Derivative Instruments and Hedge Activities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition |
The following tables present the fair value of the Company’s derivative financial instruments and classification on the Condensed Consolidated Statements of Financial Condition as of the dates presented:
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June 30, 2026 |
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December 31, 2025 |
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Fair Value |
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Fair Value |
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Notional
Amount |
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Other
Assets |
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Other
Liabilities |
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Notional
Amount |
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Other
Assets |
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Other
Liabilities |
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Derivatives designated as hedging instruments |
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Interest rate swaps designated
as cash flow hedges |
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$ |
500,000 |
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$ |
9,819 |
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$ |
— |
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$ |
650,000 |
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$ |
14,053 |
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$ |
— |
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Interest rate swaps designated
as fair value hedges |
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100,000 |
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1,480 |
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— |
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100,000 |
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— |
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(61 |
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Derivatives not designated as hedging instruments |
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Other interest rate derivatives |
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1,013,279 |
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11,312 |
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(11,367 |
) |
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938,004 |
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13,470 |
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(13,569 |
) |
Other credit derivatives |
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22,033 |
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12 |
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(6 |
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15,491 |
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7 |
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(12 |
) |
Total derivatives |
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$ |
1,635,312 |
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$ |
22,623 |
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$ |
(11,373 |
) |
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$ |
1,703,495 |
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$ |
27,530 |
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$ |
(13,642 |
) |
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| Summary of Cash Flow Hedges |
The following table reflects the cash flow hedges as of June 30, 2026:
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Notional amounts |
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$ |
500,000 |
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Derivative assets fair value |
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9,819 |
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Derivative liabilities fair value |
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— |
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Weighted average remaining maturity |
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1.2 years |
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| Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow and Fair Value Derivative Instruments |
The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations relating to the cash flow and fair value derivative instruments for the periods presented:
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Interest Rate Swaps |
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For the three months ended June 30, |
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Amount of
Gain Recognized
in OCI |
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Amount of Net Gain
Reclassified from AOCI to
Income as an Increase to
Net Interest Income |
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Amount of Gain (Loss)
Recognized in
Other Non-Interest Income |
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2026 |
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$ |
255 |
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$ |
2,448 |
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$ |
— |
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2025 |
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$ |
467 |
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$ |
3,721 |
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$ |
— |
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For the six months ended June 30, |
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2026 |
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$ |
933 |
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$ |
5,444 |
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$ |
— |
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2025 |
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$ |
367 |
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$ |
7,465 |
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$ |
— |
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| Summary of Fair Value Hedges |
The following table reflects the fair value hedge as of June 30, 2026:
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Notional amounts |
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$ |
100,000 |
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Derivative assets fair value |
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1,480 |
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Derivative liabilities fair value |
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— |
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Weighted average remaining maturity |
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2.8 years |
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| Summary of Other Interest Rate Derivatives |
The following table reflects other interest rate derivatives as of June 30, 2026:
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Notional amounts |
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$ |
1,013,279 |
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Derivative assets fair value |
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11,312 |
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Derivative liabilities fair value |
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11,367 |
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Weighted average pay rates |
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5.42 |
% |
Weighted average receive rates |
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6.05 |
% |
Weighted average remaining maturity |
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3.4 years |
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| Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship |
The following table reflects amounts included in non-interest income in the Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the periods presented:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Other interest rate derivatives |
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$ |
(38 |
) |
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$ |
154 |
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$ |
(44 |
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$ |
281 |
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Other credit derivatives |
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— |
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(1 |
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— |
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— |
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Total (increase) decrease to non-interest income |
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$ |
(38 |
) |
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$ |
153 |
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$ |
(44 |
) |
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$ |
281 |
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| Summary of Company's Interest Rate Derivative and Offsetting Positions |
The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates presented:
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June 30, 2026 |
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December 31, 2025 |
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Derivative
Assets
Fair Value |
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Derivative
Liabilities
Fair Value |
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Derivative
Assets
Fair Value |
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Derivative
Liabilities
Fair Value |
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Gross amounts recognized |
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$ |
22,623 |
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$ |
(11,373 |
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$ |
27,530 |
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$ |
(13,642 |
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Less: Amounts offset in the Condensed Consolidated
Statements of Financial Condition |
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— |
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— |
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— |
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— |
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Net amount presented in the Condensed Consolidated
Statements of Financial Condition |
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$ |
22,623 |
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$ |
(11,373 |
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$ |
27,530 |
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$ |
(13,642 |
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Gross amounts not offset in the Condensed Consolidated
Statements of Financial Condition |
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Offsetting derivative positions |
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(1,198 |
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1,198 |
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(4,856 |
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4,856 |
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Collateral posted |
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(20,010 |
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— |
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(17,520 |
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— |
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Net credit exposure |
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$ |
1,415 |
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$ |
(10,175 |
) |
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$ |
5,154 |
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$ |
(8,786 |
) |
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