Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of December 31 (in thousands):

					Asset derivatives					Liability derivatives
	Gross notional amount				Balance	Fair value				Balance	Fair value
	2020		2019		sheet line item	2020		2019		sheet line item	2020		2019
Derivatives designated as hedging instruments
Cash flow hedges	$	50,000	$	100,000	Other assets	$	-	$	-	Other liabilities	$	311	$	-
Total derivatives	$	50,000	$	100,000		$	-	$	-		$	311	$	-

Derivatives not designated as hedging instruments
Cash flow hedges	$	100,000	$	-	Other assets	$	-	$	-	Other liabilities	$	-	$	-
Interest rate swaps ⁽¹⁾		631,907		272,962	Other assets		19,626		6,599	Other liabilities		19,837		6,720
Credit contracts		113,434		68,324	Other assets		23		13	Other liabilities		86		18
Mortgage banking		28,225		11,859	Other assets		471		119	Other liabilities		1		7
Total derivatives	$	873,566	$	353,145		$	20,120	$	6,731		$	19,924	$	6,745

⁽¹⁾	The Company secured its obligations under these contracts with $19.6 million and $6.7 million in cash at December 31, 2020 and 2019, respectively.

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the years ended December 31 (in thousands):

		Gain (loss) recognized in income
Undesignated derivatives	Line item of gain (loss) recognized in income	2020		2019		2018

Cash flow hedges	Income from derivative instruments, net	$	-	$	-	$	-
Interest rate swaps	Income from derivative instruments, net		4,707		2,189		759
Credit contracts	Income from derivative instruments, net		455		29		184
Mortgage banking	Income from derivative instruments, net		359		56		29
Total undesignated		$	5,521	$	2,274	$	972