Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands).


	Fair Values of Derivative Instruments as of March 31, 2024
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (2)		Notional Amount	Consolidated Statements of Financial Condition	Fair value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,117,124	Other assets	$	103,206	1,117,124	Other liabilities	103,309
Credit contracts	46,151		Other assets	9		142,260	Other liabilities	5
Total derivatives not designated as a hedging instrument				103,215				103,314

Derivatives designated as a hedging instrument:
Interest rate products	375,000		Other assets	14,237		—	Other liabilities	—

Total gross derivative amounts recognized on the balance sheet				117,452				103,314

Gross amounts offset on the balance sheet				—				—
Net derivative amounts presented on the balance sheet				$	117,452			103,314

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	—			—
Cash collateral - institutional counterparties (1)				116,220				—
Net derivatives not offset				$	1,232			103,314


	Fair Values of Derivative Instruments as of December 31, 2023
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,152,200	Other assets	$	89,261	$	1,152,200	Other liabilities	89,461
Credit contracts	46,359		Other assets	17		96,462		Other liabilities	8
Total derivatives not designated as a hedging instrument				89,278					89,469

Derivatives designated as a hedging instrument:
Interest rate products	330,000		Other assets	15,886		125,000		Other liabilities	1,365

Total gross derivative amounts recognized on the balance sheet				105,164					90,834

Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	105,164				90,834

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	—				—
Cash collateral - institutional counterparties (1)				101,328					—
Net derivatives not offset				$	3,836				90,834

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) 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 March 31, 2024 and December 31, 2023.

Offsetting Liabilities


	Fair Values of Derivative Instruments as of March 31, 2024
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (2)		Notional Amount	Consolidated Statements of Financial Condition	Fair value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,117,124	Other assets	$	103,206	1,117,124	Other liabilities	103,309
Credit contracts	46,151		Other assets	9		142,260	Other liabilities	5
Total derivatives not designated as a hedging instrument				103,215				103,314

Derivatives designated as a hedging instrument:
Interest rate products	375,000		Other assets	14,237		—	Other liabilities	—

Total gross derivative amounts recognized on the balance sheet				117,452				103,314

Gross amounts offset on the balance sheet				—				—
Net derivative amounts presented on the balance sheet				$	117,452			103,314

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	—			—
Cash collateral - institutional counterparties (1)				116,220				—
Net derivatives not offset				$	1,232			103,314


	Fair Values of Derivative Instruments as of December 31, 2023
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,152,200	Other assets	$	89,261	$	1,152,200	Other liabilities	89,461
Credit contracts	46,359		Other assets	17		96,462		Other liabilities	8
Total derivatives not designated as a hedging instrument				89,278					89,469

Derivatives designated as a hedging instrument:
Interest rate products	330,000		Other assets	15,886		125,000		Other liabilities	1,365

Total gross derivative amounts recognized on the balance sheet				105,164					90,834

Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	105,164				90,834

Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	—				—
Cash collateral - institutional counterparties (1)				101,328					—
Net derivatives not offset				$	3,836				90,834

Effect of the derivative financial instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2024 and 2023 (in thousands).


		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	March 31, 2024		March 31, 2023
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	96	(74)
Credit contracts	Other income	(3)		3
Total		$	93	(71)

Derivatives designated as a hedging instrument:
Interest rate products	Interest (benefit) expense	$	(4,175)	(4,219)
Total		$	(4,175)	(4,219)