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DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following table reflects information about the Company’s derivative positions as of the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:
December 31, 2019
|  |  |  |  |  | Weighted Average Rate |  |
|  | Notional Amount |  | Weighted Average Maturity |  | Current Rate Received |  | Pay Fixed Swap Rate |  | Fair Value
|  | (in thousands) |  | (in years) |  |  |  |  |  | (in thousands)
Interest rate swaps on borrowings |  | $ | 75,000 |  |  | 2.18 |  | 1.90 | % |  | 1.53 | % |  | $ | 140 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate |  |
Interest rate swaps on loans |  | 450,000 |  |  | 3.66 |  | 1.76 | % |  | 2.37 | % |  | 12,907 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate Cap - Floor |  |
Interest rate collars on loans |  | 400,000 |  |  | 3.66 |  | 1.76 | % |  | 2.73% - 2.20% |  |  | 9,896 |
Total |  | $ | 925,000 |  |  |  |  |  |  |  |  | $ | 22,943 |
December 31, 2018
|  |  |  |  |  | Weighted Average Rate |  |
|  | Notional Amount |  | Weighted Average Maturity |  | Current Rate Received |  | Pay Fixed Swap Rate |  | Fair Value
|  | (in thousands) |  | (in years) |  |  |  |  |  | (in thousands)
Interest rate swaps on borrowings |  | $ | 75,000 |  |  | 3.18 |  | 2.74 | % |  | 1.53 | % |  | $ | 2,282 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate |  |
Interest rate swaps on loans |  | 250,000 |  |  | 4.52 |  | 2.57 | % |  | 2.67 | % |  | 2,938 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate Cap - Floor |  |
Interest rate collars on loans |  | 250,000 |  |  | 4.17 |  | 2.47 | % |  | 3.02% - 2.51% |  | 3,344 |
Total |  | $ | 575,000 |  |  |  |  |  |  |  |  | $ | 8,564 |
Summary of customer related derivative positions, not designated as hedging | The following table reflects the Company’s customer related derivative positions as of the dates indicated below for those derivatives not designated as hedging:
| Number of Positions (1) |  | Notional Amount Maturing |  |
| Less than 1 year |  | Less than 2 years |  | Less than 3 years |  | Less than 4 years |  | Thereafter |  | Total |  | Fair Value
| December 31, 2019
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 299 |  |  | $ | 156,690 |  |  | $ | 125,203 |  |  | $ | 85,603 |  |  | $ | 165,599 |  |  | $ | 1,044,315 |  |  | $ | 1,577,410 |  |  | $ | 48,596 |
Pay fixed, receive variable | 290 |  |  | $ | 156,690 |  |  | $ | 125,203 |  |  | $ | 85,603 |  |  | $ | 165,599 |  |  | $ | 1,044,315 |  |  | $ | 1,577,410 |  |  | $ | (48,591 | )
Foreign exchange contracts
Buys foreign currency, sells U.S. currency | 40 |  |  | $ | 91,434 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91,434 |  |  | $ | (81 | )
Buys U.S. currency, sells foreign currency | 40 |  |  | $ | 91,434 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91,434 |  |  | $ | 123 |
| December 31, 2018
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 235 |  |  | $ | 50,702 |  |  | $ | 124,222 |  |  | $ | 97,904 |  |  | $ | 47,308 |  |  | $ | 631,471 |  |  | $ | 951,607 |  |  | $ | (2,907 | )
Pay fixed, receive variable | 220 |  |  | $ | 50,702 |  |  | $ | 124,222 |  |  | $ | 97,904 |  |  | $ | 47,308 |  |  | $ | 631,471 |  |  | $ | 951,607 |  |  | $ | 2,903 |
Foreign exchange contracts
Buys foreign currency, sells U.S. currency | 27 |  |  | $ | 60,297 |  |  | $ | 3,505 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 63,802 |  |  | $ | (1,404 | )
Buys U.S. currency, sells foreign currency | 27 |  |  | $ | 60,297 |  |  | $ | 3,505 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 63,802 |  |  | $ | 1,434 |
(1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.
Fair value of derivative financial instruments as well as their classification on the balance sheet |
| Asset Derivatives (1) |  | Liability Derivatives (2)
|  | Fair Value at |  | Fair Value at |  |  | Fair Value at |  | Fair Value at
|  | December 31, 2019 |  | December 31, 2018 |  |  | December 31, 2019 |  | December 31, 2018
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 23,140 |  |  | $ | 8,955 |  |  |  | $ | 197 |  |  | $ | 391 |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Customer Related Positions: |  |  |  |  |  |  |  |  |
Loan level derivatives |  | 52,374 |  |  | 15,580 |  |  |  | 52,369 |  |  | 15,584 |
Foreign exchange contracts |  | 1,191 |  |  | 1,578 |  |  |  | 1,149 |  |  | 1,548 |
Mortgage Derivatives |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | 1,680 |  |  | 91 |  |  |  | — |  |  | — |
Forward sale loan commitments |  | — |  |  | 106 |  |  |  | 12 |  |  | — |
Forward sale hedge commitments |  | — |  |  | — |  |  |  | 196 |  |  | — |
|  | 55,245 |  |  | 17,355 |  |  |  | 53,726 |  |  | 17,132 |
Total |  | $ | 78,385 |  |  | $ | 26,310 |  |  |  | $ | 53,923 |  |  | $ | 17,523 |
(1) | All asset derivatives are located in other assets on the balance sheet.
(2) All liability derivatives are located in other liabilities on the balance sheet.
Effect of derivative financial instruments included in OCI and current earnings | The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:
| Years Ended December 31
| 2019 |  | 2018 |  | 2017
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |
Gain in OCI on derivatives (effective portion), net of tax | $ | 10,331 |  |  | $ | 4,829 |  |  | $ | 443 |
Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) | $ | 2,346 |  |  | $ | 1,000 |  |  | $ | (441 | )
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |  |  |  |  |
Interest expense | $ | — |  |  | $ | — |  |  | $ | — |
Other expense | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedges |  |  |  |  |
Changes in fair value of customer related positions |  |  |  |  |
Other income | $ | 39 |  |  | $ | 46 |  |  | $ | 6 |
Other expenses | (18 | ) |  | (29 | ) |  | (21 | )
Changes in fair value of mortgage derivatives |  |  |  |  |
Mortgage banking income | 1,275 |  |  | 39 |  |  | (39 | )
Total | $ | 1,296 |  |  | $ | 56 |  |  | $ | (54 | )

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