Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following tables reflect the Company's derivative positions as of the dates indicated below for interest rate derivatives which qualify as cash flow hedges for accounting purposes:

March 31, 2021
				Weighted Average Rate
	Notional Amount		Average Maturity	Current Rate Received		Pay Fixed Swap Rate		Fair Value
	(in thousands)		(in years)					(in thousands)
Interest rate swaps on borrowings	$	75,000	0.93	0.19	%	1.53	%	$	(1,075)
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	550,000		3.33	0.10	%	2.16	%	21,467
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	400,000		2.41	0.11	%	2.73% - 2.20%		17,942
Total	$	1,025,000						$	38,334
December 31, 2020
				Weighted Average Rate
	Notional Amount		Average Maturity	Current Rate Received		Pay Fixed Swap Rate		Fair Value
	(in thousands)		(in years)					(in thousands)
Interest rate swaps on borrowings	$	75,000	1.18	0.22	%	1.53	%	$	(1,341)
				Current Rate Paid		Receive Fixed Swap Rate
Interest rate swaps on loans	450,000		2.66	0.15	%	2.37	%	27,021
				Current Rate Paid		Receive Fixed Swap Rate Cap - Floor
Interest rate collars on loans	400,000		2.66	0.15	%	2.73% - 2.20%		21,764
Total	$	925,000						$	47,444

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:

		Notional Amount Maturing
	Number of  Positions  (1)	Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	March 31, 2021
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	302	$	72,391	$	105,368	$	137,041	$	177,153	$	1,149,151	$	1,641,104	$	66,621
Pay fixed, receive variable	302	72,391		105,368		137,041		177,153		1,149,151		1,641,104		(66,615)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	30	94,917		6,538		—		—		—		101,455		2,502
Buys U.S. currency, sells foreign currency	30	94,917		6,538		—		—		—		101,455		(2,493)
Risk participation agreements
Participation out	12	6,642		—		2,665		31,804		68,040		109,151		195
Participation in	7	—		30,483		28,866		—		8,436		67,785		(73)
		Notional Amount Maturing
	Number of  Positions  (1)	Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	December 31, 2020
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	322	$	102,999	$	76,487	$	149,265	$	147,422	$	1,222,557	$	1,698,730	$	127,226
Pay fixed, receive variable	313	102,999		76,487		149,265		147,422		1,222,557		1,698,730		(127,216)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	33	87,557		5,300		—		—		—		92,857		(4,214)
Buys U.S. currency, sells foreign currency	33	87,557		5,300		—		—		—		92,857		4,224
Risk participation agreements
Participation out	12	6,721		—		2,675		7,307		93,378		110,081		512
Participation in	8	—		30,649		29,072		—		15,844		75,565		(118)

(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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet and the potential effect of netting arrangements on its financial position, at the dates indicated:

	Asset Derivatives (1)						Liability Derivatives (2)
	Fair Value at			Fair Value at			Fair Value at			Fair Value at
	March 31 2021			December 31 2020			March 31 2021			December 31 2020
	(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives	$	40,776	(3)	$	48,786	(3)	$	2,442	(4)	$	1,342	(4)
Derivatives not designated as hedges
Customer Related Positions
Loan level derivatives	86,890		(3)	127,228		(3)	86,884		(4)	127,218		(4)
Foreign exchange contracts	2,691			4,359			2,682			4,349
Risk participation agreements	195			513			73			119
Mortgage Derivatives
Interest rate lock commitments	1,652			6,513			—			—
Forward sale loan commitments	370			—			—			1
Forward sale hedge commitments	1,131			—			—			1,035
Total derivatives not designated as hedges	92,929			138,613			89,639			132,722
Total	133,705			187,399			92,081			134,064
Netting Adjustments (5)	(8,027)			23			7,107			16,105
Net Derivatives on the Balance Sheet	125,678			187,422			84,974			117,959
Financial instruments (6)	50,189			48,786			50,189			48,786
Cash collateral pledged (received)	—			—			28,799			62,460
Net Derivative Amounts	$	75,489		$	138,636		$	5,986		$	6,713

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:

	Three Months Ended
	March 31
	2021		2020
	(Dollars in thousands)
Derivatives designated as hedges
Gain (loss) in OCI on derivatives (effective portion), net of tax	$	(6,583)	$	22,984
Gain reclassified from OCI into interest income or interest expense (effective portion)	$	4,380	$	1,586
Loss reclassified from OCI into noninterest expense (loss on termination)	$	—	$	—
Interest expense	$	—	$	—
Other expense	—		—
Total	$	—	$	—
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	6	$	22
Other expense	(283)		(24)
Changes in fair value of mortgage derivatives
Mortgage banking income	(2,324)		(721)
Total	$	(2,601)	$	(723)