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Derivatives and Hedging Activities (Tables)

6 Months Ended

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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

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Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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