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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Offsetting Assets
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 the periods indicated:
December 31, 2020
Gross Amounts RecognizedGross Amounts Offset in the Balance SheetNet Amounts in the Balance SheetFinancial InstrumentsFair Value of Financial Collateral in the Balance SheetNet Amount
Financial Assets
Interest rate swap contracts$52.0 $— $52.0 $— $17.2 $34.8 
Mortgage related derivatives3.3 — 3.3 — — 3.3 
Total derivatives55.3 — 55.3 — 17.2 38.1 
Total assets$55.3 $— $55.3 $— $17.2 $38.1 
Financial Liabilities
Interest rate swap contracts$52.2 $— $52.2 $— $— $52.2 
Mortgage related derivatives1.1 — 1.1 — — 1.1 
Total derivatives 53.3 — 53.3 — — 53.3 
Repurchase agreements 1,091.4 1,091.4 — 1,091.4 — 
Total liabilities$1,144.7 $— $1,144.7 $— $1,091.4 $53.3 
December 31, 2019
Gross Amounts RecognizedGross Amounts Offset in the Balance SheetNet Amounts in the Balance SheetFinancial InstrumentsFair Value of Financial Collateral in the Balance SheetNet Amount
Financial Assets
Interest rate swap contracts$21.9 $— $21.9 $0.1 $18.0 $3.8 
Mortgage related derivatives1.3 — 1.3 — — 1.3 
Total derivatives23.2 — 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 derivatives0.3 — 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 
Offsetting 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 the periods indicated:
December 31, 2020
Gross Amounts RecognizedGross Amounts Offset in the Balance SheetNet Amounts in the Balance SheetFinancial InstrumentsFair Value of Financial Collateral in the Balance SheetNet Amount
Financial Assets
Interest rate swap contracts$52.0 $— $52.0 $— $17.2 $34.8 
Mortgage related derivatives3.3 — 3.3 — — 3.3 
Total derivatives55.3 — 55.3 — 17.2 38.1 
Total assets$55.3 $— $55.3 $— $17.2 $38.1 
Financial Liabilities
Interest rate swap contracts$52.2 $— $52.2 $— $— $52.2 
Mortgage related derivatives1.1 — 1.1 — — 1.1 
Total derivatives 53.3 — 53.3 — — 53.3 
Repurchase agreements 1,091.4 1,091.4 — 1,091.4 — 
Total liabilities$1,144.7 $— $1,144.7 $— $1,091.4 $53.3 
December 31, 2019
Gross Amounts RecognizedGross Amounts Offset in the Balance SheetNet Amounts in the Balance SheetFinancial InstrumentsFair Value of Financial Collateral in the Balance SheetNet Amount
Financial Assets
Interest rate swap contracts$21.9 $— $21.9 $0.1 $18.0 $3.8 
Mortgage related derivatives1.3 — 1.3 — — 1.3 
Total derivatives23.2 — 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 derivatives0.3 — 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 in Statement of Financial Position, Fair Value
In the normal course of business, the Company enters into interest rate lock commitments to finance residential mortgage loans that are not designated as accounting hedges. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee, provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Loan commitments related to residential mortgage loans intended to be sold are considered derivatives and are marked to market through earnings. In addition to the effects of the change in market interest rate, the fair value measurement of the derivative also contemplates the expected cash flows to be received from the counterparty from the future sale of the loan.
The Company sells residential mortgage loans on either a best efforts or mandatory delivery basis. The Company mitigates the effect of the interest rate risk inherent in providing interest rate lock commitments by entering into forward loan sales contracts. During the interest rate lock commitment period, these forward loan sales contracts are marked to market through earnings and are not designated as accounting hedges. Exclusive of the fair value component associated with the projected cash flows from the loan delivery to the investor, the changes in fair value related to movements in market rates of the interest rate lock commitments and the forward loan sales contracts generally move in opposite directions, and the net impact of changes in these valuations on net income during the loan commitment period is generally inconsequential. When the loan is funded to the borrower, the interest rate lock commitment derivative expires, and the Company records a loan held for sale. The forward loan sales contract acts as a hedge against the variability in cash to be received from the loan sale. The changes in measurement of the estimated fair values of the interest rate lock commitments and forward loan sales contracts are included in mortgage banking revenues in the accompanying consolidated statements of income.
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.
December 31, 2020December 31, 2019
Notional AmountEstimated
Fair Value		Notional AmountEstimated
Fair Value
Derivative Assets (included in other assets on the consolidated balance sheets)
Non-hedging interest rate derivatives:
Interest rate swap contracts$799.7 $52.0 $503.2 $21.9 
Interest rate lock commitments101.9 3.3 67.8 1.3 
Total derivative assets$901.6 $55.3 $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 contracts799.7 $52.0 503.2 $21.9 
Forward loan sales contracts126.8 1.1 128.0 0.3 
Total derivative liabilities$1,014.1 $53.3 $631.2 $22.2 
Derivative Instruments, Gain (Loss)
The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in accumulated other comprehensive income and other non-interest income in the Company’s statements of income:
As of or For The Year Ended December 31, 202020192018
Derivatives designated as hedges:
Amount of loss recognized in other comprehensive income (effective portion)$(0.1)$— $— 
Reclassification adjustment for derivative net gain included in income(0.1)— — 
Non-hedging interest rate derivatives:
Amount of gain recognized in other non-interest income— — 0.3 
Amount of net fee income recognized in other non-interest income7.7 2.5 1.3 
Amount of net gains (losses) recognized in mortgage banking revenues$1.2 $0.3 $(0.5)