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Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Information on Derivatives | Information on our derivatives follows:
| Asset derivatives |  | Liability derivatives
(in thousands) | March 31, 2025 | December 31, 2024 |  | March 31, 2025 | December 31, 2024
Loans receivable: |  |  |  |  |
Interest rate contracts - notional amount | $ | 7,412 |  | $ | 7,654 |  |  | $ | — |  | $ | — |
Interest rate contracts - fair value 1 | $ | 227 |  | $ | 333 |  |  | $ | — |  | $ | — |
1 Refer to Note 3, Fair Value of Assets and Liabilities, for valuation methodology. The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of hedged assets as of March 31, 2025 and December 31, 2024.
| Carrying Amounts of Hedged Assets |  | Cumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets
(in thousands) | March 31, 2025 | December 31, 2024 |  | March 31, 2025 | December 31, 2024
Loans receivable 1 | $ | 7,085 |  | $ | 7,215 |  |  | $ | (287) |  | $ | (398) |
1 Carrying value equals the amortized cost basis of the loans underlying the hedge relationship, which is the loan balance net of deferred loan origination fees and cost and the fair value hedge adjustment. Amortized cost excludes accrued interest, which was not material.
Schedule of Interest Income | The following table presents the pretax net gains recognized in interest income related to our fair value hedges for the years presented.
| Three months ended |
(in thousands) | March 31, 2025 | March 31, 2024 |  |
Interest on investment securities 1 |  |  |  |
Increase in fair value of interest rate swaps hedging available-for-sale securities | $ | — |  | $ | 1,217 |  |  |
Hedged interest earned | — |  | 206 |  |  |
Decrease in carrying value included in the hedged available-for-sale securities | — |  | (1,217) |  |  |
Net gain recognized in interest income on investment securities | $ | — |  | $ | 206 |  |  |
Interest and fees on loans 1 |  |  |  |
Decrease (increase) in fair value of interest rate swaps hedging loans receivable | $ | (106) |  | $ | 115 |  |  |
Hedged interest earned | 30 |  | 54 |  |  |
Increase (decrease) in carrying value included in the hedged loans | 111 |  | (110) |  |  |
Decrease in value of yield maintenance agreement | (2) |  | (2) |  |  |
Net gain recognized in interest income on loans | $ | 33 |  | $ | 57 |  |  |
1 Represents the income line item in the statement of comprehensive income in which the effects of fair value hedges are recorded.
Schedule of Offsetting Assets and Liabilities | Information on financial instruments that are eligible for offset in the consolidated statements of condition follows:
Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in |
| Gross Amounts | Offset in the | Assets Presented | the Statements of Condition |
| of Recognized | Statements of | in the Statements | Financial | Cash Collateral |
(in thousands) | Assets 1 | Condition | of Condition 1 | Instruments | Received | Net Amount
March 31, 2025 |  |  |  |  |  |
Counterparty | $ | 227 |  | $ | — |  | $ | 227 |  | $ | — |  | $ | — |  | $ | 227 |
Total | $ | 227 |  | $ | — |  | $ | 227 |  | $ | — |  | $ | — |  | $ | 227 |
December 31, 2024 |  |  |  |  |  |
Counterparty | $ | 333 |  | $ | — |  | $ | 333 |  | $ | — |  | $ | — |  | $ | 333 |
Total | $ | 333 |  | $ | — |  | $ | 333 |  | $ | — |  | $ | — |  | $ | 333 |
1 Amounts exclude accrued interest on swaps.

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