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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Accumulated Other Comprehensive Income Attributable to Cash Flow Hedge Derivative

The table below presents the effect on the Company’s accumulated other comprehensive income/loss (“AOCI” or “AOCL”) attributable to the cash flow hedge derivative, net of tax, and the related gains/(losses) reclassified from AOCI into income (in thousands):

						For the Three Months Ended March 31,
						2023
AOCL balance at beginning of period, net of tax						$	(25)
Unrealized gains recognized in OCI						412
Losses reclassified from AOCI into interest income						101
AOCI balance at end of period, net of tax						$	488

Schedule of Notional Amounts of Outstanding Derivative Positions

The table below presents the notional amount and fair value of derivatives designated and not designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition (in thousands):

						Notional						Fair Value
												Other assets						Other liabilities
As of March 31, 2023
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts						$	1,456,913					$	91,659					$	91,701
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract						100,000						643						—
Total Derivatives						$	1,556,913					$	92,302					$	91,701
December 31, 2022
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts						$	1,368,245					$	113,420					$	113,440
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract						100,000						—						33
Total Derivatives						$	1,468,245					$	113,420					$	113,473

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- References

No definition available.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

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