Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Assets

The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Gross amounts recognized	$	4,328	$	331	$	39,298	$	14,682
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	4,328		331		39,298		14,682
Gross amounts not offset in the consolidated balance sheets
Less: financial instruments	974		139		974		139
Less: financial collateral pledged	—		—		38,324		14,543
Net amounts	$	3,354	$	192	$	—	$	—

Offsetting Liabilities

The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Gross amounts recognized	$	4,328	$	331	$	39,298	$	14,682
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	4,328		331		39,298		14,682
Gross amounts not offset in the consolidated balance sheets
Less: financial instruments	974		139		974		139
Less: financial collateral pledged	—		—		38,324		14,543
Net amounts	$	3,354	$	192	$	—	$	—

Schedule of Derivative Financial Instruments

The following tables provide details on the Company’s derivative financial instruments as of the dates presented:

	September 30, 2020
	Notional Amount		Asset		Liability
Not designated as hedging:
Interest rate contracts	$	590,166	$	39,538	$	39,303
Forward commitments	1,510,902		—		4,523
Interest rate-lock commitments	1,364,222		43,049		—
Futures contracts	327,700		—		66
Total	$	3,792,990	$	82,587	$	43,892

	December 31, 2019
	Notional Amount		Asset		Liability
Not designated as hedging:
Interest rate contracts	$	440,556	$	14,929	$	14,929
Forward commitments	684,437		—		866
Interest rate-lock commitments	453,198		7,052		—
Futures contracts	389,000		—		1,623
Total	$	1,967,191	$	21,981	$	17,418

	September 30, 2020
	Notional Amount		Asset		Liability
Designated as hedging:
Interest rate swaps	$	30,000	$	—	$	2,063

	December 31, 2019
	Notional Amount		Asset		Liability
Designated as hedging:
Interest rate swaps	$	30,000	$	—	$	515

Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments

Gains (losses) included in the consolidated statements of income related to the Company’s derivative financial instruments were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Not designated as hedging instruments (included in mortgage banking income):
Interest rate lock commitments	$	5,994	$	447	$	35,997	$	4,202
Forward commitments	(16,548)		(3,227)		(56,998)		(12,895)
Futures contracts	(587)		4,685		10,955		10,663
Option contracts	—		3		—		47
Total	$	(11,141)	$	1,908	$	(10,046)	$	2,017

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Designated as hedging:
Amount of gain reclassified from other comprehensive income and recognized in interest expense on borrowings, net of taxes of $(41), $(46), $(145), and $(121)	$	115	$	130	$	410	$	343
(Loss) gain included in interest expense on borrowings	(137)		19		(211)		113
Total	$	(22)	$	149	$	199	$	456

The following discloses the amount included in other comprehensive income, net of tax, for derivative instruments designated as cash flow hedges for the periods presented: 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Designated as hedging:
Amount of (loss) gain recognized in other comprehensive income, net of tax $40, $(90), $(403), $(407)	$	112	$	(256)	$	(1,145)	$	(1,151)