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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The following tables present the fair value of Customers' derivative financial instruments as well as their presentation on the balance sheet as of September 30, 2019 and December 31, 2018.

						September 30, 2019
						Derivative Assets																		Derivative Liabilities
(amounts in thousands)						Balance Sheet Location						Fair Value						Balance Sheet Location						Fair Value
Derivatives designated as cash flow hedges:
Interest rate swaps						Other assets						$	—					Other liabilities						$	27,409
Total												$	—											$	27,409
Derivatives not designated as hedging instruments:
Interest rate swaps						Other assets						$	28,718					Other liabilities						$	30,778
Credit contracts						Other assets						306						Other liabilities						129
Residential mortgage loan commitments						Other assets						150						Other liabilities						—
Total												$	29,174											$	30,907

						December 31, 2018
						Derivative Assets																		Derivative Liabilities
(amounts in thousands)						Balance Sheet Location						Fair Value						Balance Sheet Location						Fair Value
Derivatives designated as cash flow hedges:
Interest rate swaps						Other assets						$	256					Other liabilities						$	1,502
Total												$	256											$	1,502
Derivatives not designated as hedging instruments:
Interest rate swaps						Other assets						$	14,300					Other liabilities						$	14,730
Credit contracts						Other assets						68						Other liabilities						54
Residential mortgage loan commitments						Other assets						69						Other liabilities						—
Total												$	14,437											$	14,784

Effect of Derivative Financial Instruments on Comprehensive Income

The following tables present amounts included in the consolidated statements of income related to derivatives not designated as hedges for the three and nine months ended September 30, 2019 and 2018.

Three Months Ended September 30, 2019

(amounts in thousands)

Income Statement Location

Amount of Income (Loss) Recognized in Earnings

Derivatives not designated as hedging instruments:

Interest rate swaps

Other non-interest income

$

(35)

Credit contracts

Other non-interest income

85

Residential mortgage loan commitments

Mortgage banking income

5

Total

$

55

Three Months Ended September 30, 2018

(amounts in thousands)

Income Statement Location

Amount of Income (Loss) Recognized in Earnings

Derivatives not designated as hedging instruments:

Interest rate swaps

Other non-interest income

$

1,139

Credit contracts

Other non-interest income

156

Residential mortgage loan commitments

Mortgage banking income

(11)

Total

$

1,284

Nine Months Ended September 30, 2019

(amounts in thousands)

Income Statement Location

Amount of Income Recognized in Earnings

Derivatives not designated as hedging instruments:

Interest rate swaps

Other non-interest income

$

63

Credit contracts

Other non-interest income

228

Residential mortgage loan commitments

Mortgage banking income

82

Total

$

373

Nine Months Ended September 30, 2018

(amounts in thousands)

Income Statement Location

Amount of Income (Loss) Recognized in Earnings

Derivatives not designated as hedging instruments:

Interest rate swaps

Other non-interest income

$

1,472

Credit contracts

Other non-interest income

119

Residential mortgage loan commitments

Mortgage banking income

62

Total

$

1,653

Effect of Derivative Instruments on Comprehensive Income

The following tables present the effect of Customers' derivative financial instruments on comprehensive income for the three and nine months ended September 30, 2019 and 2018.

Three Months Ended September 30, 2019

(amounts in thousands)

Amount of Gain (Loss) Recognized in OCI on Derivatives (1)

Location of Gain (Loss) Reclassified from Accumulated OCI into Income

Amount of Gain (Loss) Reclassified from Accumulated OCI into Income

Derivatives in cash flow hedging relationships:

Interest rate swaps

$

(3,821)

Interest expense

$

(764)

			Three Months Ended September 30, 2018
(amounts in thousands)			Amount of Gain (Loss) Recognized in OCI on Derivatives (1)						Location of Gain (Loss) Reclassified from Accumulated OCI into Income						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in cash flow hedging relationships:
Interest rate swaps			$	3,006					Interest expense						$	(303)
									Other non-interest income (2)						2,822
															$	2,519

Nine Months Ended September 30, 2019

(amounts in thousands)

Amount of Gain (Loss) Recognized in OCI on Derivatives (1)

Location of Gain (Loss) Reclassified from Accumulated OCI into Income

Amount of Gain (Loss) Reclassified from Accumulated OCI into Income

Derivative in cash flow hedging relationships:

Interest rate swaps

$

(19,391)

Interest expense

$

(355)

			Nine Months Ended September 30, 2018
(amounts in thousands)			Amount of Gain (Loss) Recognized in OCI on Derivatives (1)						Location of Gain (Loss) Reclassified from Accumulated OCI into Income						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivative in cash flow hedging relationships:
Interest rate swaps			$	5,055					Interest expense						$	(175)
									Other non-interest income (2)						2,822
															$	2,647

(1) Amounts presented are net of taxes. See NOTE 4 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for the total effect on other comprehensive income (loss) from derivatives designated as cash flow hedges for the periods presented.

(2) Includes income recognized from discontinued cash flow hedges.

Summary of Offsetting of Financial Assets and Derivative Assets

The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the table below. Customers has not made a policy election to offset its derivative positions.

Offsetting of Financial Assets and Derivative Assets

At September 30, 2019

			Gross Amount of Recognized Assets						Gross Amounts Offset in the Consolidated Balance Sheet						Net Amounts of Assets Presented in the Consolidated Balance Sheet						Gross Amounts Not Offset in the Consolidated Balance Sheet
(amounts in thousands)																																							Financial Instruments						Cash Collateral Received						Net Amount
Description
Interest rate swap derivatives with institutional counterparties			$	131					$	—					$	131					$	—					$	—					$	131

Offsetting of Financial Assets and Derivative Assets

At December 31, 2018

			Gross Amount of Recognized Assets						Gross Amounts Offset in the Consolidated Balance Sheet						Net Amounts of Assets Presented in the Consolidated Balance Sheet						Gross Amounts Not Offset in the Consolidated Balance Sheet
(amounts in thousands)																																							Financial Instruments						Cash Collateral Received						Net Amount
Description
Interest rate swap derivatives with institutional counterparties			$	7,529					$	—					$	7,529					$	—					$	1,860					$	5,669

Summary of Offsetting of Financial Liabilities and Derivative Liabilities

Offsetting of Financial Liabilities and Derivative Liabilities

At September 30, 2019

			Gross Amount of Recognized Liabilities						Gross Amounts Offset in the Consolidated Balance Sheet						Net Amounts of Liabilities Presented in the Consolidated Balance Sheet						Gross Amounts Not Offset in the Consolidated Balance Sheet
(amounts in thousands)																																							Financial Instruments						Cash Collateral Pledged						Net Amount
Description
Interest rate swap derivatives with institutional counterparties			$	58,056					$	—					$	58,056					$	—					$	57,832					$	224

Offsetting of Financial Liabilities and Derivative Liabilities

At December 31, 2018

			Gross Amount of Recognized Liabilities						Gross Amounts Offset in the Consolidated Balance Sheet						Net Amounts of Liabilities Presented in the Consolidated Balance Sheet						Gross Amounts Not Offset in the Consolidated Balance Sheet																		Net Amount
(amounts in thousands)																																										Financial Instruments						Cash Collateral Pledged
Description
Interest rate swap derivatives with institutional counterparties			$	9,077					$	—					$	9,077					$	—					$	702					$	8,375

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