Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives not designated as hedging instruments

The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands):

	Asset derivatives			Liability derivatives
	Notional amount		Fair value	Notional amount	Fair value
At March 31, 2020
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	—	—	100,000	558
Derivatives not designated as hedging instruments:
Interest rate swap agreements	446,598		54,656	446,598	54,818
Interest rate lock commitments	80,158		507	—	—
Forward commitments	5,465		197	—	—
Risk participation agreements	—		—	41,123	120
Total Derivatives	$	532,221	55,360	587,721	55,496
At December 31, 2019
Derivatives not designated as hedging instruments:
Interest rate swap agreements	$	391,502	20,889	391,502	20,952
Interest rate lock commitments	24,373		559	—	—
Forward commitments	5,151		145	—	—
Risk participation agreements	—		—	41,164	39
Total derivatives	$	421,026	21,593	432,666	20,991

Derivative instruments gain (loss)

The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):

	For the quarter ended March 31,
	2020			2019
Hedging derivatives:
Decrease in interest expense	$	(12	)	—
Non-hedging swap derivatives:
Decrease in other income	(177		)	—
Increase in mortgage banking income	1			—

Schedule of key characteristics of interest rate derivative transactions

The following table presents the key characteristics of the Company's interest rate derivative transactions designated as cash flow hedges of interest rate risk as of March 31, 2020 (in thousands):

	Notional amount		Effective rate		Estimated increase/(decrease) to interest expense in the next twelve months	Maturity Date	Remaining term (in months)
Interest rate products:
Issued March 16, 2020	$	30,000	0.81	%	200	3/17/2025	60
Issued March 20, 2020	25,000		0.15	%	205	3/20/2023	36
Issued March 20, 2020	25,000		0.18	%	197	3/20/2024	48
Issued March 26, 2020	20,000		(0.07	)%	166	9/26/2024	54
Total	$	100,000			768