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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at September 30, 2020 and December 31, 2019 (in thousands):

						At September 30, 2020
						Asset Derivatives												Liability Derivatives
						Consolidated Statements of Financial Condition						Fair Value						Consolidated Statements of Financial Condition						Fair Value
Derivatives not designated as a hedging instrument:
Interest rate products						Other assets						$	124,995					Other liabilities						126,577
Credit contracts						Other assets						540						Other liabilities						—
Total derivatives not designated as a hedging instrument												$	125,535											126,577
Derivatives designated as a hedging instrument:
Interest rate products						Other assets						$	—					Other liabilities						7,813
Total derivatives designated as a hedging instrument												$	—											7,813

						At December 31, 2019
						Asset Derivatives												Liability Derivatives
						Consolidated Statements of Financial Condition						Fair Value						Consolidated Statements of Financial Condition						Fair Value
Derivatives not designated as a hedging instrument:
Interest rate products						Other assets						$	38,830					Other liabilities						39,356
Credit contracts						Other assets						47						Other liabilities						—
Total derivatives not designated as a hedging instrument												$	38,877											39,356
Derivatives designated as a hedging instrument:
Interest rate products						Other assets						$	428					Other liabilities						—
Total derivatives designated as a hedging instrument												$	428											—

Effect of the derivative financial instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2020 and 2019 (in thousands).

												Gain (loss) recognized in income on derivatives for the three months ended
						Consolidated Statements of Income						September 30, 2020						September 30, 2019
Derivatives not designated as a hedging instrument:
Interest rate products						Other income						$	26					2,307
Credit contracts						Other income						460						(71)
Total												$	486					2,236
Derivatives designated as a hedging instrument:
Interest rate products						Interest expense						$	855					157
Total												$	855					157

												Gain (loss) recognized in income on derivatives for the nine months ended
						Consolidated Statements of Income						September 30, 2020						September 30, 2019
Derivatives not designated as a hedging instrument:
Interest rate products						Other income						$	(1,022)					212
Credit contracts						Other income						459						(56)
Total												$	(563)					156
Derivatives designated as a hedging instrument:
Interest rate products						Interest expense						$	875					466
Total												$	875					466

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- References

No definition available.

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

Reference 3: 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

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ 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

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