Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Derivative Financial Instruments |
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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) | | March 31, 2026 | | (In thousands) | Cash flow hedges: | | | | | | | | | | | | | Interest rate swaps (deposits) | | $ | 355,000 | | $ | 1,312 | | $ | 470,750 | | $ | 1,738 | Interest rate floors options (loans) | | | 100,000 | | | 635 | | | — | | | — | Fair value hedges: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 400,836 | | | 11,621 | | | 235,000 | | | 466 | Non hedge: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 603,950 | | | 20,908 | | | 603,950 | | | 20,908 | Total | | $ | 1,459,786 | | $ | 34,476 | | $ | 1,309,700 | | $ | 23,112 | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | Cash flow hedges: | | | | | | | | | | | | | Interest rate swaps (deposits) | | $ | 205,000 | | $ | 725 | | $ | 700,750 | | $ | 5,398 | Interest rate floors options (loans) | | | 100,000 | | | 894 | | | — | | | — | Fair value hedges: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 216,359 | | | 11,608 | | | 429,356 | | | 1,643 | Non hedge: | | | | | | | | | | | | | Interest rate swaps (loans) | | | 589,240 | | | 24,673 | | | 589,240 | | | 24,673 | Total | | $ | 1,110,599 | | $ | 37,900 | | $ | 1,719,346 | | $ | 31,714 |
(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) | | March 31, 2026 | | December 31, 2025 | | March 31, 2026 | | December 31, 2025 | Loans | | | | | | | | | | | | | Multi-family residential | | $ | 74,630 | | $ | 75,296 | | $ | (8,066) | | $ | (8,082) | Commercial real estate | | | 31,748 | | | 40,566 | | | (2,128) | | | (2,180) | Commercial business | | | 39,241 | | | 39,541 | | | (1,567) | | | (1,636) | Total | | $ | 145,619 | | $ | 155,403 | | $ | (11,761) | | $ | (11,898) | | | | | | | | | | | | | | Portfolio Layer | | | | | | | | | | | | | Loans held for Investment (1) | | $ | 480,000 | | $ | 480,000 | | $ | 352 | | $ | 1,645 | Total | | $ | 480,000 | | $ | 480,000 | | $ | 352 | | $ | 1,645 |
(1) Carrying amount represents the amortized cost of the portfolio layer method on a closed portfolio at March 31 2026 and December 31, 2025, totaling $2.1 billion and $2.2 billion, respectively.
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| Schedule of effect of derivative instruments on the Consolidated Statements of Income |
| | | | | | | | | | | | | For the three months ended | | | Affected Line Item in the Statements | | March 31, | (In thousands) | | Where Net Income is Presented | | 2026 | | 2025 | Financial Derivatives: | | | | | | | | | Interest rate swaps - fair value hedge (loans) | | Interest and fees on loans | | $ | 749 | | $ | 1,946 | | | | | | | | | | Interest rate swaps - cash flow hedge (brokered deposits) | | Interest expense - Deposits | | | 709 | | | 4,544 | | | | | | | | | | Interest rate floors options - cash flow hedge (loans) | | Interest and fees on loans | | | (101) | | | (12) | Total net income (expense) from the effects of derivative instruments | | $ | 1,357 | | $ | 6,478 |
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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 | March 31, 2026 | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | $ | 33,841 | | $ | — | | $ | 33,841 | | $ | — | | $ | (16,615) | | $ | 17,226 | Interest rate floors options | | | 635 | | | — | | | 635 | | | — | | | — | | | 635 | Liabilities: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | | 23,112 | | | — | | | 23,112 | | | — | | | — | | | 23,112 | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | $ | 37,006 | | $ | — | | $ | 37,006 | | $ | — | | $ | (16,615) | | $ | 20,391 | Interest rate floors options | | | 894 | | | — | | | 894 | | | — | | | — | | | 894 | Liabilities: | | | | | | | | | | | | | | | | | | | Interest rate swaps | | | 31,714 | | | — | | | 31,714 | | | — | | | — | | | 31,714 |
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