Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
(AOCL) AOCI balance at beginning of period, net of tax	$	(726)	$	488	$	(36)	$	(25)
Unrealized losses recognized in OCI	(306)		(1,588)		(1,255)		(1,176)
Losses reclassified from AOCI into interest income	256		191		515		292
AOCL balance at end of period, net of tax	$	(776)	$	(909)	$	(776)	$	(909)

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 June 30, 2024
Derivatives Not Designated as Hedging Instruments
Interest rate swaps and cap contracts	$	1,448,060	$	103,246	$	103,260
Derivatives Designated as Cash Flow Hedge
Interest rate swap contract	100,000		—		1,023
Total Derivatives	$	1,548,060	$	103,246	$	104,283
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