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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Accumulated Other Comprehensive Income/Loss 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):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2023
AOCL balance at beginning of period, net of tax |  | $ | (909) |  |  | $ | (25) |
Unrealized losses recognized in OCI |  | (622) |  |  | (1,798) |
Losses reclassified from AOCI into interest income |  | 246 |  |  | 538 |
AOCL balance at end of period, net of tax |  | $ | (1,285) |  |  | $ | (1,285) |
Schedule of Notional Amount and Fair Value of Derivatives Designated and Not Designated as Hedging Instruments | 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Interest rate swaps and cap contracts |  | $ | 1,420,826 |  |  | $ | 137,090 |  |  | $ | 137,111 |  |  |  |  |
Derivatives Designated as Cash Flow Hedge |  |  |  |  |  |  |  |  |  |
Interest rate swap contract |  | 100,000 |  |  | — |  |  | 1,695 |  |  |  |  |
Total Derivatives |  | $ | 1,520,826 |  |  | $ | 137,090 |  |  | $ | 138,806 |  |  |  |  |
As of 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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- 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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