Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

As of December 31, 2024 and December 31, 2023, the following amounts were recorded on the Consolidated Statements of Condition related to cumulative basis adjustment for fair value hedges.

Line Item in the Statement of Financial Position in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets/(Liabilities)	Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	Carrying Amount of the Hedged Assets/(Liabilities)	Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	December 31, 2024	December 31, 2024	December 31, 2023	December 31, 2023
Fixed Rate Loans1	$149,175	$(825)	$148,633	$(1,367)
Total	$149,175	$(825)	$148,633	$(1,367)
1 These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At December 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $711.0 million and $763.4 million respectively; the cumulative basis adjustments associated with these hedging relationships was $825,000 and $1.4 million, respectively; and the amount of the designated hedged items was $150.0 million for both periods.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Derivative Assets
	December 31, 2024
(In thousands)	Notional Amount		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest Rate Products	$	150,000	Other Assets	$	864
Total derivatives designated as hedging instruments				$	864
Derivatives not designated as hedging instruments
Interest Rate Products	$	175,865	Other Assets	$	1,831
Total derivatives not designated as hedging instruments				$	1,831

Derivative Assets
	December 31, 2023
(In thousands)	Notional Amount		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest Rate Products	$	150,000	Other Assets	$	1,503
Total derivatives designated as hedging instruments				$	1,503
Derivatives not designated as hedging instruments
Interest Rate Products	$	34,930	Other Assets	$	1,610
Total derivatives not designated as hedging instruments				$	1,610

Derivative Liabilities
	December 31, 2024
(In thousands)	Notional Amount		Balance Sheet Location	Fair Value
Derivatives not designated as hedging instruments
Interest Rate Products	$	178,646	Other Liabilities	$	1,990
Risk Participation Agreement	44,387		Other Liabilities	83
Total derivatives not designated as hedging instruments				$	2,073

Derivative Liabilities
	December 31, 2023
(In thousands)	Notional Amount		Balance Sheet Location	Fair Value
Derivatives not designated as hedging instruments
Interest Rate Products	$	34,930	Other Liabilities	$	1,778
Risk Participation Agreement	7,542		Other Liabilities	48
Total derivatives not designated as hedging instruments				$	1,826

Schedule of Derivative Instruments in Statement of Income

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022:

The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income
	Location of Gain or (Loss) Recognized in Income on Derivative
	2024		2023		2022
(In thousands)	Interest Income
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded	$	2,423	$	1,650	$	0
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Hedged items	542		(1,367)		0
Derivatives designated as hedging instruments	1,882		3,017		0

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022:

Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative		Amount of Gain or (Loss) Recognized in Income on Derivative		Amount of Gain or (Loss) Recognized in Income on Derivative
(In thousands)		2024		2023		2022
Interest Rate Products	Other Income	$	9	$	(168)	$	0
Risk Participation Agreement	Other Income	295		114		57
Total		$	304	$	(54)	$	57
Fee Income	Other income / (expense)	$	1,476	$	539	$	0