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Derivative Instruments and Hedge Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of December 31, 2024 and 2023:

 

 

2024

 

 

2023

 

 

 

 

 

 

Fair Value

 

 

 

 

 

Fair Value

 

 

 

Notional
Amount

 

 

Other
Assets

 

 

Other
Liabilities

 

 

Notional
Amount

 

 

Other
Assets

 

 

Other
Liabilities

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps designated
  as cash flow hedges

 

$

650,000

 

 

$

26,529

 

 

$

(52

)

 

$

650,000

 

 

$

37,475

 

 

$

—

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest rate derivatives

 

 

851,742

 

 

 

17,865

 

 

 

(17,721

)

 

 

706,126

 

 

 

19,447

 

 

 

(19,345

)

Other credit derivatives

 

 

17,146

 

 

 

7

 

 

 

(12

)

 

 

3,602

 

 

 

1

 

 

 

—

 

Total derivatives

 

$

1,518,888

 

 

$

44,401

 

 

$

(17,785

)

 

$

1,359,728

 

 

$

56,923

 

 

$

(19,345

)
Summary of Cash Flow Hedges

The following table reflects the cash flow hedges as of December 31, 2024:

 

Notional amounts

 

$

650,000

 

Derivative assets fair value

 

 

26,529

 

Derivative liabilities fair value

 

 

(52

)

Weighted average remaining maturity

 

2.0 years

 
Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments

The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the years ended December 31, 2024, 2023, and 2022:

 

 

2024

 

 

 

Amount of
Gain
Recognized in
OCI

 

 

Amount of Net Gain
Reclassified
from OCI to
Income as an
Increase to
Net Interest Income

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

Interest rate swaps

 

$

6,535

 

 

$

18,387

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

Amount of
Gain
Recognized in
OCI

 

 

Amount of Net Gain
Reclassified
from OCI to
Income as an
Increase to
Net Interest Income

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

Interest rate swaps

 

$

9,605

 

 

$

15,336

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

Amount of
Gain
Recognized in
OCI

 

 

Amount of Net Gain
Reclassified
from OCI to
Income as an
Increase to
Net Interest Income

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

Interest rate swaps

 

$

43,977

 

 

$

1,022

 

 

$

—

 
Summary of Other Interest Rate Derivatives

The following table reflects other interest rate derivatives as of December 31, 2024:

Notional amounts

 

$

851,742

 

Derivative assets fair value

 

 

17,865

 

Derivative liabilities fair value

 

 

17,721

 

Weighted average pay rates

 

 

4.91

%

Weighted average receive rates

 

 

5.97

%

Weighted average remaining maturity

 

3.8 years

 

 
Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship

The following table reflects amounts included in non-interest income in the Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the years ended December 31, 2024, 2023, and 2022:

 

 

2024

 

 

2023

 

 

2022

 

Other interest rate derivatives

 

$

(42

)

 

$

(174

)

 

$

702

 

Other credit derivatives

 

 

(18

)

 

 

-

 

 

 

5

 

Total

 

$

(60

)

 

$

(174

)

 

$

707

 
Summary of Company's Interest Rate Derivative and Offsetting Positions The table below summarizes the Company’s interest rate derivatives and offsetting positions as of December 31, 2024 and 2023:

 

 

Note 21—Derivative Instruments and Hedge Activities (continued)

 

 

2024

 

 

2023

 

 

 

Derivative
Assets
Fair Value

 

 

Derivative
Liabilities
Fair Value

 

 

Derivative
Assets
Fair Value

 

 

Derivative
Liabilities
Fair Value

 

Gross amounts recognized

 

$

44,401

 

 

$

(17,785

)

 

$

56,923

 

 

$

(19,345

)

Less: Amounts offset in the Consolidated Statements of Financial
   Condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amount presented in the Consolidated Statements of Financial
   Condition

 

$

44,401

 

 

$

(17,785

)

 

$

56,923

 

 

$

(19,345

)

Gross amounts not offset in the Consolidated Statements of
   Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

Offsetting derivative positions

 

 

(415

)

 

 

415

 

 

 

(925

)

 

 

925

 

Collateral posted

 

 

(42,770

)

 

 

—

 

 

 

(54,930

)

 

 

—

 

Net credit exposure

 

$

1,216

 

 

$

(17,370

)

 

$

1,068

 

 

$

(18,420

)