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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Summary of information regarding the Company's derivative financial instruments


	September 30, 2020				December 31, 2019
	Notional		Net Carrying		Notional		Net Carrying
	Amount		Value ⁽¹⁾		Amount		Value ⁽¹⁾

	(In thousands)
Interest rate swaps (fair value hedge)	$	—	$	—	$	139,960	$	2,352
Interest rate swaps (non-hedge)		20,600		416		—		—
Interest rate swaps (fair value hedge)		318,569		(34,078)		186,009		(7,769)
Interest rate swaps (cash flow hedge)		1,021,500		(28,527)		541,500		(8,350)
Interest rate swaps (non-hedge)		38,600		(6,990)		18,000		(3,534)
Total derivatives	$	1,399,269	$	(69,179)	$	885,469	$	(17,301)

(1)Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.

Schedule of effect of derivative instruments on the Consolidated Statements of Income


		For the three months ended				For the nine months ended
		September 30,				September 30,
(In thousands)	Affected Line Item in the Statement Where Net income is Presented	2020		2019		2020		2019
Financial Derivatives:
	Other interest expense	$	(132)	$	(38)	$	(298)	$	(87)
	Net gain (loss) from fair value adjustments		590		(1,632)		(3,220)		(4,279)
Interest rate swaps (non-hedge)			458		(1,670)		(3,518)		(4,366)

Interest rate swaps (fair value hedge)	Interest and fees on loans		(1,158)		(1,041)		(4,863)		(1,833)

Interest rate swaps (cash flow hedge)	Other interest expense		(2,511)		301		(4,057)		1,362

Net loss		$	(3,211)	$	(2,410)	$	(12,438)	$	(4,837)

Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition

September 30, 2020

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount Offset in

Net Amount of Assets

Condition

Gross Amount of

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Recognized Assets

Condition

Instruments

Received

Net Amount

Interest rate swaps

416

—

416

—

416

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount of

Gross Amount Offset in

Net Amount of Liabilities

Condition

Recognized

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Liabilities

Condition

Instruments

Pledged

Net Amount

Interest rate swaps

69,595

—

69,595

73,812

450

(4,667)

December 31, 2019

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount Offset in

Net Amount of Assets

Condition

Gross Amount of

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Recognized Assets

Condition

Instruments

Received

Net Amount

Interest rate swaps

2,352

—

2,352

—

2,352

Gross Amounts Not Offset in the

Consolidated Statement of

Gross Amount of

Gross Amount Offset in

Net Amount of Liabilities

Condition

Recognized

the Statement of

Presented in the Statement of

Financial

Cash Collateral

(In thousands)

Liabilities

Condition

Instruments

Pledged

Net Amount

Interest rate swaps

19,653

—

19,653

19,265

—

388

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details