Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments

The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

	Balance Sheet	June 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate contracts	Other Assets	$	204,113	$	6,450	$	222,933	$	9,884
Interest rate lock commitments	Other Assets	517,860		10,448		589,701		19,824
Forward commitments	Other Assets	73,000		68		—		—
Totals		$	794,973	$	16,966	$	812,634	$	29,708
Derivative liabilities:
Interest rate contracts	Other Liabilities	$	204,113	$	6,450	$	222,933	$	9,884
Interest rate lock commitments	Other Liabilities	10,908		28		—		—
Forward commitments	Other Liabilities	723,000		1,878		716,000		5,090
Totals		$	938,021	$	8,356	$	938,933	$	14,974

The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:

	Balance Sheet	June 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate swaps	Other Assets	$	200,000	$	10,504	$	175,000	$	3,866
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	62,000	$	4,062	$	87,000	$	5,924

The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:

	Balance Sheet	June 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	100,000	$	4,386	$	100,000	$	209

Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income

Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest rate contracts:
Included in interest income on loans	$	836	$	523	$	1,206	$	1,259
Interest rate lock commitments:
Included in mortgage banking income	(1,082)		2,924		(9,404)		24,745
Forward commitments
Included in mortgage banking income	(15,523)		11,321		3,280		(4,149)
Total	$	(15,769)	$	14,768	$	(4,918)	$	21,855

The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:

		Amount of Gain (Loss) Recognized in Income
	Income Statement	Three Months Ended June 30,				Six Months Ended June 30,
	Location	2021		2020		2021		2020
Derivative liabilities:
Interest rate swaps - subordinated notes	Interest Expense	$	3,264	$	—	$	(4,177)	$	—
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes	Interest Expense	$	(3,264)	$	—	$	4,177	$	—

Schedule of derivatives instruments statements of financial performance and financial position, location

The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:

	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet Location	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Long-term debt	$	94,024	$	98,114	$	4,386	$	209

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
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Gross amounts recognized	$	10,643	$	3,866	$	16,705	$	21,107
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	10,643		3,866		16,705		21,107
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	5,987		3,866		5,987		3,866
Financial collateral pledged	—		—		9,092		14,042
Net amounts	$	4,656	$	—	$	1,626	$	3,199

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
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Gross amounts recognized	$	10,643	$	3,866	$	16,705	$	21,107
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	10,643		3,866		16,705		21,107
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	5,987		3,866		5,987		3,866
Financial collateral pledged	—		—		9,092		14,042
Net amounts	$	4,656	$	—	$	1,626	$	3,199