Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2026 and December 31, 2025 (in thousands).


	Fair Values of Derivative Instruments as of March 31, 2026
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)		Notional Amount	Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,944,208	Other assets	$	103,989	1,944,208	Other liabilities	104,217
Credit contracts	33,314		Other assets	6		55,003	Other liabilities
Total derivatives not designated as a hedging instrument				103,995				104,217

Derivatives designated as a hedging instrument:
Interest rate products	450,000		Other assets	1,262		225,000	Other liabilities	781

Total gross derivative amounts recognized on the balance sheet				105,257				104,998

Netting Adjustments				1,262				—
Gross amounts offset on the balance sheet				—				—
Net derivative amounts presented on the balance sheet				$	103,995			104,998

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	4,798			4,798
Cash collateral - institutional counterparties				95,081				—
Net derivatives not offset				$	4,116			100,200


	Fair Values of Derivative Instruments as of December 31, 2025
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)		Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	$	2,000,609	Other assets	$	105,251	$	2,000,609	Other liabilities	105,453
Credit contracts	33,385		Other assets	9		65,167		Other liabilities	—
Total derivatives not designated as a hedging instrument				105,260					105,453

Derivatives designated as a hedging instrument:
Interest rate products	—		Other assets	—		575		Other liabilities	2,670

Total gross derivative amounts recognized on the balance sheet				105,260					108,123

Netting Adjustments				—					1,678
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	105,260				106,445

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	7,814				7,814
Cash collateral - institutional counterparties				89,000					—
Net derivatives not offset				$	8,446				98,631

(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 March 31, 2026 and December 31, 2025.

Schedule of Offsetting Liabilities


	Fair Values of Derivative Instruments as of March 31, 2026
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)		Notional Amount	Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,944,208	Other assets	$	103,989	1,944,208	Other liabilities	104,217
Credit contracts	33,314		Other assets	6		55,003	Other liabilities
Total derivatives not designated as a hedging instrument				103,995				104,217

Derivatives designated as a hedging instrument:
Interest rate products	450,000		Other assets	1,262		225,000	Other liabilities	781

Total gross derivative amounts recognized on the balance sheet				105,257				104,998

Netting Adjustments				1,262				—
Gross amounts offset on the balance sheet				—				—
Net derivative amounts presented on the balance sheet				$	103,995			104,998

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	4,798			4,798
Cash collateral - institutional counterparties				95,081				—
Net derivatives not offset				$	4,116			100,200


	Fair Values of Derivative Instruments as of December 31, 2025
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)		Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	$	2,000,609	Other assets	$	105,251	$	2,000,609	Other liabilities	105,453
Credit contracts	33,385		Other assets	9		65,167		Other liabilities	—
Total derivatives not designated as a hedging instrument				105,260					105,453

Derivatives designated as a hedging instrument:
Interest rate products	—		Other assets	—		575		Other liabilities	2,670

Total gross derivative amounts recognized on the balance sheet				105,260					108,123

Netting Adjustments				—					1,678
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	105,260				106,445

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	7,814				7,814
Cash collateral - institutional counterparties				89,000					—
Net derivatives not offset				$	8,446				98,631

Schedule of 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 months ended March 31, 2026 and 2025 (in thousands).


		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	March 31, 2026		March 31, 2025
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	(22)	(86)
Credit contracts	Other income	(3)		(1)
Total derivatives not designated as hedging instruments		$	(25)	(87)

Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	(93)	(1,940)
Total derivatives designated as a hedging instruments		$	(93)	(1,940)