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DERIVATIVES AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Jun. 30, 2025
DERIVATIVES AND HEDGING ACTIVITIES  
Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition

June 30, 2025

December 31, 2024

Notional

Fair Value

Notional

Fair Value

(In thousands)

    

Amount

    

Assets

    

Amount

Assets

Derivatives designated as hedging instruments:

 

  

 

  

 

  

  

Cash flow hedges - interest rate products

 

$

150,000

$

5,277

 

$

150,000

$

8,318

Derivatives not designated as hedging instruments:

Interest rate products

1,676,072

85,689

 

1,665,949

108,178

June 30, 2025

December 31, 2024

Notional

Fair Value

Notional

Fair Value

(In thousands)

    

Amount

    

Liabilities

    

Amount

Liabilities

Derivatives designated as hedging instruments:

 

  

 

  

 

  

  

Fair value hedges - interest rate products

 

$

700,000

$

151

$

500,000

$

Cash flow hedges - interest rate products

450,000

255

350,000

159

Derivatives not designated as hedging instruments:

Interest rate products

1,676,072

85,689

1,665,949

108,178

Risk participations

140,626

15

141,080

10

Schedule of fair value and cash flow hedge accounting on the consolidated statements of operations

Three Months Ended June 30, 

2025

2024

Interest

Interest

Interest

Interest

(In thousands)

Income

Expense

Income

Expense

Effects of fair value or cash flow hedges are recorded

$

(205)

$

1,950

$

634

2,520

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships

Interest contracts:

Hedged items

(1,091)

(978)

Derivatives designated as hedging instruments

886

1,612

Gain or (loss) on cash flow hedging relationships

Interest contracts:

Loss reclassified from AOCI into income

1,950

2,520

Six Months Ended June 30, 

2025

2024

Interest

Interest

Interest

Interest

(In thousands)

Income

Expense

Income

Expense

Effects of fair value or cash flow hedges are recorded

$

(827)

$

3,790

$

1,262

4,955

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships

Interest contracts:

Hedged items

(1,774)

(6,251)

Derivatives designated as hedging instruments

947

7,513

Gain or (loss) on cash flow hedging relationships

Interest contracts:

Loss reclassified from AOCI into income

3,790

4,955

Schedule of cumulative basis adjustment for fair value hedges

June 30, 2025

December 31, 2024

(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

 

$

1,060,340

$

842

 

$

694,774

$

2,615

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)

    

2025

    

2024

2025

    

2024

Loss recognized in other comprehensive income (loss)

$

(5,407)

$

(3,128)

$

(12,974)

$

(983)

Loss reclassified from other comprehensive income into interest expense

 

(1,950)

 

(2,520)

 

(3,790)

 

(4,955)

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, 2025

Notional

Fair Value

Fair Value

(Dollars in thousands)

    

Count

    

Amount

    

Assets

    

Liabilities

Included in derivative assets/liabilities:

Loan level interest rate swaps with borrower

 

62

$

700,636

$

14,193

$

Loan level interest rate swaps with borrower

 

158

975,436

71,496

Loan level interest rate swaps with third-party counterparties

 

62

 

700,636

 

 

14,193

Loan level interest rate swaps with third-party counterparties

158

975,436

71,496

December 31, 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

 

23

$

321,745

$

3,704

$

Loan level interest rate swaps with borrower

 

202

 

1,344,204

 

 

104,474

Loan level interest rate swaps with third-party counterparties

 

23

 

321,745

 

 

3,704

Loan level interest rate swaps with third-party counterparties

202

1,344,204

104,474

Schedule of loan level derivative income

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(In thousands)

    

2025

    

2024

2025

    

2024

Loan level derivative income

$

942

$

1,085

$

1,003

$

1,491