DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes

The following table reflects information about the Company’s derivative positions as of the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:

December 31, 2019
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Received		Pay Fixed Swap Rate		Fair Value
	(in thousands)		(in years)					(in thousands)
Interest rate swaps on borrowings	$	75,000	2.18	1.90	%	1.53	%	$	140
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	450,000		3.66	1.76	%	2.37	%	12,907
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	400,000		3.66	1.76	%	2.73% - 2.20%		9,896
Total	$	925,000						$	22,943
December 31, 2018
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Received		Pay Fixed Swap Rate		Fair Value
	(in thousands)		(in years)					(in thousands)
Interest rate swaps on borrowings	$	75,000	3.18	2.74	%	1.53	%	$	2,282
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	250,000		4.52	2.57	%	2.67	%	2,938
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	250,000		4.17	2.47	%	3.02% - 2.51%		3,344
Total	$	575,000						$	8,564

Summary of customer related derivative positions, not designated as hedging

The following table reflects the Company’s customer related derivative positions as of the dates indicated below for those derivatives not designated as hedging:

	Number of Positions (1)	Notional Amount Maturing
		Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	December 31, 2019
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	299	$	156,690	$	125,203	$	85,603	$	165,599	$	1,044,315	$	1,577,410	$	48,596
Pay fixed, receive variable	290	$	156,690	$	125,203	$	85,603	$	165,599	$	1,044,315	$	1,577,410	$	(48,591	)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	40	$	91,434	$	—	$	—	$	—	$	—	$	91,434	$	(81	)
Buys U.S. currency, sells foreign currency	40	$	91,434	$	—	$	—	$	—	$	—	$	91,434	$	123
	December 31, 2018
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	235	$	50,702	$	124,222	$	97,904	$	47,308	$	631,471	$	951,607	$	(2,907	)
Pay fixed, receive variable	220	$	50,702	$	124,222	$	97,904	$	47,308	$	631,471	$	951,607	$	2,903
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	27	$	60,297	$	3,505	$	—	$	—	$	—	$	63,802	$	(1,404	)
Buys U.S. currency, sells foreign currency	27	$	60,297	$	3,505	$	—	$	—	$	—	$	63,802	$	1,434

(1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.

Fair value of derivative financial instruments as well as their classification on the balance sheet

	Asset Derivatives (1)					Liability Derivatives (2)
		Fair Value at		Fair Value at			Fair Value at		Fair Value at
		December 31, 2019		December 31, 2018			December 31, 2019		December 31, 2018
	(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives		$	23,140	$	8,955		$	197	$	391
Derivatives not designated as hedges
Customer Related Positions:
Loan level derivatives		52,374		15,580			52,369		15,584
Foreign exchange contracts		1,191		1,578			1,149		1,548
Mortgage Derivatives
Interest rate lock commitments		1,680		91			—		—
Forward sale loan commitments		—		106			12		—
Forward sale hedge commitments		—		—			196		—
		55,245		17,355			53,726		17,132
Total		$	78,385	$	26,310		$	53,923	$	17,523

(1) All asset derivatives are located in other assets on the balance sheet.

(2)

All liability derivatives are located in other liabilities on the balance sheet.

Effect of derivative financial instruments included in OCI and current earnings

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:    

	Years Ended December 31
	2019			2018			2017
	(Dollars in thousands)
Derivatives designated as hedges
Gain in OCI on derivatives (effective portion), net of tax	$	10,331		$	4,829		$	443
Gain (loss) reclassified from OCI into interest income or interest expense (effective portion)	$	2,346		$	1,000		$	(441	)
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
Interest expense	$	—		$	—		$	—
Other expense	—			—			—
Total	$	—		$	—		$	—
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	39		$	46		$	6
Other expenses	(18		)	(29		)	(21		)
Changes in fair value of mortgage derivatives
Mortgage banking income	1,275			39			(39		)
Total	$	1,296		$	56		$	(54	)