Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Accumulated Other Comprehensive Income/Loss Attributable to Cash Flow Hedge Derivative

The table below presents the effect on the Company’s accumulated other comprehensive income/loss (“AOCI” or “AOCL”) attributable to the cash flow hedge derivative, net of tax, and the related gains/(losses) reclassified from AOCI into income (in thousands):

	Three Months Ended March 31,
	2024		2023
AOCL balance at beginning of period, net of tax	$	(36)	$	(25)
Unrealized (losses) gains recognized in OCI	(949)		412
Losses reclassified from AOCI into interest income	259		101
(AOCL) AOCI balance at end of period, net of tax	$	(726)	$	488

Schedule of Notional Amount and Fair Value of Derivatives Designated and Not Designated as Hedging Instruments

The table below presents the notional amount and fair value of derivatives designated and not designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition (in thousands):

	Notional		Fair Value
			Other assets		Other liabilities
As of March 31, 2024
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	1,439,968	$	104,149	$	104,161
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract	100,000		—		957
Total Derivatives	$	1,539,968	$	104,149	$	105,118
As of December 31, 2023
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	1,418,276	$	87,776	$	87,801
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract	100,000		—		47
Total Derivatives	$	1,518,276	$	87,776	$	87,848