Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019:

March 31, 2020

December 31, 2019

Asset derivatives

Liability derivatives

Asset derivatives

Liability derivatives

Balance sheet location

Fair  value (1)

Balance sheet location

Fair  value (1)

Balance sheet location

Fair  value (1)

Balance sheet location

Fair  value (1)

(In thousands)

Derivatives not designated as hedging instruments:

Interest rate customer swaps

Other assets

93,391

Other liabilities

94,437

Other assets

36,089

Other liabilities

36,580

Risk participation agreements

Other assets

46

Other liabilities

480

Other assets

10

Other liabilities

242

Total

$

93,437

$

94,917

$

36,099

$

36,822

_____________________

(1)For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 5: Fair Value Measurements.”

Schedule of derivative instruments, gain (loss) in statement of financial performance

The following table presents the effect of the Company’s derivative financial instruments on accumulated other comprehensive income for the three months ended March 31, 2020 and 2019:

Derivatives in cash flow hedging relationships	Amount of gain or (loss) recognized in OCI on derivatives				Location of gain or (loss) reclassified from accumulated OCI into income	Amount of gain or (loss) reclassified from accumulated OCI into income
	Three months ended March 31,					Three months ended March 31,
	2020		2019			2020		2019
	(In thousands)					(In thousands)
Interest rate swaps	$	—	$	(38)	Interest expense	$	—	$	(311)
Total	$	—	$	(38)		$	—	$	(311)

The following table presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019:

	Location of gain or (loss) reclassified from accumulated OCI into income	Amount of gain or (loss) recognized in income on cash flow hedging relationships
		Three months ended March 31,
		2020		2019
		(In thousands)
Total amounts of income and (expense) line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded	Interest expense	$	—	$	(311)
The effects of cash flow hedging:
Gain or (loss) on cash flow hedging relationships in ASC 815
Interest contracts - amount of gain or (loss) reclassified from accumulated other comprehensive income into income	Interest expense	$	—	$	(311)

Derivatives not designated as hedging instrument

The following table presents the effect of the Bank’s derivative financial instruments not designated as hedging instruments in the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019.

		Amount of gain or (loss), net, recognized in income on derivatives
Derivatives not designated as hedging instruments	Location of gain or (loss) recognized in income on derivatives	Three months ended March 31,
		2020		2019
		(In thousands)
Interest rate swaps	Other income/ (expense)	$	(555)	$	(191)
Risk participation agreements	Other income/ (expense)	(202)		104
Total		$	(757)	$	(87)