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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of December 31, 2022 and June 30, 2022:

December 31, 2022

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

63,617

Other liabilities

$

2,500

Total

$

63,617

$

2,500

June 30, 2022

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

41,223

Other liabilities

$

—

Total

$

41,223

$

—

As of December 31, 2022, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges. There were no fair value hedges at June 30, 2022:

			December 31, 2022
			(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)			$	494,972
Fair value hedging adjustment included in the carrying amount of the hedged assets			(5,028)

___________________________________

(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $852.4 million.

Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income

The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three months and six months ended December 31, 2022 and 2021:

			Three Months Ended December 31,												Six Months Ended December 31,
			2022						2021						2022						2021
			(In Thousands)
Amount of (loss) gain recognized in other comprehensive income			$	(2,183)					$	5,110					$	19,987					$	5,264
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense			4,104						(1,506)						5,724						(3,003)

Derivative Instruments, Gain (Loss)

The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three months and six months ended December 31, 2022. There were no fair value hedges for the three months and six months ended December 31, 2021:

			Three Months Ended December 31,						Six Months Ended December 31,
			2022												2022
			(In Thousands)
Loss on hedged items recorded in interest income on loans			$	(995)											$	(5,028)
Gain on hedge recorded in interest income on loans			1,183												5,110

Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of December 31, 2022 and June 30, 2022, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

			December 31, 2022
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amounts Offset						Net Amounts Presented						Financial Instruments						Cash Collateral Received						Net Amount
			(In Thousands)
Assets:
Interest rate contracts			$	64,641					$	(1,024)					$	63,617					$	—					$	—					$	63,617
Total			$	64,641					$	(1,024)					$	63,617					$	—					$	—					$	63,617
Liabilities:
Interest rate contracts			$	3,524					$	(1,024)					$	2,500					$	—					$	(2,500)					$	—
Total			$	3,524					$	(1,024)					$	2,500					$	—					$	(2,500)					$	—

			June 30, 2022
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amounts Offset						Net Amounts Presented						Financial Instruments						Cash Collateral Received						Net Amount
			(In Thousands)
Assets:
Interest rate contracts			$	41,223					$	—					$	41,223					$	—					$	—					$	41,223
Total			$	41,223					$	—					$	41,223					$	—					$	—					$	41,223

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Schedule of offsetting derivatives.

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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.

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-Topic 815
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+ References

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