XML 67 R52.htm IDEA: XBRL DOCUMENT v3.25.0.1

DERIVATIVES AND HEDGING (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of December 31, 2024 and 2023, the notional values or contractual amounts and fair values of the Company’s derivatives were as follows (in thousands):

			Asset Derivatives																								Liability Derivatives
			December 31, 2024												December 31, 2023												December 31, 2024												December 31, 2023
			Notional/ Contract Amount						Fair Value						Notional/ Contract Amount						Fair Value						Notional/ Contract Amount						Fair Value						Notional/ Contract Amount						Fair Value
Hedged interest rate swaps			$	—					$	—					$	—					$	—					$	—					$	—					$	400,000					$	15,141
Interest rate swaps not designated in hedge relationships			$	386,995					$	30,134					$	416,711					$	29,058					$	386,995					$	30,184					$	416,711					$	29,126
Master netting agreements									(15,627)												(13,929)												—												(13,929)
Cash offset/(settlement)									—												—												—												(529)
Net interest rate swaps									14,507												15,129												30,184												29,809
Risk participation agreements			817						—						1,050						—						43,097						6						45,298						42
Mortgage loan commitments			30,085						108						19,572						275						5,427						2						—						—
Forward sales contracts			49,628						223						5,406						—						—						—						17,966						185
Total			$	467,525					$	14,838					$	442,739					$	15,404					$	435,519					$	30,192					$	479,975					$	30,036

The Company’s asset derivatives are included in other assets, while the liability derivatives are included in accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2024 and 2023 (in thousands):

			For the Year Ended December 31, 2024
			Amount of Gain or (Loss) Recognized in AOCI on Derivative						Amount of Gain or (Loss) Recognized in AOCI Included Component						Amount of Gain or (Loss) Recognized in AOCI Excluded Component						Location of Gain or (Loss) Recognized from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps			$	(2,145)					$	(2,145)					$	—					Interest Income						$	(16,074)					$	(16,074)					$	—

			For the Year Ended December 31, 2023
			Amount of Gain or (Loss) Recognized in AOCI on Derivative						Amount of Gain or (Loss) Recognized in AOCI Included Component						Amount of Gain or (Loss) Recognized in AOCI Excluded Component						Location of Gain or (Loss) Recognized from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income						Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps			$	(4,398)					$	(4,398)					$	—					Interest Income						$	(16,955)					$	(16,955)					$	—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Gains (losses) recognized in income within mortgage banking operations on non-designated hedging instruments for the years ended December 31, 2024, 2023 and 2022, were as follows (in thousands):

									For the Years Ended December 31
									2024						2023						2022
Mortgage loan commitments									$	(79)					$	263					$	(1,427)
Forward sales contracts									320						313						84
									$	241					$	576					$	(1,343)

Offsetting Assets

The following presents additional information related to the Company’s interest rate swaps, both designated and non-designated as hedged, as of December 31, 2024 and 2023 (in thousands):

			December 31, 2024
																					Gross Amounts of Financial Instruments Not Offset in the Consolidated Statement of Financial Condition
			Gross Amounts Recognized						Amounts offset in the Statement of Financial Condition						Net Amounts in the Statement of Financial Condition						Netting Adjustment Per Applicable Master Netting Agreements						Fair Value of Financial Collateral in the Statement of Financial Condition						Net Amount
Derivative assets
Interest rate swaps			$	30,134					$	(15,627)					$	14,507					$	—					$	—					$	14,507
			$	30,134					$	(15,627)					$	14,507					$	—					$	—					$	14,507
Derivative liabilities
Interest rate swaps			$	30,184					$	—					$	30,184					$	—					$	(18,228)					$	11,956
			$	30,184					$	—					$	30,184					$	—					$	(18,228)					$	11,956
			December 31, 2023
																					Gross Amounts of Financial Instruments Not Offset in the Consolidated Statement of Financial Condition
			Gross Amounts Recognized						Amounts offset in the Statement of Financial Condition						Net Amounts in the Statement of Financial Condition						Netting Adjustment Per Applicable Master Netting Agreements						Fair Value of Financial Collateral in the Statement of Financial Condition						Net Amount
Derivative assets
Interest rate swaps			$	29,058					$	(13,929)					$	15,129					$	—					$	—					$	15,129
			$	29,058					$	(13,929)					$	15,129					$	—					$	—					$	15,129
Derivative liabilities
Interest rate swaps			$	44,267					$	(14,458)					$	29,809					$	—					$	(13,124)					$	16,685
			$	44,267					$	(14,458)					$	29,809					$	—					$	(13,124)					$	16,685

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration