v3.25.2
DERIVATIVES (Tables)
6 Months Ended
Jun. 30, 2025
DERIVATIVES  
Cash flow hedges included in the consolidated statements of financial condition

    

Assets

  

Liabilities

Notional

Notional

(in thousands)

Amount

Fair Value (1)

Amount

Fair Value (1)

June 30, 2025

Cash flow hedges:

Interest rate swaps (Brokered Certificates of Deposit)

$

    

$

$

75,000

    

$

(730)

Fair value hedges:

Interest rate swaps (Loans)

50,000

(596)

Total

    

$

    

$

$

125,000

    

$

(1,326)

December 31, 2024

Cash flow hedges:

Interest rate swaps (Brokered Certificates of Deposit)

$

25,000

    

$

68

$

50,000

    

$

(451)

Fair value hedges:

Interest rate swaps (Loans)

50,000

(476)

Total

    

$

25,000

    

$

68

$

100,000

    

$

(927)

(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.

Net gains (losses) recorded in accumulated other comprehensive income and the consolidated statements of income relating to the cash flow derivative instruments

Three Months Ended June 30, 

    

Six Months Ended June 30, 

(in thousands)

    

2025

    

2024

2025

    

2024

(Loss) gain recognized in other comprehensive income, net of tax

$

(32)

$

170

  

$

(270)

$

1,056

(Loss) gain recognized in interest expense

 

(2)

 

189

 

(2)

 

373

Derivative instruments designated as fair value hedges

Three Months Ended June 30, 

    

Six Months Ended June 30, 

(in thousands)

    

2025

    

2024

2025

    

2024

Net gain on hedged items recorded in interest income on loans

$

6

$

10

  

$

9

$

4

(Loss) gain on hedge recorded in interest income on loans

 

(29)

 

96

 

(56)

 

191

Cumulative basis adjustment for fair value hedges

June 30, 

December 31, 

(in thousands)

    

2025

    

2024

Loans receivable:

Carrying amount of the hedged assets(1)

$

50,000

$

50,000

Fair value hedging adjustment included in the carrying amount of the hedged assets

 

653

 

523

(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in the hedging relationships was $346.1 million and $379.3 million, respectively. The cumulative basis adjustments associated with these hedging relationships was $0.7 million and $0.5 million, respectively, and the amounts of the designated hedged items were $50.0 million and $50.0 million, respectively.