DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition

	September 30, 2024				December 31, 2023
	Notional		Fair Value		Notional		Fair Value
(In thousands)	Amount		Assets		Amount		Assets
Derivatives designated as hedging instruments:
Cash flow hedges - interest rate products	$	150,000	$	8,061	$	150,000	$	12,492
Derivatives not designated as hedging instruments
Interest rate products		1,672,995		97,575		1,682,961		114,671

	September 30, 2024				December 31, 2023
	Notional		Fair Value		Notional		Fair Value
(In thousands)	Amount		Liabilities		Amount		Liabilities
Derivatives designated as hedging instruments:
Fair value hedges - interest rate products	$	500,000	$	115	$	500,000	$	6,594
Cash flow hedges - interest rate products		350,000		418		200,000		5,031
Derivatives not designated as hedging instruments:
Interest rate products		1,672,995		97,575		1,682,961		114,671

Schedule of fair value and cash flow hedge accounting on the consolidated statements of operations

	Three Months Ended September 30,
	2024				2023
	Interest		Interest		Interest		Interest
(In thousands)	Income		Expense		Income		Expense
Effects of fair value or cash flow hedges are recorded	$	600	$	2,752	$	—		293
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships
Interest contracts:
Hedged items		5,317		—		—		—
Derivatives designated as hedging instruments		(4,717)		—		—		—
Gain or (loss) on cash flow hedging relationships
Interest contracts:
Loss reclassified from AOCI into income		—		2,752		—		293

	Nine Months Ended September 30,
	2024				2023
	Interest		Interest		Interest		Interest
	Income		Expense		Income		Expense
Effects of fair value or cash flow hedges are recorded	$	1,862	$	7,707	$	—		279
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships
Interest contracts:
Hedged items		(934)		—		—		—
Derivatives designated as hedging instruments		2,796		—		—		—
Gain or (loss) on cash flow hedging relationships
Interest contracts:
Loss reclassified from AOCI into income		—		7,707		—		279

Schedule of cumulative basis adjustment for fair value hedges

	September 30, 2024				December 31, 2023
(In thousands)	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed Rate Loans	$	706,180	$	5,657	$	736,098	$	6,591

Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income (loss)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2024		2023		2024		2023
Loss recognized in other comprehensive income (loss)	$	(14,500)	$	(246)	$	(15,483)	$	(771)
Loss reclassified from other comprehensive income into interest expense		(2,752)		(293)		(7,707)		(279)

Not Designated as Hedging Instrument

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition

	September 30, 2024
		Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/liabilities:
Loan level interest rate swaps with borrower	57	$	622,834	$	21,325	$	—
Loan level interest rate swaps with borrower	172		1,050,161		—		76,250
Loan level interest rate swaps with third-party counterparties	57		622,834		—		21,325
Loan level interest rate swaps with third-party counterparties	172		1,050,161		76,250		—

	December 31, 2023
		Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/liabilities:
Loan level interest rate swaps with borrower	49	$	491,394	$	10,985	$	—
Loan level interest rate swaps with borrower	178		1,121,085		—		103,570
Loan level interest rate floors with borrower	2		29,721		—		—
Loan level interest rate floors with borrower	7		40,761		—		116
Loan level interest rate swaps with third-party counterparties	49		491,394		—		10,985
Loan level interest rate swaps with third-party counterparties	178		1,121,085		103,570		—
Loan level interest rate floors with third-party counterparties	2		29,721		—		—
Loan level interest rate floors with third-party counterparties	7		40,761		116		—

Schedule of loan level derivative income

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2024		2023		2024		2023
Loan level derivative income	$	132	$	783	$	1,623	$	6,353