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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivatives |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated statements of financial condition as of March 31, 2025 and December 31, 2024. Information about the valuation methods used to measure fair value is provided in note 16. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Asset derivatives fair value | ​ | ​ | ​ | Liability derivatives fair value
​ | ​ | Balance Sheet | ​ | March 31, | ​ | December 31, | ​ | Balance Sheet | ​ | March 31, | ​ | December 31,
​ | ​ | location | ​ | 2025 | ​ | 2024 | ​ | location | ​ | 2025 | ​ | 2024
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | Other assets | ​ | $ | 25,082 | ​ | $ | 31,864 | ​ | Other liabilities | ​ | $ | 2,250 | ​ | $ | 1,296
Total derivatives designated as hedging instruments | ​ | ​ | ​ | $ | 25,082 | ​ | $ | 31,864 | ​ | ​ | ​ | $ | 2,250 | ​ | $ | 1,296
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | Other assets | ​ | $ | 8,629 | ​ | $ | 7,773 | ​ | Other liabilities | ​ | $ | 8,638 | ​ | $ | 7,780
Interest rate lock commitments | ​ | Other assets | ​ | ​ | 683 | ​ | ​ | 282 | ​ | Other liabilities | ​ | ​ | — | ​ | ​ | —
Forward contracts | ​ | Other assets | ​ | ​ | 1 | ​ | ​ | 104 | ​ | Other liabilities | ​ | ​ | 85 | ​ | ​ | 10
Total derivatives not designated as hedging instruments | ​ | ​ | ​ | $ | 9,313 | ​ | $ | 8,159 | ​ | ​ | ​ | $ | 8,723 | ​ | $ | 7,790
Schedule of carrying amount of hedged assets and hedging adjustment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Cumulative amount of fair value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | hedging adjustment included in the
​ | ​ | Carrying amount of hedged assets | ​ | carrying amount of hedged assets(1)
Line item in the consolidated statements of financial | ​ | March 31, | ​ | December 31, | ​ | March 31, | ​ | December 31,
condition in which the hedged item is included | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
Loans receivable | ​ | $ | 455,388 | ​ | $ | 456,098 | ​ | $ | (22,372) | ​ | $ | (28,698)
​ | ​ | ​
(1) |  | Fair value hedge adjustments included basis adjustments on terminated positions to be amortized through the contractual maturity date of each respective hedged item. Excluding those terminated positions, the fair value hedge adjustments consisted of losses totaling $24.7 million and $31.2 million as of March 31, 2025 and December 31, 2024, respectively.
Derivative Instruments, Gain (Loss) | The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three months ended March 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of (loss) gain recognized in income on derivatives
​ | ​ | recognized in income on | ​ | For the three months ended March 31,
Derivatives in hedging relationships | ​ | derivatives | ​ | 2025 | ​ | 2024
Fair value hedging relationships - Interest rate products | ​ | Interest and fees on loans | ​ | $ | (4,843) | ​ | $ | 9,093
Cash flow hedging relationships - Interest rate products | ​ | Interest and fees on loans | ​ | ​ | (355) | ​ | ​ | (513)
Total | ​ | ​ | ​ | $ | (5,198) | ​ | $ | 8,580
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of gain (loss) recognized in income on derivatives
​ | ​ | recognized in income on | ​ | For the three months ended March 31,
Hedged items | ​ | hedged items | ​ | 2025 | ​ | 2024
Interest rate products | ​ | Interest and fees on loans | ​ | $ | 6,326 | ​ | $ | (6,548)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain (loss) | ​ | Amount of (loss) gain recognized in income on derivatives
Derivatives not designated | ​ | recognized in income on | ​ | For the three months ended March 31,
as hedging instruments | ​ | derivatives | ​ | 2025 | ​ | 2024
Interest rate products | ​ | Other non-interest expense | ​ | $ | (2) | ​ | $ | (232)
Interest rate lock commitments | ​ | Mortgage banking income | ​ | ​ | 534 | ​ | ​ | 332
Forward contracts | ​ | Mortgage banking income | ​ | ​ | (178) | ​ | ​ | 44
Total | ​ | ​ | ​ | $ | 354 | ​ | $ | 144
Summary of effect of fair value cash flow hedge accounting on accumulated other comprehensive income | The tables below present the effect of cash flow hedge accounting on AOCI as of the dates presented. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2025
​ | ​ | Gain recognized in OCI on derivatives | ​ | Gain recognized in OCI included component | ​ | Gain recognized in OCI excluded component | ​ | ​ | Location of loss recognized from AOCI into income | ​ | Loss reclassified from AOCI into income | ​ | Loss reclassified from AOCI into income included component | ​ | Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | $ | 19 | ​ | $ | 15 | ​ | $ | 4 | ​ | ​ | Interest income | ​ | $ | (355) | ​ | $ | (239) | ​ | $ | (116)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2024
​ | ​ | Loss recognized in OCI on derivatives | ​ | Loss recognized in OCI included component | ​ | Loss recognized in OCI excluded component | ​ | ​ | Location of loss recognized from AOCI into income | ​ | Loss reclassified from AOCI into income | ​ | Loss reclassified from AOCI into income included component | ​ | Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | $ | (1,428) | ​ | $ | (1,002) | ​ | $ | (426) | ​ | ​ | Interest income | ​ | $ | (513) | ​ | $ | (395) | ​ | $ | (118)

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