Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Fair Value Of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2020, December 31, 2019 and June 30, 2019:

	Derivative Assets						Derivative Liabilities
(In thousands)	June 30, 2020		December 31, 2019		June 30, 2019		June 30, 2020		December 31, 2019		June 30, 2019
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges	$	—	$	—	$	616	$	59,573	$	19,385	$	20,851
Interest rate derivatives designated as Fair Value Hedges	—		310		417		17,052		6,523		6,698
Total derivatives designated as hedging instruments under ASC 815	$	—	$	310	$	1,033	$	76,625	$	25,908	$	27,549
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives	$	268,709	$	100,259	$	103,529	$	266,894	$	100,897	$	103,486
Interest rate lock commitments	58,841		2,860		4,054		25		259		96
Forward commitments to sell mortgage loans	27		142		96		11,667		2,070		5,112
Foreign exchange contracts	47		73		72		54		70		69
Total derivatives not designated as hedging instruments under ASC 815	$	327,624	$	103,334	$	107,751	$	278,640	$	103,296	$	108,763
Total Derivatives	$	327,624	$	103,644	$	108,784	$	355,265	$	129,204	$	136,312

Schedule Of Cash Flow Hedging Instruments

The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2020:

	June 30, 2020
(In thousands)	Notional		Fair Value
Maturity Date	Amount		Asset (Liability)
Interest Rate Swaps:
October 2021	$	25,000	$	(681	)
November 2021	20,000		(604		)
December 2021	165,000		(5,239		)
March 2022	500,000		(1,080		)
May 2022	370,000		(13,819		)
June 2022	160,000		(6,198		)
July 2022	230,000		(9,013		)
August 2022	235,000		(9,715		)
March 2023	250,000		(1,469		)
April 2024	250,000		(2,439		)
July 2027	1,000,000		(2,356		)
Interest Rate Collars:
September 2023	112,500		(6,960		)
Total Cash Flow Hedges	$	3,317,500	$	(59,573	)

Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges

A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges follows:

	Three Months Ended						Six Months Ended
(In thousands)	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Unrealized (loss) gain at beginning of period	$	(56,636	)	$	5,746		$	(17,943	)	$	10,742
Amount reclassified from accumulated other comprehensive income to interest expense on deposits, other borrowings and junior subordinated debentures	5,451			(4,081		)	6,541			(7,643		)
Amount of loss recognized in other comprehensive income	(8,318		)	(18,087		)	(48,101		)	(19,521		)
Unrealized loss at end of period	$	(59,503	)	$	(16,422	)	$	(59,503	)	$	(16,422	)

Schedule of Carrying Amount of Hedged Assets/(Liabilities)

The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of June 30, 2020:

		June 30, 2020
(In thousands) Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	Carrying Amount of the Hedged Assets/(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued
Interest rate swaps	Loans, net of unearned income	$	181,803	$	16,691	$	—
	Available-for-sale debt securities	1,393		147		—

The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period:

(In thousands) Derivatives in Fair Value Hedging Relationships	Location of (Loss)/Gain Recognized in Income on Derivative	Three Months Ended			Six Months Ended
		June 30, 2020			June 30, 2020
Interest rate swaps	Interest and fees on loans	$	(37	)	$	(18	)
	Interest income - investment securities	—			—

Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives

Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:

(In thousands)		Three Months Ended						Six Months Ended
Derivative	Location in income statement	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Interest rate swaps and caps	Trading (losses) gains, net	$	(703	)	$	(126	)	$	(1,131	)	$	(317	)
Mortgage banking derivatives	Mortgage banking revenue	43,292			13			60,559			63
Foreign exchange contracts	Trading (losses) gains, net	(9		)	30			(13		)	18
Covered call options	Fees from covered call options	—			643			2,292			2,427
Derivative contract held as economic hedge on MSRs	Mortgage banking revenue	589			920			4,749			920

Offsetting Assets

The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown.

	Derivative Assets									Derivative Liabilities
	Fair Value									Fair Value
(In thousands)	June 30, 2020			December 31, 2019			June 30, 2019			June 30, 2020			December 31, 2019			June 30, 2019
Gross Amounts Recognized	$	268,709		$	100,569		$	104,562		$	343,519		$	126,805		$	131,035
Less: Amounts offset in the Statements of Financial Condition	—			—			—			—			—			—
Net amount presented in the Statements of Financial Condition	$	268,709		$	100,569		$	104,562		$	343,519		$	126,805		$	131,035
Gross amounts not offset in the Statements of Financial Condition
Offsetting Derivative Positions	(697		)	(2,561		)	(3,934		)	(697		)	(2,561		)	(3,934		)
Collateral Posted	—			—			—			(342,276		)	(124,244		)	(127,101		)
Net Credit Exposure	$	268,012		$	98,008		$	100,628		$	546		$	—		$	—

Offsetting Liabilities

The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown.

	Derivative Assets									Derivative Liabilities
	Fair Value									Fair Value
(In thousands)	June 30, 2020			December 31, 2019			June 30, 2019			June 30, 2020			December 31, 2019			June 30, 2019
Gross Amounts Recognized	$	268,709		$	100,569		$	104,562		$	343,519		$	126,805		$	131,035
Less: Amounts offset in the Statements of Financial Condition	—			—			—			—			—			—
Net amount presented in the Statements of Financial Condition	$	268,709		$	100,569		$	104,562		$	343,519		$	126,805		$	131,035
Gross amounts not offset in the Statements of Financial Condition
Offsetting Derivative Positions	(697		)	(2,561		)	(3,934		)	(697		)	(2,561		)	(3,934		)
Collateral Posted	—			—			—			(342,276		)	(124,244		)	(127,101		)
Net Credit Exposure	$	268,012		$	98,008		$	100,628		$	546		$	—		$	—