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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Summary of Derivatives Outstanding

The following table summarizes the derivatives outstanding:

(In thousands)		Notional Amount			Balance Sheet Location		Fair Value				Notional Amount			Balance Sheet Location		Fair Value
As of March 31, 2021
Derivatives not designated as hedging instruments
Interest rate derivatives		$	1,268,421		Other assets		$	70,589			$	1,268,421		Other liabilities		$	70,589
Risk participation agreements			72,131		Other assets			124				39,153		Other liabilities			72
Total derivatives not designated as hedging instruments							$	70,713								$	70,661
Netting adjustments(1)								100									513
Net derivatives in the balance sheet							$	70,613								$	70,148
Derivatives not offset on the balance sheet							$	9,911								$	9,911
Cash collateral(2)								-									50,126
Net derivative amounts							$	60,702								$	10,111
As of December 31, 2020
Derivatives designated as hedging instruments
Interest rate derivatives		$	-		Other assets		$	-			$	25,000		Other liabilities		$	34
Derivatives not designated as hedging instruments
Interest rate derivatives		$	1,223,584		Other assets		$	108,487			$	1,223,584		Other liabilities		$	108,487
Risk participation agreements			72,528		Other assets			292				39,785		Other liabilities			125
Total derivatives not designated as hedging instruments							$	108,779								$	108,612
Cash collateral(2)								-									107,350
Net derivative amounts							$	108,779								$	1,262

(1)Netting adjustments represents the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The CME legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. Company began to clear certain derivative transactions through the CME in 2021.

(2)Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consist of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Effect of Derivatives on AOCI and on Consolidated Statement of Income

The following table indicates the effect of cash flow hedge accounting on AOCI and on the unaudited interim consolidated statement of income:

		March 31,
(In thousands)		2021				2020
Derivatives designated as hedging instruments:
Interest rate derivatives - included component
Amount of (loss) recognized in other comprehensive income		$	-			$	(255	)
Amount of loss reclassified from AOCI into interest expense			21				10

Not Designated as Hedging Instrument [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Effect of Derivatives on AOCI and on Consolidated Statement of Income

The following table indicates the gain or loss recognized in income on derivatives not designated as a hedging relationship:

		March 31,
(In thousands)		2021				2020
Derivatives not designated as hedging instruments:
(Increase) decrease in other income		$	(115	)		$	143

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