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Derivative and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of September 30, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
(in thousands) |  | September 30, 2020 |
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) |  | $ | 2,071,316 |  |  | $ | 71,316 |
(1) | These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2020, the amortized cost basis of the closed portfolios used in these hedging relationships was $3.9 billion; the cumulative basis adjustments associated with these hedging relationships was $71.3 million; and the amount of the designated hedged items was $2.0 billion.
As of December 31, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
(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 |
(1) | These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.5 billion; the cumulative basis adjustments associated with these hedging relationships was $53.5 million; and the amount of the designated hedged items was $2.0 billion.
Information Regarding Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2020 and December 31, 2019:
|  | 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 |  |  | $ | — |  |  | $ | — |
Effect of Derivative Instruments on 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.
(in thousands) |  | For the Three Months Ended September 30, 2020 |  |  | For the Nine Months Ended September 30, 2020 |  |  | For the Three Months Ended September 30, 2019 |  |  | For the Nine Months Ended September 30, 2019 |
Derivative – interest rate swap: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | (23,953 | ) |  | $ | 17,833 |  |  | $ | 10,016 |  |  | $ | (48,338 | )
Hedged item – loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 23,953 |  |  | $ | (17,833 | ) |  | $ | (10,016 | ) |  | $ | 48,338 |
Information about Interest Rate Swaps Designated as Cash Flow Hedges | The following table summarizes information about the interest rate swaps designated as cash flow hedges at September 30, 2020 and December 31, 2019:
(dollars in thousands) |  | September 30, 2020 |  |  | December 31, 2019 |
Notional amounts |  | $ | 2,250,000 |  |  | $ | 800,000 |
Cash collateral posted |  |  | 51,778 |  |  |  | 1,185 |
Weighted average pay rates |  |  | 1.27 | % |  |  | 1.62 | %
Weighted average receive rates |  |  | 0.25 | % |  |  | 1.90 | %
Weighted average maturity |  | 2.2 years |  |  | 2.5 years |
Effect of Cash Flow Derivative Instruments on AOCL | The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the nine months ended September 30, 2020. The Company had no such derivative financial instruments during the nine months ended September 30, 2019:
(in thousands) |  | For the Nine Months Ended September 30, 2020 |
Amount of loss recognized in AOCL |  | $ | 58,936 |
Amount of gain reclassified from AOCL to interest expense |  |  | 5,973 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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