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Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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 December 31, 2024 and December 31, 2023 (in thousands).

						Fair Values of Derivative Instruments as of December 31, 2024
						Asset Derivatives																		Liability Derivatives
						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (1)						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (1)
Derivatives not designated as a hedging instrument:
Interest rate products						$	2,272,162					Other assets						$	174,196					$	2,272,162					Other liabilities						$	174,344
Credit contracts						11,662						Other assets						—						67,560						Other liabilities						—
Total derivatives not designated as a hedging instrument																		174,196																		174,344
Derivatives designated as a hedging instrument:
Interest rate products						225,000						Other assets						5,136						75,000						Other liabilities						204
Total gross derivative amounts recognized on the balance sheet																		179,332																		174,548
Gross amounts offset on the balance sheet																		—																		—
Net derivative amounts presented on the balance sheet																		$	179,332																	$	174,548
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties																		$	2,255																	$	2,255
Cash collateral - institutional counterparties																		174,904																		—
Net derivatives not offset																		$	2,173																	$	172,293

						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 (1)
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 December 31, 2024 and December 31, 2023.

Schedule of 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 December 31, 2024 and December 31, 2023 (in thousands).

						Fair Values of Derivative Instruments as of December 31, 2024
						Asset Derivatives																		Liability Derivatives
						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (1)						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (1)
Derivatives not designated as a hedging instrument:
Interest rate products						$	2,272,162					Other assets						$	174,196					$	2,272,162					Other liabilities						$	174,344
Credit contracts						11,662						Other assets						—						67,560						Other liabilities						—
Total derivatives not designated as a hedging instrument																		174,196																		174,344
Derivatives designated as a hedging instrument:
Interest rate products						225,000						Other assets						5,136						75,000						Other liabilities						204
Total gross derivative amounts recognized on the balance sheet																		179,332																		174,548
Gross amounts offset on the balance sheet																		—																		—
Net derivative amounts presented on the balance sheet																		$	179,332																	$	174,548
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties																		$	2,255																	$	2,255
Cash collateral - institutional counterparties																		174,904																		—
Net derivatives not offset																		$	2,173																	$	172,293

						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 (1)
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 December 31, 2024 and December 31, 2023.

Schedule of Derivative Instruments Gain (Loss)

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 (in thousands).

												Gain recognized in Income on derivatives
												For the Year Ended December 31,
						Consolidated Statements of Income						2024						2023						2022
Derivatives not designated as hedging instruments:
Interest rate products						Other income						$	435					133						722
Credit contracts						Other income						30						(7)						(49)
Total derivatives not designated as hedging instruments												$	465					126						673
Derivatives designated as hedging instruments:												(Gain) Loss recognized in Expense on derivatives
Interest rate products						Interest (income) expense						$	(13,670)					(17,713)						(4,504)
Total derivatives designated as a hedging instruments												$	(13,670)					(17,713)						(4,504)

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

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-Topic 210
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 815
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-Section 50
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