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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

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,
						2024						2023						2024						2023
AOCL balance at beginning of period, net of tax						$	(776)					$	(909)					$	(36)					$	(25)
Unrealized gains (losses) recognized in OCI						837						(622)						(418)						(1,798)
Losses reclassified from AOCI into interest income						253						246						768						538
AOCI (AOCL) balance at end of period, net of tax						$	314					$	(1,285)					$	314					$	(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, 2024
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts						$	1,488,359					$	67,376					$	67,415
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract						100,000						415						—
Total Derivatives						$	1,588,359					$	67,791					$	67,415
As of December 31, 2023
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts						$	1,418,276					$	87,776					$	87,801
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract						100,000						—						47
Total Derivatives						$	1,518,276					$	87,776					$	87,848

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- References

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

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