Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the amortized cost and cumulative basis adjustment for closed portfolios of securities used to designate fair value hedging relationships (in thousands):


	As of June 30, 2026		As of December 31, 2025
AFS securities:
Amortized cost (excluding fair value hedge basis adjustment)	$	659,375	$	682,878
Fair value hedge basis adjustment	(12,223)		(4,038)

The table below presents the effects of fair value hedges on net interest income, as well as their location on the Consolidated Statements of Income (in thousands):


	Location of Gain/(Loss) Recognized in Income	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
AFS securities:
Gain recognized on derivatives	Interest income - debt securities	$	5,523	$	8,185
Loss recognized on hedged items	Interest income - debt securities	(5,484)		(8,074)
Net gains recognized on fair value hedges	Interest income - debt securities	$	39	$	111

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
AOCL balance at beginning of period, net of tax	$	—	$	(23)	$	—	$	(87)
Unrealized (losses) gains recognized in OCI	(581)		(93)		(581)		(93)
Losses reclassified from AOCI into interest income	—		64		—		128
AOCL balance at end of period, net of tax	$	(581)	$	(52)	$	(581)	$	(52)

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 June 30, 2026
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	2,254,358	$	73,854	$	73,877
Credit default swap	71,246		—		844
Derivatives Designated as Hedging Instruments
Interest rate option contracts - cash flow hedge	1,320,000		—		817
Interest rate swap contracts - fair value hedge	649,564		12,103		—
Total Derivatives	$	4,295,168	$	85,957	$	75,538
As of December 31, 2025
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	1,537,760	$	53,768	$	53,809
Credit default swap	75,802		—		234
Derivatives Designated as Hedging Instruments
Interest rate swap contract - cash flow hedge	100,000		—		—
Interest rate swap contracts - fair value hedge	678,921		4,055		26
Total Derivatives	$	2,392,483	$	57,823	$	54,069