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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments, Cumulative Basis Adjustments
The following table presents amounts that were recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of March 31, 2020 and December 31, 2019.  

(in thousands)
 
Carrying amount of the hedged asset
 
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets
Line item in the condensed consolidated balance sheets in which the hedged item is included
 
March 31, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
Loans
 
$
494,019

 
$
474,957

 
$
44,586

 
$
21,440

Securities available-for-sale (1)
 
152,551

 
151,538

 
6,790

 
2,802

(1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item
is the last layer expected to be remaining at the end of the hedging relationship. At both March 31, 2020 and December 31, 2019, the amounts of the designated hedged items were $88.2 million.
Schedule Of Derivative Instruments Of Fixed Rate Receivables
The following tables present a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Company’s asset/liability management activities at March 31, 2020 and December 31, 2019, identified by the underlying interest rate-sensitive instruments.

(dollars in thousands)

 
March 31, 2020
 
Notional
 
Weighted- Average Remaining Maturity
 
 
 
Weighted-Average Ratio
Instruments Associated With
 
Value
 
(years)
 
Fair Value
 
Receive
 
Pay
Loans
 
$
424,834

 
5.3
 
$
(44,872
)
 
3-month LIBOR
 
2.86
%
Securities available-for-sale
 
88,200

 
3.9
 
(6,793
)
 
3-month LIBOR
 
2.54
%
Total at March 31, 2020
 
$
513,034

 
5.0
 
$
(51,665
)
 
3-month LIBOR
 
2.80
%

(dollars in thousands)


December 31, 2019
 
Notional
 
Weighted- Average Remaining Maturity
 
 
 
Weighted-Average Ratio
Instruments Associated With
 
Value
 
(years)
 
Fair Value
 
Receive
 
Pay
Loans
 
$
427,446

 
5.5
 
$
(21,551
)
 
3-month LIBOR
 
2.86
%
Securities available-for-sale
 
88,200

 
4.1
 
(2,806
)
 
3-month LIBOR
 
2.54
%
Total at December 31, 2019
 
$
515,646

 
5.3
 
$
(24,357
)
 
3-month LIBOR
 
2.80
%
Schedule Of Derivative Instruments Of Variable Rate Liabilities
The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable-rate liabilities used in the Company’s asset/liability management activities at March 31, 2020 and December 31, 2019.

(dollars in thousands)

 
March 31, 2020
 
Notional
 
Weighted- Average Remaining Maturity
 
 
 
Weighted-Average Ratio
Cash Flow Hedges
 
Value
 
(years)
 
Fair Value
 
Receive
 
Pay
Interest rate swaps
 
$
110,000

 
6.8
 
$
(17,509
)
 
3-month LIBOR
 
2.88
%
Interest rate swaps
 
100,000

 
3.7
 
(9,378
)
 
1-month LIBOR
 
2.88
%

(dollars in thousands)


December 31, 2019
 
Notional
 
Weighted- Average Remaining Maturity
 
 
 
Weighted-Average Ratio
Cash Flow Hedges
 
Value
 
(years)
 
Fair Value
 
Receive
 
Pay
Interest rate swaps
 
$
110,000

 
7.1
 
$
(8,390
)
 
3-month LIBOR
 
2.88
%
Interest rate swaps
 
100,000

 
4.0
 
(5,040
)
 
1-month LIBOR
 
2.88
%
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the notional amount and fair value of interest rate swaps, IRLCs and forward contracts utilized by the Company at March 31, 2020 and December 31, 2019.

 
 
March 31, 2020
 
December 31, 2019
(in thousands)
 
Notional
Amount
 
Fair
Value
 
Notional
Amount
 
Fair
Value
Asset Derivatives
 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Interest rate swaps associated with loans
 
$
—

 
$
—

 
$
—

 
$
—

Interest rate swaps associated with securities available-for-sale
 
—

 
—

 
—

 
—

Derivatives not designated as hedging instruments
 
 

 
 

 
 

 
 

IRLCs
 
139,907

 
2,064

 
56,256

 
910

Total contracts
 
$
139,907

 
$
2,064

 
$
56,256

 
$
910

Liability Derivatives
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Interest rate swaps associated with loans
 
$
424,834

 
$
(44,872
)
 
$
427,446

 
$
(21,551
)
Interest rate swaps associated with securities available-for-sale
 
88,200

 
(6,793
)
 
88,200

 
(2,806
)
Interest rate swaps associated with liabilities
 
210,000

 
(26,887
)
 
210,000

 
(13,429
)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Forward contracts
 
106,750

 
(2,298
)
 
115,000

 
(153
)
Total contracts
 
$
829,784

 
$
(80,850
)
 
$
840,646

 
$
(37,939
)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the effects of the Company’s cash flow hedge relationships on the condensed consolidated statements of comprehensive income during the three months ended March 31, 2020 and 2019.

 
 
Amount of Loss Recognized in Other Comprehensive (Loss) Income in The Three Months Ended
(in thousands)
 
March 31, 2020
 
March 31, 2019
Interest rate swap agreements
 
$
(13,458
)
 
$
(3,572
)
Schedule of Derivative Instruments in Statements of Income Fair Value
The following table summarizes the periodic changes in the fair value of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three months ended March 31, 2020 and 2019.

 
 
Amount of Gain / (Loss) Recognized in the Three Months Ended
(in thousands)
 
March 31, 2020
 
March 31, 2019
Asset Derivatives
 
 

 
 

Derivatives not designated as hedging instruments
 
 

 
 

IRLCs
 
$
1,154

 
$
392

 
 
 
 
 
Liability Derivatives
 
 

 
 

Derivatives not designated as hedging instruments
 
 
 
 
Forward contracts
 
$
(2,145
)
 
$
(67
)
Schedule Of Effects Of Interest Rate Swap Agreements On Statements Of Income
The following table presents the effects of the Company’s interest rate swap agreements on the condensed consolidated statements of income during the three months ended March 31, 2020 and 2019.

(in thousands)

Line item in the condensed consolidated statements of income
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Interest income
 
 
 
 
Loans
 
$
(1,224
)
 
$
21

Securities - taxable
 
(91
)
 
(7
)
Securities - non-taxable
 
(67
)
 
45

Total interest income
 
(1,382
)
 
59

Interest expense
 
 

 
 

Deposits
 
307

 
90

Other borrowed funds
 
322

 
34

Total interest expense
 
629

 
124

Net interest income
 
$
(2,011
)
 
$
(65
)