Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The table below presents the effect on the Company’s accumulated other comprehensive income/loss (“AOCI” or “AOCL”) attributable to the cash flow hedge derivative, 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,
	2025		2024		2025		2024
AOCL balance at beginning of period, net of tax	$	(23)	$	(726)	$	(87)	$	(36)
Unrealized losses recognized in OCI	(93)		(306)		(93)		(1,255)
Losses reclassified from AOCI into interest income	64		256		128		515
AOCL balance at end of period, net of tax	$	(52)	$	(776)	$	(52)	$	(776)

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, 2025
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	1,450,992	$	61,103	$	61,145
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract	100,000		—		68
Total Derivatives	$	1,550,992	$	61,103	$	61,213
As of December 31, 2024
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	1,468,022	$	91,352	$	91,368
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract	100,000		—		115
Total Derivatives	$	1,568,022	$	91,352	$	91,483