Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

	Notional Amount				Derivative Assets				Derivative Liabilities
(in thousands)	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Derivatives Designated as Hedging Instruments:
Interest rate swap	$	261,962	$	61,962	$	—	$	—	$	10,011	$	2,872
Derivatives not Designated as Hedging Instruments:
Interest rate swap	$	1,044,139	$	749,819	$	33,999	$	11,055	$	34,229	$	11,875
Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities.

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet.

As of September 30, 2020
							Gross Amounts Not Offset in the Statement of Financial Position
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Fair Value Collateral Posted		Net Amount
Assets:
Interest rate swap	$	33,999	$	—	$	33,999	$	2	$	—	$	33,997
Liabilities:
Interest rate swap	$	44,240	$	—	$	44,240	$	2	$	44,063	$	175
Securities sold under agreements to repurchase	209,038		—		209,038		—		209,038		—
As of December 31, 2019
							Gross Amounts Not Offset in the Statement of Financial Position
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Fair Value Collateral Posted		Net Amount
Assets:
Interest rate swap	$	11,055	$	—	$	11,055	$	56	$	—	$	10,999
Liabilities:
Interest rate swap	$	14,747	$	—	$	14,747	$	56	$	14,573	$	118
Securities sold under agreements to repurchase	230,886		—		230,886		—		230,886		—