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DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
DERIVATIVES AND HEDGING ACTIVITIES |
Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ | ​ | Notional | ​ | Fair Value | ​ | Notional | ​ | Fair Value
(In thousands) |  | Amount |  | Assets |  | Amount | ​ | Assets
Derivatives designated as hedging instruments: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Cash flow hedges - interest rate products |  | $ | 200,000 | ​ | $ | 12,134 |  | $ | 150,000 | ​ | $ | 12,492
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | ​ | 1,671,895 | ​ | ​ | 122,401 |  | ​ | 1,682,961 | ​ | ​ | 114,671
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ | ​ | Notional | ​ | Fair Value | ​ | Notional | ​ | Fair Value
(In thousands) |  | Amount |  | Liabilities |  | Amount | ​ | Liabilities
Derivatives designated as hedging instruments: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Fair value hedges - interest rate products |  | $ | 500,000 | ​ | $ | 400 | ​ | $ | 500,000 | ​ | $ | 6,594
Cash flow hedges - interest rate products | ​ | ​ | 200,000 | ​ | ​ | 701 | ​ | ​ | 200,000 | ​ | ​ | 5,031
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | ​ | 1,671,895 | ​ | ​ | 122,401 | ​ | ​ | 1,682,961 | ​ | ​ | 114,671
Schedule of fair value and cash flow hedge accounting on the consolidated statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30,
​ | ​ | 2024 | ​ | 2023
​ | ​ | Interest | ​ | Interest | ​ | Interest | ​ | Interest
(In thousands) | ​ | Income | ​ | Expense | ​ | Income | ​ | Expense
Effects of fair value or cash flow hedges are recorded | ​ | $ | 634 | ​ | $ | 2,520 | ​ | $ | — | ​ | ​ | 299
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedged items | ​ | ​ | (978) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Derivatives designated as hedging instruments | ​ | ​ | 1,612 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on cash flow hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss reclassified from AOCI into income | ​ | ​ | — | ​ | ​ | 2,520 | ​ | ​ | — | ​ | ​ | 299
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ | ​ | 2024 | ​ | 2023
​ | ​ | Interest | ​ | Interest | ​ | Interest | ​ | Interest
​ | ​ | Income | ​ | Expense | ​ | Income | ​ | Expense
Effects of fair value or cash flow hedges are recorded | ​ | $ | 1,262 | ​ | $ | 4,955 | ​ | $ | — | ​ | ​ | (14)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedged items | ​ | ​ | (6,251) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Derivatives designated as hedging instruments | ​ | ​ | 7,513 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on cash flow hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss (gain) reclassified from AOCI into income | ​ | ​ | — | ​ | ​ | 4,955 | ​ | ​ | — | ​ | ​ | (14)
Schedule of cumulative basis adjustment for fair value hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
(In thousands) |  | Carrying Amount of the Hedged Assets | ​ | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | ​ | Carrying Amount of the Hedged Assets | ​ | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed Rate Loans |  | $ | 698,517 | ​ | $ | 340 |  | $ | 736,098 | ​ | $ | 6,591
Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income (loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2024 |  | 2023 | ​ | 2024 |  | 2023
Gain (loss) recognized in other comprehensive income (loss) | ​ | $ | (3,128) | ​ | $ | 1,586 | ​ | $ | (983) | ​ | $ | (525)
(Loss) gain reclassified from other comprehensive income into interest expense | ​ |  | (2,520) | ​ |  | (299) | ​ |  | (4,955) | ​ |  | 14
Not Designated as Hedging Instrument |
DERIVATIVES AND HEDGING ACTIVITIES |
Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ | ​ | ​ | ​ | Notional | ​ | Fair Value | ​ | Fair Value
(Dollars in thousands) |  | Count |  | Amount |  | Assets |  | Liabilities
Included in derivative assets/(liabilities): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan level interest rate swaps with borrower |  | 19 | ​ | $ | 251,409 | ​ | $ | 3,438 | ​ | $ | —
Loan level interest rate swaps with borrower |  | 210 | ​ | ​ | 1,420,486 | ​ | ​ | — | ​ | ​ | 118,963
Loan level interest rate swaps with third-party counterparties |  | 19 | ​ |  | 251,409 | ​ |  | — | ​ |  | 3,438
Loan level interest rate swaps with third-party counterparties | ​ | 210 | ​ | ​ | 1,420,486 | ​ | ​ | 118,963 | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | Notional | ​ | Fair Value | ​ | Fair Value
(Dollars in thousands) |  | Count |  | Amount |  | Assets |  | Liabilities
Included in derivative assets/(liabilities): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan level interest rate swaps with borrower |  | 49 | ​ | $ | 491,394 | ​ | $ | 10,985 | ​ | $ | —
Loan level interest rate swaps with borrower |  | 178 | ​ |  | 1,121,085 | ​ |  | — | ​ |  | 103,570
Loan level interest rate floors with borrower | ​ | 2 | ​ | ​ | 29,721 | ​ | ​ | — | ​ | ​ | —
Loan level interest rate floors with borrower | ​ | 7 | ​ | ​ | 40,761 | ​ | ​ | — | ​ | ​ | 116
Loan level interest rate swaps with third-party counterparties |  | 49 | ​ |  | 491,394 | ​ |  | — | ​ |  | 10,985
Loan level interest rate swaps with third-party counterparties | ​ | 178 | ​ | ​ | 1,121,085 | ​ | ​ | 103,570 | ​ | ​ | —
Loan level interest rate floors with third-party counterparties |  | 2 | ​ |  | 29,721 | ​ |  | — | ​ |  | —
Loan level interest rate floors with third-party counterparties | ​ | 7 | ​ | ​ | 40,761 | ​ | ​ | 116 | ​ | ​ | —
Schedule of loan level derivative income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2024 |  | 2023 | ​ | 2024 |  | 2023
Loan level derivative income | ​ | $ | 1,085 | ​ | $ | 2,437 | ​ | $ | 1,491 | ​ | $ | 5,570

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