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Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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):

						For the Year Ended December 31,
						2024						2023						2022
AOCL balance at beginning of period, net of tax						$	(36)					$	(25)					$	—
Unrealized losses recognized in OCI						(956)						(808)						(25)
Losses reclassified from AOCL into interest income						905						797						—
AOCL balance at end of period, net of tax						$	(87)					$	(36)					$	(25)

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 December 31, 2024
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts						$	1,468,022					$	91,352					$	91,368
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract						100,000						—						115
Total Derivatives						$	1,568,022					$	91,352					$	91,483
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 swaps 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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