Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Summary of Significant Accounting Policies |
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| Summary of information regarding the Company's derivative financial instruments |
| | | | | | | | | | | | | | | Assets | | Liabilities | | | Notional | | | | | Notional | | | | | | Amount | | Fair Value (1) | | Amount | | Fair Value (1) | | June 30, 2025 | | (In thousands) | Cash flow hedges: | | | | | | | | | | | | | Interest rate swaps (deposits) | | $ | 205,000 | | $ | 3,437 | | $ | 520,750 | | $ | 4,962 | Interest rate floor options (loans) | | | 100,000 | | | 1,474 | | | — | | | — | Fair value hedges: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 437,002 | | | 13,496 | | | 275,000 | | | 1,596 | Non hedge: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 523,193 | | | 25,522 | | | 523,193 | | | 25,522 | Total | | $ | 1,265,195 | | $ | 43,929 | | $ | 1,318,943 | | $ | 32,080 | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | Cash flow hedges: | | | | | | | | | | | | | Interest rate swaps (deposits) | | $ | 950,750 | | $ | 14,686 | | $ | — | | $ | — | Fair value hedges: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 560,587 | | | 19,812 | | | 135,000 | | | 194 | Non hedge: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 486,929 | | | 20,202 | | | 486,929 | | | 20,202 | Total | | $ | 1,998,266 | | $ | 54,700 | | $ | 621,929 | | $ | 20,396 |
(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.
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| Schedule of fair value hedged items for the periods indicated |
| | | | | | | | | | | | | | | | | | | | | Cumulative Amount | | | | | | | | | of the Fair Value Hedging Adjustment | Line Item in the Consolidated Statement | | Carrying Amount of the | | Included in the Carrying Amount of | of Financial Condition in Which | | Hedged | | the Hedged | the Hedged Item Is Included | | Assets/(Liabilities) | | Assets/(Liabilities) | (In thousands) | | June 30, 2025 | | December 31, 2024 | | June 30, 2025 | | December 31, 2024 | Loans | | | | | | | | | | | | | Multi-family residential | | $ | 87,385 | | $ | 76,882 | | $ | 856 | | $ | (11,015) | Commercial real estate | | | 81,895 | | | 62,843 | | | 720 | | | (4,009) | Commercial business | | | 26,292 | | | 39,500 | | | 216 | | | (3,113) | Total | | $ | 195,572 | | $ | 179,225 | | $ | 1,792 | | $ | (18,137) | | | | | | | | | | | | | | Portfolio Layer | | | | | | | | | | | | | Loans held for Investment (1) | | $ | 520,000 | | $ | 500,000 | | $ | 943 | | $ | (2,025) | Total | | $ | 520,000 | | $ | 500,000 | | $ | 943 | | $ | (2,025) |
(1) Carrying amount represents the amortized cost of the portfolio layer method closed portfolio at June 30 2025 and December 31, 2024, totaling $2.3 billion and $2.4 billion, respectively. The cumulative amount of basis adjustments at June 30, 2025 and December 31, 2024 were ($0.9) million and $2.0 million, respectively.
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| Schedule of effect of derivative instruments on the Consolidated Statements of Income |
| | | | | | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | Affected Line Item in the Statements | | June 30, | | June 30, | (In thousands) | | Where Net Income is Presented | | 2025 | | 2024 | | 2025 | | 2024 | Financial Derivatives: | | | | | | | | | | | | | | | Interest rate swaps - fair value hedge (loans) | | Interest and fees on loans | | | 2,044 | | | 3,796 | | | 3,990 | | | 7,383 | | | | | | | | | | | | | | | | Interest rate swaps - fair value hedge (securities) | | Interest and dividends on securities | | | — | | | 1,056 | | | — | | | 2,004 | | | | | | | | | | | | | | | | Interest rate swaps - non hedge (municipal deposit) | | Interest expense - Deposits | | | — | | | — | | | — | | | 1 | | | | | | | | | | | | | | | | Interest rate swaps - cash flow hedge (short-term advances) | | Other interest expense | | | — | | | — | | | — | | | 364 | | | | | | | | | | | | | | | | Interest rate swaps - cash flow hedge (brokered deposits) | | Interest expense - Deposits | | | 2,883 | | | 6,432 | | | 7,426 | | | 12,930 | | | | | | | | | | | | | | | | Interest rate floor options - cash flow hedge (loans) | | Interest and fees on loans | | | (103) | | | — | | | (115) | | | — | Total net income (expense) from the effects of derivative instruments | | $ | 4,824 | | $ | 11,284 | | $ | 11,301 | | $ | 22,682 |
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| Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition |
| | | | | | | | | | | | | | | | | | | | | | | | Gross Amount | | Net Amount | | | | | | | | | | | Gross Amounts | | Offset in Statement of | | Presented in Statement of | | Financial | | Cash | | | (In thousands) | | Recognized | | Financial Condition | | Financial Condition | | Instruments | | Collateral | | Net Amount | June 30, 2025 | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | $ | 42,455 | | $ | — | | $ | 42,455 | | $ | — | | $ | (20,615) | | $ | 21,840 | Interest rate floor options | | | 1,474 | | | — | | | 1,474 | | | — | | | — | | | 1,474 | Liabilities: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | | 32,080 | | | — | | | 32,080 | | | — | | | — | | | 32,080 | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | $ | 54,700 | | $ | — | | $ | 54,700 | | $ | — | | $ | (47,665) | | $ | 7,035 | Liabilities: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | | 20,396 | | | — | | | 20,396 | | | — | | | — | | | 20,396 |
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