| Summary of pre-tax gains or losses |
The effect of cash flow hedge accounting on OCI for the periods ending June 30, 2025 and 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months ended | | Six Months ended | | (Dollars in thousands) | June 30,
2025 | | June 30,
2024 | | June 30,
2025 | | June 30,
2024 | Amount of (loss) gain recognized in OCI | $ | — | | | 270 | | | (657) | | | 927 | | Amount of gain reclassified from OCI to net income | — | | | 1,288 | | | 63 | | | 2,548 | |
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| Summary of derivative instruments |
The following tables present the notional and estimated fair value amount of derivative positions outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | | | | Weighted Average | | (Dollars in thousands) | Notional Amount | | Asset Derivative | | Liability Derivative | | Remaining Maturity | | Receive Rate | | Pay Rate | | Interest rate swap - securities | $ | 1,630,500 | | | $ | 4,086 | | | $ | — | | | 0.7 years | | SOFR | | 3.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | Weighted Average | | (Dollars in thousands) | Notional Amount | | Asset Derivative | | Liability Derivative | | Remaining Maturity | | Receive Rate | | Pay Rate | | Interest rate swap - securities | $ | 1,630,500 | | | $ | 9,287 | | | $ | — | | | 1.2 years | | SOFR | | 3.68 | % |
The following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustments for fair value hedges for the respective periods:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Amortized cost of the Hedged Assets | | Amortized Cost of Fair Value Hedging Included in the Carrying Amount of the Hedged Assets | | Line item on the consolidated statements of financial condition | | June 30,
2025 | | December 31,
2024 | | June 30,
2025 | | December 31,
2024 | | Debt securities available-for-sale | | $ | 2,966,121 | | | $ | 3,242,878 | | | $ | (4,086) | | | $ | (9,287) | |
The effects of the fair value hedge relationships on the consolidated statements of operations were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months ended | | (Dollars in thousands) | Location of Gain (Loss) | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | | | Interest rate swap | Interest income on investment securities | $ | 1,810 | | | $ | 6,358 | | | $ | 351 | | | 25,958 | | | | | Debt securities available-for-sale | Interest income on investment securities | (9,358) | | | (3,520) | | | (5,201) | | | (20,297) | | | |
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