DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2024

DERIVATIVES AND HEDGING ACTIVITIES

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

	December 31, 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	$	8,318	$	150,000	$	12,492
Derivatives not designated as hedging instruments:
Interest rate products		1,665,949		108,178		1,682,961		114,671

	December 31, 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	$	—	$	500,000	$	6,594
Cash flow hedges - interest rate products		350,000		159		200,000		5,031
Derivatives not designated as hedging instruments:
Interest rate products		1,665,949		108,178		1,682,961		114,671
Risk participations		141,080		10		93,891		24

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

	Year Ended December 31,
	2024				2023
	Interest		Interest		Interest		Interest
(In thousands)	Income		Expense		Income		Expense
Effects of fair value or cash flow hedges are recorded	$	1,607	$	10,008	$	561		2,092
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships
Interest contracts:
Hedged items		(3,976)		—		6,591		—
Derivatives designated as hedging instruments		5,583		—		(6,030)		—
Gain or (loss) on cash flow hedging relationships
Interest contracts:
Loss reclassified from AOCI into income		—		10,008		—		2,092

Schedule of cumulative basis adjustment for fair value hedges

	Year Ended December 31,
	2024				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	$	694,774	$	2,615	$	736,098	$	6,591

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

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2024, 2023 and 2022.

	Year Ended December 31,
(In thousands)	2024		2023		2022
(Loss) gain recognized in other comprehensive income (loss)	$	(8,453)	$	(11,782)	$	14,412
(Loss) gain reclassified from other comprehensive income into interest expense		(10,008)		(2,092)		1,621

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

	December 31, 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	23	$	321,745	$	3,704	$	—
Loan level interest rate swaps with borrower	202		1,344,204		—		104,474
Loan level interest rate swaps with third-party counterparties	23		321,745		—		3,704
Loan level interest rate swaps with third-party counterparties	202		1,344,204		104,474		—

	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

	Year Ended December 31,
(In thousands)	2024		2023		2022
Loan level derivative income	$	2,114	$	7,081	$	3,637