Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Cumulative Basis Adjustment for Fair Value Hedges

As of December 31, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. The Company did not have any derivative instruments at December 31, 2018:

(in thousands)	December 31, 2019
Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets
Total loans and leases, net(1)	$	2,053,483	$	53,483

Company's derivative financial instruments

The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2019. The Company had no such derivative financial instruments at December 31, 2018.

	December 31, 2019
(in thousands)			Fair Value
	Notional Amount		Other Assets		Other Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swap	$	2,000,000	$	—	$	—
Total derivatives designated as fair value hedging instruments	$	2,000,000	$	—	$	—

Consolidated Statements of Income and Comprehensive Income

The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. The Company had no such derivative financial instruments outstanding during 2018:

(in thousands)	For the Twelve Months Ended December 31, 2019
Derivative – interest rate swap:
Interest income	$	(53,483	)
Hedged item – loans:
Interest income	$	53,483

Detailed information about interest rate swaps with cash flows hedges

The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31, 2019:

(dollars in thousands)	December 31, 2019
Notional amounts	$	800,000
Cash collateral posted		1,185
Weighted average pay rates		1.62	%
Weighted average receive rates		1.90	%
Weighted average maturity		2.5 years

Detailed information about in cashflows derivative instrument on AOCL

The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2019. The Company had no such derivative financial instruments during the year ending December 31, 2018:

(in thousands)	For the Twelve Months Ended December 31, 2019
Amount of gain (loss) recognized in AOCL	$	1,340
Amount of gain (loss) reclassified from AOCL to interest expense		154