XML 42 R29.htm IDEA: XBRL DOCUMENT v3.20.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Information About Derivative Assets and Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2020

​

​

​

​

Weighted

​

​

 

​

​

​

Notional

​

Average

​

Fair Value

​

Location Fair

​

​

Amount

​

Maturity

​

Asset (Liability)

    

Value Asset

​

    

(in thousands)

    

(in years)

    

(in thousands)

 

(Liability)

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap on wholesale funding

​

$

125,000

 

​

4.5

​

$

(7,308)

​

Other liabilities

Total cash flow hedges

​

 

125,000

 

​

4.5

​

​

(7,308)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap on securities

​

 

37,190

 

​

9.3

​

 

3,694

​

Other liabilities

Total fair value hedges

​

 

37,190

 

​

9.3

​

​

3,694

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Economic hedges:

​

​

​

​

​

​

​

​

​

​

​

Forward sale commitments

​

 

43,967

 

​

0.1

​

 

(126)

​

Other liabilities

Customer Loan Swaps-MNA Counterparty

​

​

159,215

​

​

7.7

​

​

(17,129)

​

Other liabilities

Customer Loan Swaps-RPA Counterparty

​

​

103,391

​

​

8.1

​

​

(11,624)

​

Other liabilities

Customer Loan Swaps-Customer

​

​

262,606

​

​

7.8

​

​

28,753

​

Other assets

Total economic hedges

​

 

569,179

 

​

​

​

​

(126)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-hedging derivatives:

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

 

19,540

 

​

0.1

​

 

63

​

Other assets

Total non-hedging derivatives

​

 

19,540

 

​

0.1

​

​

63

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

750,909

​

​

​

​

$

(3,677)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

​

​

​

Weighted

​

​

 

​

​

​

Notional

​

Average

​

Fair Value

​

Location Fair

​

​

Amount

​

Maturity

​

Asset (Liability)

    

Value Asset

​

    

(in thousands)

    

(in years)

    

(in thousands)

 

(Liability)

Cash flow hedges:

 

​

  

 

​

  

 

​

  

​

​

Interest rate swap on wholesale funding

​

$

100,000

 

​

4.6

​

$

(1,311)

​

Other liabilities

Total cash flow hedges

​

 

100,000

 

​

​

​

 

(1,311)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap on securities

​

 

37,190

 

​

9.6

​

 

593

​

Other liabilities

Total fair value hedges

​

 

37,190

 

​

​

​

​

593

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Economic hedges:

​

​

​

​

​

​

​

​

​

​

​

Forward sale commitments

​

​

11,228

 

​

0.1

​

 

(84)

​

Other liabilities

Customer Loan Swaps-MNA Counterparty

​

​

135,598

 

​

7.5

​

 

(4,669)

​

(1)

Customer Loan Swaps-RPA Counterparty

​

​

69,505

 

​

8.8

​

 

(3,377)

​

(1)

Customer Loan Swaps-Customer

​

​

205,103

 

​

8.1

​

 

8,046

​

(1)

Total economic hedges

​

 

421,434

 

​

​

​

​

(84)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-hedging derivatives:

​

 

  

 

​

  

​

 

  

​

​

Interest rate lock commitments

​

 

21,748

 

​

0.1

​

 

59

​

Other assets

Total non-hedging derivatives

​

 

21,748

 

​

​

​

 

59

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

580,372

​

​

​

​

$

(743)

​

​

(1)Customer loan derivatives are subject to MNA or RPA arrangements with financial institution counterparties, thus assets and liabilities with the counterparty are netted for financial statement presentation.
Schedule of Amounts Recorded On The Balance Sheet

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​

​

​

​

​

​

​

​

    

​

    

​

​

    

Cumulative Amount of Fair 

​

​

Location of Hedged Item on 

​

Carrying Amount of Hedged 

​

Value Hedging Adjustment in 

​

    

Balance Sheet

    

Assets (Liabilities)

    

Carrying Amount

June 30, 2020

 

  

 

​

  

 

​

  

Fair value hedges:

 

  

 

​

  

 

​

  

Interest rate swap on securities

 

Securities Available for Sale

​

$

42,232

​

$

5,042

​

​

​

​

​

​

​

​

​

December 31, 2019

 

  

​

 

  

​

 

  

Fair value hedges:

 

  

​

 

  

​

 

  

Interest rate swap on securities

 

Securities Available for Sale

​

$

39,026

​

$

523

Schedule of Derivative Instruments Gain (Loss)

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​

​

​

​

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​

​

​

​

​

​

​

​

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​

Six Months Ended June 30, 2020

​

    

Amount of

    

​

    

Amount of

    

​

    

​

​

​

Gain (Loss)

​

​

​

Gain (Loss)

​

​

​

​

​

​

Recognized in

​

​

​

Reclassified

​

Location of

​

Amount of

​

​

Other

​

Location of Gain (Loss)

​

from Other

​

Gain (Loss)

​

Gain (Loss)

​

​

Comprehensive

​

Reclassified from Other

​

Comprehensive

​

Recognized in

​

Recognized

(in thousands)

    

Income

    

Comprehensive Income

    

Income(1)

    

Income

    

in Income

Cash flow hedges:

 

​

  

 

  

 

​

  

 

  

 

​

  

Interest rate swap on wholesale funding

​

$

5,592

 

Other income

​

$

—

 

Interest expense

​

$

(216)

Total cash flow hedges

​

 

5,592

 

​

​

 

—

 

  

​

 

(216)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

 

  

 

  

​

 

  

 

  

​

 

  

Interest rate swap on securities

​

 

(3,858)

 

Interest income

​

 

—

 

Interest income

​

 

41

Total fair value hedges

​

 

(3,858)

 

​

​

 

—

 

  

​

 

41

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Economic hedges:

​

 

  

 

  

​

 

  

 

  

​

 

  

Forward commitments

​

 

—

 

Other income

​

 

—

 

Other income

​

 

(43)

Total economic hedges

​

 

—

 

​

​

 

—

 

  

​

 

(43)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-hedging derivatives:

​

 

  

 

  

​

 

  

 

  

​

 

  

Interest rate lock commitments

​

 

—

 

Other Income

​

 

—

 

Other Income

​

 

4

Total non-hedging derivatives

​

 

—

 

​

​

 

—

 

  

​

 

4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,734

​

​

​

$

—

 

  

​

$

(214)

(1)As of June 30, 2020 the Company does not expect any reclassifications from accumulated other comprehensive income into earnings within the next 12 months.

​

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​

​

​

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​

​

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​

​

​

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​

​

​

Years Ended December 31, 2019

​

    

Amount of

    

​

    

Amount of

    

​

    

​

​

​

Gain (Loss)

​

​

​

Gain (Loss)

​

​

​

Amount of

​

​

Recognized in

​

​

​

Reclassified

​

Location of

​

Gain (Loss)

​

​

Other

​

Location of Gain (Loss)

​

from Other

​

Gain (Loss)

​

Recognized

​

​

Comprehensive

​

Reclassified from Other

​

Comprehensive

​

Recognized in

​

Recognized

(in thousands)

​

Income

​

Comprehensive Income

​

Income

​

Income

​

in Income

Cash flow hedges:

 

​

  

 

  

​

 

  

 

  

 

​

  

Interest rate swap on wholesale funding

​

$

—

 

Acquisition, restructuring, and other expenses

​

$

3,156

 

Interest expense

​

$

(603)

Interest rate cap agreements

​

​

2,291

​

Interest expense

​

​

—

​

Interest expense

​

​

(2)

Total cash flow hedges

​

​

2,291

​

​

​

 

3,156

 

​

​

 

(605)

​

​

 

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

  

 

  

​

 

  

 

  

​

 

  

Interest rate swap on securities

​

 

(523)

 

Interest income

​

 

—

 

Interest expense

​

 

7

Total economic hedges

​

​

(523)

​

​

​

 

—

 

  

​

 

7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Economic hedges:

​

​

  

 

  

​

 

  

 

  

​

 

  

Forward commitments

​

 

—

 

Other income

​

 

—

 

Other income

​

 

(84)

Total economic hedges

​

​

—

​

​

​

 

—

 

  

​

 

(84)

​

​

 

​

​

​

​

​

​

​

​

​

​

​

Non-hedging derivatives:

​

 

  

 

  

​

 

  

 

  

​

 

  

Interest rate lock commitments

​

 

—

 

Other income

​

 

—

 

Other Income

​

 

52

Total non-hedging derivatives

​

​

—

​

​

​

 

—

 

  

​

 

52

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,768

 

  

​

$

3,156

 

  

​

$

(630)

​

Schedule of Offsetting Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts Offset in the Consolidated Balance Sheet

​

​

Derivative

​

​

​

Cash Collateral

​

​

​

(in thousands)

    

 Liabilities

    

Derivative Assets

    

 Pledged

    

Net Amount

As of June 30, 2020

​

  

​

​

  

​

​

  

​

​

  

​

Customer Loan Derivatives:

 

​

  

 

​

  

 

​

  

 

​

  

MNA counterparty

​

$

(17,129)

​

$

17,129

​

$

28,350

​

$

—

RPA counterparty

​

 

(11,624)

​

 

11,624

​

 

—

​

 

—

Total

​

$

(28,753)

​

$

28,753

​

$

28,350

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts Offset in the Consolidated Balance Sheet

​

​

Derivative

​

​

​

Cash Collateral

​

​

​

(in thousands)

    

 Liabilities

    

Derivative Assets

    

 Pledged

    

Net Amount

As of December 31, 2019

​

  

​

​

  

​

​

  

​

​

  

​

Customer Loan Derivatives:

 

​

  

 

​

  

 

​

  

 

​

  

MNA counterparty

​

$

(4,669)

​

$

4,669

​

$

10,700

​

$

—

RPA counterparty

​

 

(3,377)

​

 

3,377

​

 

—

​

 

—

Total

​

$

(8,046)

​

$

8,046

​

$

10,700

​

$

—