Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025 (in thousands).


	Fair Values of Derivative Instruments as of June 30, 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	$	1,939,076	Other assets	$	111,385	$	1,939,076	Other liabilities	$	111,568
Credit contracts	43,243		Other assets	11		69,591		Other liabilities	(19)
Total derivatives not designated as a hedging instrument				111,396					111,549

Derivatives designated as a hedging instrument:
Interest rate products	550,000		Other assets	4,325		125,000		Other liabilities	260

Total gross derivative amounts recognized on the balance sheet				115,721					111,809

Netting Adjustments				4,325					—

Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	111,396				$	111,809

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	1,812				$	1,812
Cash collateral - institutional counterparties				105,617					—
Net derivatives not offset				$	3,967				$	109,997


	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	—		575,000		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 June 30, 2026 and December 31, 2025.

Schedule of Offsetting Liabilities


	Fair Values of Derivative Instruments as of June 30, 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	$	1,939,076	Other assets	$	111,385	$	1,939,076	Other liabilities	$	111,568
Credit contracts	43,243		Other assets	11		69,591		Other liabilities	(19)
Total derivatives not designated as a hedging instrument				111,396					111,549

Derivatives designated as a hedging instrument:
Interest rate products	550,000		Other assets	4,325		125,000		Other liabilities	260

Total gross derivative amounts recognized on the balance sheet				115,721					111,809

Netting Adjustments				4,325					—

Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	111,396				$	111,809

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	1,812				$	1,812
Cash collateral - institutional counterparties				105,617					—
Net derivatives not offset				$	3,967				$	109,997


	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	—		575,000		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 Derivative Financial Instruments on 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, 2026 and 2025 (in thousands).


		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	June 30, 2026		June 30, 2025
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	44	(24)
Credit contracts	Other income (loss)	135		(118)
Total		$	179	(142)

Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	(46)	(2,289)
Total		$	(46)	(2,289)


		Gain (loss) recognized in income on derivatives for the six months ended
	Consolidated Statements of Income	June 30, 2026		June 30, 2025
Derivatives not designated as a hedging instrument:
Interest rate products	Other income (loss)	$	22	(111)
Credit contracts	Other income (loss)	132		(118)
Total		$	154	(229)

Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	(138)	(4,229)
Total		$	(138)	(4,229)

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details