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Derivative and Hedging Activities (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |  |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of March 31, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
(in thousands) |  | March 31, 2021 |
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) |  | $ | 2,047,999 |  |  | $ | 47,999 |
(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 March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $3.4 billion; the cumulative basis adjustments associated with these hedging relationships was $48.0 million; and the amount of the designated hedged items was $2.0 billion.
As of December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
(in thousands) |  | December 31, 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) |  | $ | 2,073,214 |  |  | $ | 73,214 |
(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, 2020 the amortized cost basis of the closed portfolios used in these hedging relationships was $3.6 billion; the cumulative basis adjustments associated with these hedging relationships was $73.2 million; and the amount of the designated hedged items was $2.0 billion.
| As of December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges.
(in thousands) |  | December 31, 2020 |  |  | 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 |  |  | 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) |  | $ | 2,073,214 |  |  | $ | 73,214 |  |  | $ | 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, 2020, the amortized cost basis of the closed portfolios used in these hedging relationships was $3.6 billion; the cumulative basis adjustments associated with these hedging relationships was $73.2 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 March 31, 2021 and December 31, 2020:
|  | 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 |  |  | $ | — |  |  | $ | — |
| The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2020.
|  | December 31, 2020 |
|  |  |  |  | Fair Value |
(in thousands) |  | 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 March 31, 2021 |  |  | For the Three Months Ended March 31, 2020 |
Derivative – interest rate swap: |  |  |  |  |  |  |  |
Interest income |  | $ | 25,215 |  |  | $ | (28,130 | )
Hedged item – loans: |  |  |  |  |  |  |  |
Interest income |  | $ | (25,215 | ) |  | $ | 28,130 |
| 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 Twelve Months Ended December 31, 2020 |  |  | For the Twelve Months Ended December 31, 2019 |
Derivative – interest rate swap: |  |  |  |  |  |  |  |
Interest income |  | $ | (19,731 | ) |  | $ | (53,483 | )
Hedged item – loans: |  |  |  |  |  |  |  |
Interest income |  | $ | 19,731 |  |  | $ | 53,483 |
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 March 31, 2021 and December 31, 2020:
(dollars in thousands) |  | March 31, 2021 |  |  | December 31, 2020 |
Notional amounts |  | $ | 2,250,000 |  |  | $ | 2,250,000 |
Cash collateral posted |  |  | 35,109 |  |  |  | 45,532 |
Weighted average pay rates |  |  | 1.27 | % |  |  | 1.27 | %
Weighted average receive rates |  |  | 0.20 | % |  |  | 0.23 | %
Weighted average maturity |  |  | 1.7 years |  |  |  | 1.9 years |
| The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31, 2020 and December 31, 2019:
(dollars in thousands) |  | December 31, 2020 |  |  | December 31, 2019 |
Notional amounts |  | $ | 2,250,000 |  |  | $ | 800,000 |
Cash collateral posted |  |  | 45,532 |  |  |  | 1,185 |
Weighted average pay rates |  |  | 1.27 | % |  |  | 1.62 | %
Weighted average receive rates |  |  | 0.23 | % |  |  | 1.90 | %
Weighted average maturity |  |  | 1.9 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 three months ended March 31, 2021 and 2020:
(in thousands) |  | For the Three Months Ended March 31, 2021 |  |  | For the Three Months Ended March 31, 2020 |
Amount of gain (loss) recognized in AOCL |  | $ | 4,532 |  |  | $ | (49,285 | )
Amount of gain (loss) reclassified from AOCL to interest expense |  |  | 5,891 |  |  |  | (645 | )
| The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2020:
(in thousands) |  | For the Twelve Months Ended December 31, 2020 |  |  | For the Twelve Months Ended December 31, 2019 |
Amount of (loss) gain recognized in AOCL |  | $ | (58,484 | ) |  | $ | 1,340 |
Amount of reclassified from AOCL to interest expense |  |  | 11,768 |  |  |  | (154 | )

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