Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

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.

	March 31, 2021				December 31, 2020
	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	$	853.8	$	46.8	$	799.7	$	52.0
Interest rate lock commitments	90.9		1.1		101.9		3.3
Forward loan sales contracts	106.0		1.5		—		—
Total derivative assets	$	1,050.7	$	49.4	$	901.6	$	55.3
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	$	87.6	$	0.2
Non-hedging interest rate derivatives:
Interest rate swap contracts	853.8		46.8		799.7		52.0
Forward loan sales contracts	—		—		126.8		1.1
Total derivative liabilities	$	941.4	$	47.0	$	1,014.1	$	53.3

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 for the periods indicated:

	March 31, 2021
	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	$	46.8	$	—	$	46.8	$	17.5	$	12.4	$	16.9
Mortgage related derivatives	2.6		—		2.6		—		—		2.6
Total derivatives	49.4		—		49.4		17.5		12.4		19.5
Total assets	$	49.4	$	—	$	49.4	$	17.5	$	12.4	$	19.5
Financial Liabilities
Interest rate swap contracts	$	47.0	$	—	$	47.0	$	17.5	$	—	$	29.5
Total derivatives	47.0		—		47.0		17.5		—		29.5
Repurchase agreements	1,052.6				1,052.6		—		1,052.6		—
Total liabilities	$	1,099.6	$	—	$	1,099.6	$	17.5	$	1,052.6	$	29.5

	December 31, 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	$	52.0	$	—	$	52.0	$	—	$	17.2	$	34.8
Mortgage related derivatives	3.3		—		3.3		—		—		3.3
Total derivatives	55.3		—		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 derivatives	1.1		—		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

Derivative Instruments, Gain (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:

	Three Months Ended March 31,
	2021		2020
Non-hedging interest rate derivatives:
Amount of net fee income recognized in other non-interest income	$	1.1	$	1.0
Amount of net gains recognized in mortgage banking revenues	0.3		4.5