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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value hedging instruments, statements of financial performance and financial position, location

As of March 31, 2025 and December 31, 2024, the following amounts were recorded on the consolidated statements of condition related to cumulative basis adjustment for fair value hedges.

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)			Carrying Amount of the Hedged Assets/(Liabilities)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
			03/31/2025			03/31/2025			12/31/2024			12/31/2024
Fixed Rate Loans1			$149,514			$(486)			$149,175			$(825)
Total			$149,514			$(486)			$149,175			$(825)
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 March 31, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $701.6 million and $711.0 million respectively; the cumulative basis adjustments associated with these hedging relationships was $486,000 and $825,000, respectively; and the amounts of the designated hedged items were $150.0 million for both periods.

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 March 31, 2025 and December 31, 2024.

Derivative Assets
March 31, 2025
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value
Derivatives designated as hedging instruments
Interest Rate Products			$	150,000		Other Assets			$	514
Total derivatives designated as hedging instruments									$	514
Derivatives not designated as hedging instruments
Interest Rate Products			$	179,910		Other Assets			$	3,020
Risk Participation Agreement			0			Other Assets			0
Total derivatives not designated as hedging instruments									$	3,020

Derivative Assets
December 31, 2024
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value
Derivatives designated as hedging instruments
Interest Rate Products			$	150,000		Other Assets			$	864
Total derivatives designated as hedging instruments									$	864
Derivatives not designated as hedging instruments
Interest Rate Products			$	175,865		Other Assets			$	1,831
Risk Participation Agreement			0			Other Assets			0
Total derivatives not designated as hedging instruments									$	1,831

Derivative Liabilities
March 31, 2025
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value
Derivatives not designated as hedging instruments
Interest Rate Products			$	179,910		Other Liabilities			$	3,290
Risk Participation Agreement			53,629			Other Liabilities			117
Total derivatives not designated as hedging instruments									$	3,407
December 31, 2024
(In thousands)			Notional Amount			Balance Sheet Location			Fair Value
Derivatives not designated as hedging instruments
Interest Rate Products			$	178,646		Other Liabilities			$	1,990
Risk Participation Agreement			44,387			Other Liabilities			83
Total derivatives not designated as hedging instruments									$	2,073

Schedule of derivative instruments in statement of income

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the three months ended March 31, 2025 and 2024:

The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income
			Location of Gain or (Loss) Recognized in Income on Derivative
			03/31/2025			03/31/2024
(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			$	294		$	664
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			340			(1,165)
Derivatives designated as hedging instruments			(46)			1,829

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 months ending March 31, 2025 and March 31, 2024:

Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income
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)						03/31/2025			03/31/2024
Interest Rate Products			Other Income			$	(111)		$	36
Risk Participation Agreement			Other Income			25			72
Total						$	(86)		$	108
Fee Income			Other Income			$	29		$	239

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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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Tabular disclosure for fair value 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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