Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020				December 31, 2019
	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	$	754.3	$	61.3	$	503.2	$	21.9
Interest rate lock commitments	186.9		7.0		67.8		1.3
Total derivative assets	$	941.2	$	68.3	$	571.0	$	23.2
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets):
Derivatives designated as hedges:
Interest rate swap contracts	$	87.6	$	0.2	$	—	$	—
Non-hedging interest rate derivatives:
Interest rate swap contracts	754.3		61.3		503.2		21.9
Forward loan sales contracts	237.0		1.6		128.0		0.3
Total derivative liabilities	$	1,078.9	$	63.1	$	631.2	$	22.2

Offsetting Assets and Liabilities

The following tables illustrate the potential effect of the Company’s master netting arrangements, by type of financial instrument, on the Company’s consolidated balance sheets for the periods indicated:

	September 30, 2020
	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	$	61.3	$	—	$	61.3	$	—	$	28.7	$	32.6
Mortgage related derivatives	7.0		—		7.0		—		—		7.0
Total derivatives	68.3		—		68.3		—		28.7		39.6
Total assets	$	68.3	$	—	$	68.3	$	—	$	28.7	$	39.6
Financial Liabilities
Interest rate swap contracts	$	61.5	$	—	$	61.5	$	—	$	—	$	61.5
Mortgage related derivatives	1.6		—		1.6		—		—		1.6
Total derivatives	63.1		—		63.1		—		—		63.1
Repurchase agreements	820.3				820.3		—		820.3		—
Total liabilities	$	883.4	$	—	$	883.4	$	—	$	820.3	$	63.1

	December 31, 2019
	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	$	21.9	$	—	$	21.9	$	0.1	$	18.0	$	3.8
Mortgage related derivatives	1.3		—		1.3		—		—		1.3
Total derivatives	23.2		—		23.2		0.1		18.0		5.1
Total assets	$	23.2	$	—	$	23.2	$	0.1	$	18.0	$	5.1
Financial Liabilities
Interest rate swap contracts	$	21.9	$	—	$	21.9	$	0.1	$	—	$	21.8
Mortgage related derivatives	0.3		—		0.3		—		—		0.3
Total derivatives	22.2		—		22.2		0.1		—		22.1
Repurchase agreements	697.6		—		697.6		—		697.6		—
Total liabilities	$	719.8	$	—	$	719.8	$	0.1	$	697.6	$	22.1

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,
	2020		2019		2020		2019
Derivatives designated as hedges:
Amount of gain recognized in other comprehensive income (effective portion)	$	—	$	—	$	0.2	$	—
Reclassification adjustment for derivatives net (gains) losses included in income	—		—		0.2		—
Non-hedging interest rate derivatives:
Amount of net fee income recognized in other non-interest income	$	3.7	$	0.5	6.4		1.8
Amount of net (losses) gains recognized in mortgage banking revenues	(0.6)		0.4		4.4		1.5