Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts and Estimated Fair Values of Derivatives

The notional amounts and estimated fair values of the Company’s derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models.

	September 30, 2018				December 31, 2017
	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
Derivative Assets (included in other assets on the consolidated balance sheets):
Non-hedging interest rate derivatives:
Interest rate swap contracts	$	386.8	$	11.3	$	344.2	$	7.5
Interest rate lock commitments	62.9		1.1		60.7		1.3
Total derivative assets	$	449.7	$	12.4	$	404.9	$	8.8
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets):
Non-hedging interest rate derivatives:
Interest rate swap contracts	$	386.8	$	11.1	$	344.2	$	7.8
Forward loan sales contracts	77.4		0.2		88.8		0.1
Total derivative liabilities	$	464.2	$	11.3	$	433.0	$	7.9

Offsetting Assets and Liabilities

The following table illustrates the potential effect of the Company’s master netting arrangements, by type of financial instrument, on the Company’s consolidated balance sheets as of September 30, 2018 and December 31, 2017:

	September 30, 2018
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts in the Balance Sheet		Financial Instruments		Fair Value of Financial Collateral in the Balance Sheet		Net Amount
Financial Assets
Interest rate swap contracts	$	11.3	$	—	$	11.3	$	1.0	$	1.8	$	8.5
Mortgage related derivatives	1.1		—		1.1		—		—		1.1
Total derivatives	12.4		—		12.4		1.0		1.8		9.6
Total assets	$	12.4	$	—	$	12.4	$	1.0	$	1.8	$	9.6
Financial Liabilities
Interest rate swap contracts	$	11.1	$	—	$	11.1	$	1.0	$	10.0	$	0.1
Mortgage related derivatives	0.2		—		0.2		—		—		0.2
Total derivatives	11.3		—		11.3		1.0		10.0		0.3
Repurchase agreements	635.9		—		635.9		—		635.9		—
Total liabilities	$	647.2	$	—	$	647.2	$	1.0	$	645.9	$	0.3

	December 31, 2017
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts in the Balance Sheet		Financial Instruments		Fair Value of Financial Collateral in the Balance Sheet		Net Amount
Financial Assets
Interest rate swap contracts	$	7.5	$	—	$	7.5	$	2.4	$	—	$	5.1
Mortgage related derivatives	1.3		—		1.3		—		—		1.3
Total derivatives	8.8		—		8.8		2.4		—		6.4
Total assets	$	8.8	$	—	$	8.8	$	2.4	$	—	$	6.4
Financial Liabilities
Interest rate swap contracts	$	7.8	$	—	$	7.8	$	2.4	$	3.3	$	2.1
Mortgage related derivatives	0.1		—		0.1		—		—		0.1
Total derivatives	7.9		—		7.9		2.4		3.3		2.2
Repurchase agreements	643.0		—		643.0		—		643.0		—
Total liabilities	$	650.9	$	—	$	650.9	$	2.4	$	646.3	$	2.2

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company’s statements of income for the periods indicated:

	Three Months Ended September 30,					Nine Months Ended September 30, 2018
	2018		2017			2018		2017
Derivatives designated as hedges:
Amount of loss recognized in other comprehensive income (effective portion)	$	—	$	(0.7	)	$	—	$	(1.1	)
Reclassification adjustment for derivatives net (gains) losses included in income	—		1.1			—		1.1
Non-hedging interest rate derivatives:
Amount of gain recognized in other non-interest income	0.1		—			0.4		—
Amount of net fee income recognized in other non-interest income	—		0.2			0.9		0.4
Amount of net gains recognized in mortgage banking revenues	—		0.4			—		0.5