v3.25.2
Derivatives and Hedging Activities (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Offsetting Assets
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2025 and December 31, 2024 (in thousands).
Fair Values of Derivative Instruments as of June 30, 2025
Asset DerivativesLiability Derivatives
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products$2,193,432 Other assets$122,243 $2,193,432 Other liabilities$122,502 
Credit contracts33,524 Other assets15 66,372 Other liabilities— 
Total derivatives not designated as a hedging instrument122,258 122,502 
Derivatives designated as a hedging instrument:
Interest rate products325,000 Other assets1,799 325,000 Other liabilities2,265 
Total gross derivative amounts recognized on the balance sheet124,057 124,767 
Netting Adjustments 214 1,187 
Gross amounts offset on the balance sheet— — 
Net derivative amounts presented on the balance sheet$123,843 $123,580 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties$8,330 $8,330 
Cash collateral - institutional counterparties108,346 — 
Net derivatives not offset$7,167 $115,250 
Fair Values of Derivative Instruments as of December 31, 2024
Asset DerivativesLiability Derivatives
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products$2,272,162 Other assets$174,196 $2,272,162 Other liabilities$174,344 
Credit contracts11,662 Other assets— 67,560 Other liabilities— 
Total derivatives not designated as a hedging instrument174,196 174,344 
Derivatives designated as a hedging instrument:
Interest rate products225,000 Other assets5,136 75,000 Other liabilities204 
Total gross derivative amounts recognized on the balance sheet179,332 174,548 
Gross amounts offset on the balance sheet— — 
Net derivative amounts presented on the balance sheet$179,332 $174,548 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties$2,255 $2,255 
Cash collateral - institutional counterparties174,904 — 
Net derivatives not offset$2,173 $172,293 
(1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2025 and December 31, 2024.
Offsetting Liabilities
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2025 and December 31, 2024 (in thousands).
Fair Values of Derivative Instruments as of June 30, 2025
Asset DerivativesLiability Derivatives
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products$2,193,432 Other assets$122,243 $2,193,432 Other liabilities$122,502 
Credit contracts33,524 Other assets15 66,372 Other liabilities— 
Total derivatives not designated as a hedging instrument122,258 122,502 
Derivatives designated as a hedging instrument:
Interest rate products325,000 Other assets1,799 325,000 Other liabilities2,265 
Total gross derivative amounts recognized on the balance sheet124,057 124,767 
Netting Adjustments 214 1,187 
Gross amounts offset on the balance sheet— — 
Net derivative amounts presented on the balance sheet$123,843 $123,580 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties$8,330 $8,330 
Cash collateral - institutional counterparties108,346 — 
Net derivatives not offset$7,167 $115,250 
Fair Values of Derivative Instruments as of December 31, 2024
Asset DerivativesLiability Derivatives
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products$2,272,162 Other assets$174,196 $2,272,162 Other liabilities$174,344 
Credit contracts11,662 Other assets— 67,560 Other liabilities— 
Total derivatives not designated as a hedging instrument174,196 174,344 
Derivatives designated as a hedging instrument:
Interest rate products225,000 Other assets5,136 75,000 Other liabilities204 
Total gross derivative amounts recognized on the balance sheet179,332 174,548 
Gross amounts offset on the balance sheet— — 
Net derivative amounts presented on the balance sheet$179,332 $174,548 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties$2,255 $2,255 
Cash collateral - institutional counterparties174,904 — 
Net derivatives not offset$2,173 $172,293 
(1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2025 and December 31, 2024.
Effect of the derivative financial instruments on the Income Statement
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2025 and 2024 (in thousands).
Gain (loss) recognized in income on derivatives for the three months ended
Consolidated Statements of IncomeJune 30, 2025June 30, 2024
Derivatives not designated as a hedging instrument:
Interest rate productsOther (loss) income$(24)21 
Credit contractsOther (loss) income(118)(6)
Total$(142)15 
Derivatives designated as a hedging instrument:
Interest rate productsInterest (benefit) expense$(2,289)(3,734)
Total$(2,289)(3,734)
Gain (loss) recognized in income on derivatives for the six months ended
Consolidated Statements of IncomeJune 30, 2025June 30, 2024
Derivatives not designated as a hedging instrument:
Interest rate productsOther (loss) income$(111)117 
Credit contractsOther (loss) income(118)(9)
Total$(229)108 
Derivatives designated as a hedging instrument:
Interest rate productsInterest (benefit) expense$(4,229)(7,909)
Total$(4,229)(7,909)