Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at June 30, 2020 and December 31, 2019 (in thousands):

	At June 30, 2020
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair Value		Consolidated Statements of Financial Condition	Fair Value
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	127,617	Other liabilities	129,233
Credit contracts	Other assets	88		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	127,705		129,233
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	(8,999)	Other liabilities	—
Total derivatives designated as a hedging instrument		$	(8,999)		—

	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 a hedging instrument:
Interest rate products	Other assets	$	38,830	Other liabilities	39,356
Credit contracts	Other assets	47		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	38,877		39,356
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	428	Other liabilities	—
Total derivatives designated as a hedging instrument		$	428		—

Effect of the derivative financial instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2020 and 2019 (in thousands).

		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	June 30, 2020		June 30, 2019
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	(229)	1,422
Credit contracts	Other income	—		19
Total		$	(229)	1,441
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	126	147
Total		$	126	147

		Gain (loss) recognized in income on derivatives for the six months ended
	Consolidated Statements of Income	June 30, 2020		June 30, 2019
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	(1,049)	(2,096)
Credit contracts	Other income	(1)		15
Total		$	(1,050)	(2,081)
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	21	309
Total		$	21	309