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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Agreements and Non-hedging Derivative Assets and Liabilities
Information about interest rate swap agreements and non-hedging derivative assets and liabilities at December 31, 2019 follows:

 
 
Notional
Amount
 
Weighted
Average
Maturity
 
Weighted Average Rate
 
Estimated
Fair Value
Asset (Liability)
December 31, 2019
 
 
 
Received
 
Contract pay rate
 
 
 
(In thousands)
 
(In years)
 
 
 
 
 
(In thousands)
Economic hedges:
 
 

 
 
 
 

 
 

 
 

Interest rate swap on tax advantaged economic development bond
 
$
9,390

 
9.9
 
2.08
%
 
5.09
%
 
$
(1,488
)
Interest rate swaps on loans with commercial loan customers
 
1,669,895

 
6.4
 
4.38
%
 
3.28
%
 
75,326

Reverse interest rate swaps on loans with commercial loan customers
 
1,669,895

 
6.4
 
3.28
%
 
4.38
%
 
(77,051
)
Risk participation agreements with dealer banks
 
315,140

 
7.5
 
 
 
 
 
320

Forward sale commitments (1)
 
237,412

 
0.2
 
 

 
 

 
(227
)
Total economic hedges
 
3,901,732

 
 
 
 

 
 

 
(3,120
)
 
 
 
 
 
 
 
 
 
 
 
Non-hedging derivatives:
 
 

 
 
 
 

 
 

 
 

Commitments to lend (1)
 
168,997

 
0.2
 
 

 
 

 
2,628

Total non-hedging derivatives
 
168,997

 
 
 
 

 
 

 
2,628

Total
 
$
4,070,729

 
 
 
 

 
 

 
$
(492
)
(1) Includes the impact of discontinued operations.

Information about interest rate swap agreements and non-hedging derivative asset and liabilities at December 31, 2018 follows:
 
 
Notional
Amount
 
Weighted
Average
Maturity
 
Weighted Average Rate
 
Estimated
Fair Value
Asset (Liability)
December 31, 2018
 
 
 
Received
 
Contract pay rate
 
 
 
(In thousands)
 
(In years)
 
 
 
 
 
(In thousands)
Economic hedges:
 
 

 
 
 
 

 
 

 
 

Interest rate swap on tax advantaged economic development bond
 
$
10,090

 
10.9
 
2.72
%
 
5.09
%
 
$
(1,240
)
Interest rate swaps on loans with commercial loan customers
 
1,346,894

 
6.7
 
4.53
%
 
4.04
%
 
11,443

Reverse interest rate swaps on loans with commercial loan customers
 
1,346,894

 
6.7
 
4.04
%
 
4.53
%
 
(11,953
)
Risk participation agreements with dealer banks
 
243,806

 
5.7
 


 
 

 
237

Forward sale commitments (1)
 
190,807

 
0.2
 
 

 
 

 
(734
)
Total economic hedges
 
3,138,491

 
 
 
 

 
 

 
(2,247
)
 
 


 
 
 
 
 
 
 


Non-hedging derivatives:
 
 

 
 
 
 

 
 

 
 

Commitments to lend (1)
 
165,079

 
0.2
 
 

 
 

 
3,927

Total non-hedging derivatives
 
165,079

 
 
 
 

 
 

 
3,927

Total
 
$
3,303,570

 
 
 
 

 
 

 
$
1,680


(1) Includes the impact of discontinued operations.
Schedule of Amounts Included in the Consolidated Statements of income and in Other Comprehensive Income
Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:
 
 
Years Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
Interest rate swaps on FHLB borrowings:
 
 

 
 

 
 
Unrealized (loss) recognized in accumulated other comprehensive loss
 
$
—

 
$
—

 
$
(449
)
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense
 
—

 
—

 
(393
)
Less: reclassification of unrealized (loss) from accumulated other
comprehensive income to other non-interest expense
 
—

 
—

 
(6,629
)
Net tax effect on items recognized in accumulated other comprehensive income
 
—

 
—

 
(2,589
)
Other comprehensive income recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects
 
$
—

 
$
—

 
$
3,984
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-hedging Derivatives
Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows:
 
 
Years Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
Economic hedges
 
 

 
 

 
 
Interest rate swap on industrial revenue bond:
 
 

 
 

 
 
Unrealized (loss)/gain recognized in other non-interest income
 
$
(248
)
 
$
409

 
$
371

Interest rate swaps on loans with commercial loan customers:
 
 

 
 

 
 
Unrealized gain/(loss) recognized in other non-interest income
 
65,098

 
8,758

 
(3,557
)
(Unfavorable)/Favorable change in credit valuation adjustment recognized in other non-interest income
 
(1,214
)
 
(519
)
 
(316
)
Reverse interest rate swaps on loans with commercial loan customers:
 
 

 
 

 
 
Unrealized (loss)/gain recognized in other non-interest income
 
(65,098
)
 
(8,758
)
 
3,557

Risk Participation Agreements:
 
 

 
 

 
 
Unrealized gain/(loss) recognized in other non-interest income
 
83

 
263

 
(31
)
Forward Commitments:
 
 

 
 

 
 
Unrealized gain/(loss) recognized in discontinued operations
 
507

 
(611
)
 
(123
)
Realized (loss) in discontinued operations
 
(9,195
)
 
(1,532
)
 
(1,764
)
 
 
 
 
 
 
 
Non-hedging derivatives
 
 

 
 

 
 
Commitments to lend:
 
 

 
 

 
 
Unrealized (loss)/gain recognized in discontinued operations
 
$
(1,299
)
 
$
3,358

 
$
5,259

Realized gain in discontinued operations
 
57,699

 
33,982

 
50,879
Schedule of Assets Subject to an Enforceable Master Netting Arrangement
The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of December 31, 2019 and December 31, 2018 :
 
Offsetting of Financial Assets and Derivative Assets
 
 
Gross
Amounts of
Recognized
Assets
 
Gross Amounts
Offset in the
Statements of
Condition
 
Net Amounts of Assets
Presented in the Statements of
Condition
 
Gross Amounts Not Offset in the Statements
of Condition
 
 
 
 
 
 
 
Financial
Instruments
 
Cash
Collateral Received
 
 
(in thousands)
 
 
 
 
 
 
Net Amount
As of December 31, 2019
 
 

 
 

 
 

 
 

 
 

 
 

Interest Rate Swap Agreements:
Institutional counterparties
 
$
640

 
$
(54
)
 
$
586

 
$
—

 
$
—

 
$
586

Commercial counterparties
 
76,428

 
(22
)
 
76,406

 
—

 
—

 
76,406

Total
 
$
77,068

 
$
(76
)
 
$
76,992

 
$
—

 
$
—

 
$
76,992


Offsetting of Financial Assets and Derivative Assets
 
 
Gross
Amounts of
Recognized
Assets
 
Gross Amounts
Offset in the
Statements of
Condition
 
Net Amounts of Assets
Presented in the Statements of
Condition
 
Gross Amounts Not Offset in the Statements
of Condition
 
 
 
 
 
 
 
Financial
Instruments
 
Cash
Collateral Received
 
 
(in thousands)
 
 
 
 
 
 
Net Amount
As of December 31, 2018
 
 

 
 

 
 

 
 

 
 

 
 

Interest Rate Swap Agreements:
Institutional counterparties
 
$
9,485

 
$
(3,592
)
 
$
5,893

 
$
—

 
$
—

 
$
5,893

Commercial counterparties
 
21,345

 
(157
)
 
21,188

 
—

 
—

 
21,188

Total
 
$
30,830

 
$
(3,749
)
 
$
27,081

 
$
—

 
$
—

 
$
27,081
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement
Offsetting of Financial Liabilities and Derivative Liabilities
 
 
Gross
Amounts of
Recognized
Liabilities
 
Gross Amounts
Offset in the
Statements of
Condition
 
Net Amounts of Liabilities
Presented in the Statement of
Condition
 
Gross Amounts Not Offset in the Statements
of Condition
 
 
 
 
 
 
 
Financial
Instruments
 
Cash
Collateral Received
 
 
(in thousands)
 
 
 
 
 
 
Net Amount
As of December 31, 2019
 
 

 
 

 
 

 
 

 
 

 
 

Interest Rate Swap Agreements:
Institutional counterparties
 
$
(80,024
)
 
$
1,219

 
$
(78,805
)
 
$
25,828

 
$
96,310

 
$
43,333

Commercial counterparties
 
(1,080
)
 
—

 
(1,080
)
 
—

 
—

 
(1,080
)
Total
 
$
(81,104
)
 
$
1,219

 
$
(79,885
)
 
$
25,828

 
$
96,310

 
$
42,253


Offsetting of Financial Liabilities and Derivative Liabilities
 
 
Gross
Amounts of
Recognized
Liabilities
 
Gross Amounts
Offset in the
Statements of
Condition
 
Net Amounts of Liabilities
Presented in the Statement of
Condition
 
Gross Amounts Not Offset in the Statements
of Condition
 
 
 
 
 
 
 
Financial
Instruments
Cash
Collateral Received
 
 
(in thousands)
 
 
 
 
 
Net Amount
As of December 31, 2018
 
 

 
 

 
 

 
 

 

 
 

Interest Rate Swap Agreements:
Institutional counterparties
 
$
(19,949
)
 
$
1,101

 
$
(18,848
)
 
$
12,793

$
25,412

 
$
19,357

Commercial counterparties
 
(9,932
)
 
187

 
(9,745
)
 
—

—

 
(9,745
)
Total
 
$
(29,881
)
 
$
1,288

 
$
(28,593
)
 
$
12,793

$
25,412

 
$
9,612