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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 )