v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Portfolio Layer Method Hedged Asset
The following table represents the carrying value of the portfolio layer method hedged asset and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Carrying Value of Hedged AssetHedged Items
(In thousands)
Fixed Rate Asset (1)
$150,230 $150,250 $(20)$(665)

(1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of June 30, 2025 and December 31, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $504.1 million and $529.6 million, the cumulative basis adjustments associated with this hedging relationships was $0.1 million and $2.1 million, respectively. As of June 30, 2025 and December 31, 2024, the amount of the designated hedged item was $150.0 million, respectively.
Schedule of Derivative Instruments
Information about derivative instruments at June 30, 2025 and December 31, 2024 is as follows:


As of June 30, 2025
Derivative AssetsDerivative Liabilities
Original Notional AmountBalance Sheet LocationFair ValueOriginal Notional AmountBalance Sheet LocationFair Value
(In thousands)
Derivatives designated as hedging instruments:
Interest rate swap$25,000 Other assets$1,854 $— Accrued expenses and other liabilities$— 
Fair value swap$— Other assets$— $150,000 Accrued expenses and other liabilities$242 
Derivatives not designated as hedging instruments:
Interest rate swaps(1)
$38,500 Other assets$3,169 $38,500 Accrued expenses and other liabilities$3,169 

(1) Represents interest rate swaps with commercial banking clients, which are offset by derivatives with a third party.
As of December 31, 2024
Derivative AssetsDerivative Liabilities
Original Notional AmountBalance Sheet LocationFair ValueOriginal Notional AmountBalance Sheet LocationFair Value
(In thousands)
Derivatives designated as hedging instruments:
Interest rate swap$75,000 Other assets$3,259 $— Accrued expenses and other liabilities$— 
Fair value swap$— Other assets$— $150,000 Accrued expenses and other liabilities$259 
Derivatives not designated as hedging instruments:
Interest rate swaps(1)
$38,500 Other assets$4,213 $38,500 Accrued expenses and other liabilities$4,213 

(1) Represents interest rate swaps with commercial banking clients, which are offset by derivatives with a third party.
Schedule of Changes in the Consolidated Statements of Comprehensive Income (Loss) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Changes in the consolidated statements of comprehensive income (loss) related to interest rate derivatives designated as hedges of cash flows were as follows for the three and six months ended June 30, 2025 and June 30, 2024:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Interest rate swaps designated as cash flow hedges:
Unrealized (loss) gain recognized in accumulated other comprehensive income before reclassifications$(92)$548 $(614)$1,931 
Amounts reclassified from accumulated other comprehensive income(185)(1,257)(797)(2,514)
Income tax benefit on items recognized in accumulated other comprehensive income66 168 332 102 
Other comprehensive (loss)$(211)$(541)$(1,079)$(481)
Schedule of Derivative Fair Value Hedge Recognized in Consolidated Statements of Income
The following table summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income for the three and six months ended June 30, 2025 and June 30, 2024:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
(Loss) gain on fair value hedging relationship:
Hedged asset$(162)$(192)$(20)$(1,860)
Fair value derivative designated as hedging instrument202 610 104 1,772 
Total gain (loss) recognized in the consolidated statements of income within interest and fees on loans$40 $418 $84 $(88)
Schedule of Gross and Net Information about Derivative Instruments that are Offset in the Consolidated Balance Sheets
The following tables summarize gross and net information about derivative instruments that are offset in the Consolidated Balance Sheets at June 30, 2025 and December 31, 2024:
June 30, 2025
(In thousands)
Gross Amounts Not Offset in the Consolidated Balance Sheets
Gross Amounts of Recognized Assets(1)
Gross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivative assets$5,109 $— $5,109 $232 $4,877 $— 
(1) Includes accrued interest receivable totaling $86 thousand.
June 30, 2025
(In thousands)
Gross Amounts Not Offset in the Consolidated Balance Sheets
Gross Amounts of Recognized Liabilities(1)
Gross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral PostedNet Amount
Derivative liabilities$3,450 $— $3,450 $232 $— $3,218 
(1) Includes accrued interest payable totaling $39 thousand.
December 31, 2024
(In thousands)
Gross Amounts Not Offset in the Consolidated Balance Sheets
Gross Amounts of Recognized Assets(1)
Gross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivative assets$8,040 $— $8,040 $234 $7,806 $— 
(1) Includes accrued interest receivable totaling $568 thousand.
December 31, 2024
(In thousands)
Gross Amounts Not Offset in the Consolidated Balance Sheets
Gross Amounts of Recognized Liabilities(1)
Gross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral PostedNet Amount
Derivative liabilities$4,502 $— $4,502 $233 $— $4,269 
(1) Includes net interest payable totaling $30 thousand.