Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 (in thousands):

	At December 31, 2019
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair Value		Consolidated Statements of Financial Condition	Fair Value
Derivatives not designated as hedging instruments:
Interest rate products	Other assets	$	38,830	Other liabilities	$	39,356
Credit contracts	Other assets	47		Other liabilities	—
Total derivatives not designated as hedging instruments		$	38,877		$	39,356
Derivatives designated as hedging instruments:
Interest rate products	Other assets	$	428	Other liabilities	$	—
Total derivatives designated as hedging instruments		$	428		$	—

	At December 31, 2018
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair Value		Consolidated Statements of Financial Condition	Fair Value
Derivatives not designated as hedging instruments:
Interest rate products	Other assets	$	14,154	Other liabilities	$	14,766
Credit contracts	Other assets	251		Other liabilities	—
Total derivatives not designated as hedging instruments		$	14,405		$	14,766
Derivatives designated as hedging instruments:
Interest rate products	Other assets	$	1,229	Other liabilities	$	—
Total derivatives designated as hedging instruments		$	1,229		$	—

Derivative Instruments, Gain (Loss)

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 (in thousands).

		Gain (loss) recognized in Income on derivatives
		For the Year Ended December 31,
	Consolidated Statements of Income	2019		2018	2017
Derivatives not designated as a hedging instruments:
Interest rate products	Other income	$	(64)	(414)	(422)
Credit contracts	Other income	(53)		63	2
Total derivatives not designated as hedging instruments		$	(117)	(351)	(420)
Derivatives designated as a hedging instruments:
Interest rate products	Interest expense	$	158	312	(205)
Total derivatives designated as a hedging instruments		$	158	312	(205)

The Company has agreements with certain of its dealer counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

In addition, the Company has agreements with certain of its dealer counterparties that contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.