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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

As of September 30, 2023, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. As of December 31, 2022, there no balances for Fixed Rate Loans.

Line Item in the Statement of Financial Position in Which the Hedged Item is Included			Carrying Amount of the Hedged Assets/(Liabilities)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
			September 30, 2023			September 30, 2023
Fixed Rate Loans1			$146,125			$(3,875)
Total			$146,125			$(3,875)
1 These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $775.0 million; the cumulative basis adjustments associated with these hedging relationships was $3.9 million; and the amounts of the designated hedged items were $150.0 million.

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 on the consolidated statements of condition as of September 30, 2023 and December 31, 2022. The Company began entering into derivative transactions in the second quarter of 2022. Amounts below are presented on a net basis in accordance with applicable accounting guidance.

Derivative Assets
			September 30, 2023
			Notional			Balance Sheet			Fair
(In thousands)			Amount			Location			Value*
Derivatives designated as hedging instruments
Interest Rate Products			$	150,000		Other Assets			$	3,991
Total derivatives designated as hedging instruments									$	3,991
Derivatives not designated as hedging instruments
Interest Rate Products			$	2,842		Other Assets			$	47
Risk Participation Agreement			0			Other Assets			0
Total derivatives not designated as hedging instruments									$	47

Derivative Assets
			December 31, 2022
			Notional			Balance Sheet			Fair
(In thousands)			Amount			Location			Value
Derivatives designated as hedging instruments
Interest Rate Products			$	0		Other Assets			$	0
Total derivatives not designated as hedging instruments									$	0
Derivatives not designated as hedging instruments
Interest Rate Products			$	0		Other Assets			$	0
Risk Participation Agreement			0			Other Assets			0
Total derivatives not designated as hedging instruments									$	0

Derivative Liabilities
			September 30, 2023
			Notional			Balance Sheet			Fair
(In thousands)			Amount			Location			Value
Derivatives not designated as hedging instruments
Interest Rate Products			$	2,842		Other Liabilities			$	49
Risk Participation Agreement			7,499			Other Liabilities			7
Total derivatives not designated as hedging instruments									$	56

Derivative Liabilities
			December 31, 2022
			Notional			Balance Sheet			Fair
(In thousands)			Amount			Location			Value
Derivatives not designated as hedging instruments
Risk Participation Agreement			$	7,499		Other Liabilities			$	21
Total derivatives not designated as hedging instruments									$	21

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the three and nine months ended September 30, 2023 and 2022:

The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance
			Location of Gain or (Loss) Recognized in Income on Derivative
			Three Months Ended September 30, 2023			Three Months Ended September 30, 2022
(In thousands)			Interest Income
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded			$	647		$	0
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items			(555)			0
Derivatives designated as hedging instruments			1,202			0

The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance
			Location of Gain or (Loss) Recognized in Income on Derivative
			Nine Months Ended September 30, 2023			Nine Months Ended September 30, 2022
(In thousands)			Interest Income
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded			$	952		$	0
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items			(3,875)			0
Derivatives designated as hedging instruments			4,827			0

Schedule of Derivatives and Hedging Activities, Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the three and nine months ended September 30, 2023 and 2022:

Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20			Location of Gain or (Loss) Recognized in Income on Derivative			Amount of Gain or (Loss) Recognized in Income on Derivative			Amount of Gain or (Loss) Recognized in Income on Derivative
						Three Months Ended
(In thousands)						September 30, 2023			September 30, 2022
Interest Rate Products			Other income / (expense)			$	(2)		$	0
Risk Participation Agreement			Other income / (expense)			12			15
Total						$	10		$	15
Fee Income			Other income / (expense)			$	70		$	0

Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20			Location of Gain or (Loss) Recognized in Income on Derivative			Amount of Gain or (Loss) Recognized in Income on Derivative			Amount of Gain or (Loss) Recognized in Income on Derivative
						Nine Months Ended
(In thousands)						September 30, 2023			September 30, 2022
Interest Rate Products			Other income / (expense)			$	(2)		$	0
Risk Participation Agreement			Other income / (expense)			14			56
Total						$	12		$	56
Fee Income			Other income / (expense)			$	70		$	0

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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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.

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