilities |  | 1,365 |
Total gross derivative amounts recognized on the balance sheet |  |  |  |  |  | 105,164 |  |  |  |  |  |  | 90,834 |
Gross amounts offset on the balance sheet |  |  |  |  |  | — |  |  |  |  |  |  | — |
Net derivative amounts presented on the balance sheet |  |  |  |  |  | $ | 105,164 |  |  |  |  |  |  | 90,834 |
Gross amounts not offset on the balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - institutional counterparties |  |  |  |  |  | $ | — |  |  |  |  |  |  | — |
Cash collateral - institutional counterparties |  |  |  |  |  | 101,328 |  |  |  |  |  |  | — |
Net derivatives not offset |  |  |  |  |  | $ | 3,836 |  |  |  |  |  |  | 90,834 |
(1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2024 and December 31, 2023.
Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2024 and 2023 (in thousands).
|  |  |  | Gain (loss) recognized in income on derivatives for the three months ended
|  | Consolidated Statements of Income |  | June 30, 2024 |  | June 30, 2023
Derivatives not designated as a hedging instrument: |  |  |  |  |  |
Interest rate products |  | Other income |  | $ | 21 |  |  | 126 |
Credit contracts |  | Other income |  | (6) |  |  | (8) |
Total |  |  |  | $ | 15 |  |  | 118 |
Derivatives designated as a hedging instrument: |  |  |  |  |  |
Interest rate products |  | Interest (benefit) expense |  | $ | (3,734) |  |  | (4,124) |
Total |  |  |  | $ | (3,734) |  |  | (4,124) |
|  |  |  | Gain (loss) recognized in income on derivatives for the six months ended
|  | Consolidated Statements of Income |  | June 30, 2024 |  | June 30, 2023
Derivatives not designated as a hedging instrument: |  |  |  |  |  |
Interest rate products |  | Other income |  | $ | 117 |  |  | 52 |
Credit contracts |  | Other income |  | (9) |  |  | (4) |
Total |  |  |  | $ | 108 |  |  | 48 |
Derivatives designated as a hedging instrument: |  |  |  |  |  |
Interest rate products |  | Interest (benefit) expense |  | $ | (7,909) |  |  | (8,343) |
Total |  |  |  | $ | (7,909) |  |  | (8,343) |

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