v3.25.1
DERIVATIVES (Tables)
3 Months Ended
Mar. 31, 2025
DERIVATIVES  
Cash flow hedges included in the consolidated statements of financial condition

    

Assets

  

Liabilities

Notional

Notional

(in thousands)

Amount

Fair Value (1)

Amount

Fair Value (1)

March 31, 2025

Cash flow hedges:

Interest rate swaps (Brokered Certificates of Deposit)

$

    

$

$

75,000

    

$

(689)

Fair value hedges:

Interest rate swaps (Loans)

50,000

(621)

Total

    

$

    

$

$

125,000

    

$

(1,310)

December 31, 2024

Cash flow hedges:

Interest rate swaps (Brokered Certificates of Deposit)

$

25,000

    

$

68

$

50,000

    

$

(451)

Fair value hedges:

Interest rate swaps (Loans)

50,000

(476)

Total

    

$

25,000

    

$

68

$

100,000

    

$

(927)

(1)Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.

Net gains (losses) recorded in accumulated other comprehensive income and the consolidated statements of income relating to the cash flow derivative instruments

Three Months Ended March 31, 

(in thousands)

    

2025

    

2024

(Loss) gain recognized in other comprehensive income, net of tax

$

(238)

$

886

Gain recognized in interest expense

 

 

184

Derivative instruments designated as fair value hedges

Three Months Ended March 31, 

(in thousands)

    

2025

    

2024

Net gain (loss) on hedged items recorded in interest income on loans

$

3

$

(6)

(Loss) gain on hedge recorded in interest income on loans

 

(27)

 

95

Cumulative basis adjustment for fair value hedges

March 31, 

December 31, 

(in thousands)

    

2025

    

2024

Loans receivable:

Carrying amount of the hedged assets(1)

$

50,000

$

50,000

Fair value hedging adjustment included in the carrying amount of the hedged assets

 

672

 

523

(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 March 31, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in the hedging relationships was $363.6 million and $379.3 million, respectively. The cumulative basis adjustments associated with these hedging relationships was $0.7 million and $0.5 million, respectively, and the amounts of the designated hedged items were $50.0 million and $50.0 million, respectively.