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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swaps Related to Hedging Program | At March 31, 2021 and December 31, 2020, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table:
|  | March 31, 2021 |  | December 31, 2020
|  | (Dollars in thousands)
Interest rate swaps on loans with correspondent banks (included in other assets) |  |  |  |
Notional amount |  | $ | 100,711 |  |  | $ | — |
Weighted average remaining term (years) |  | 9.1 |  | 0.0
Pay fixed rate (weighted average) |  | 2.90 | % |  | — | %
Received variable rate (weighted average) |  | 2.12 | % |  | — | %
Estimated fair value |  | $ | 4,008 |  |  | $ | — |
Interest rate swaps on loans with correspondent banks (included in other liabilities) |  |  |  |
Notional amount |  | $ | 406,551 |  |  | $ | 503,929 |
Weighted average remaining term (years) |  | 6.0 |  | 6.8
Pay fixed rate (weighted average) |  | 4.10 | % |  | 3.86 | %
Received variable rate (weighted average) |  | 2.24 | % |  | 2.26 | %
Estimated fair value |  | $ | (17,878) |  |  | $ | (34,606) |
Back to back interest rate swaps with loan customers (included in other liabilities) |  |  |  |
Notional amount |  | $ | 100,711 |  |  | $ | — |
Weighted average remaining term (years) |  | 9.1 |  | 0.0
Received fixed rate (weighted average) |  | 2.90 | % |  | — | %
Pay variable rate (weighted average) |  | 2.12 | % |  | — | %
Estimated fair value |  | $ | (4,008) |  |  | $ | — |
Back to back interest rate swaps with loan customers (included in other assets) |  |  |  |
Notional amount |  | $ | 406,551 |  |  | $ | 503,929 |
Weighted average remaining term (years) |  | 6.0 |  | 6.8
Received fixed rate (weighted average) |  | 4.10 | % |  | 3.86 | %
Pay variable rate (weighted average) |  | 2.24 | % |  | 2.26 | %
Estimated fair value |  | $ | 17,878 |  |  | $ | 34,606 |
Schedule of Derivative Instruments |
|  | March 31, 2021 |  | December 31, 2020
|  | (Dollars in thousands)
Interest rate swaps designated as cash flow hedge (included in other assets) |  |  |  |
Notional amount |  | $ | 100,000 |  |  | $ | — |
Weighted average remaining term (years) |  | 4.0 |  | 0.0
Received variable rate (weighted average) |  | 0.22 | % |  | — | %
Pay fixed rate (weighted average) |  | 0.49 | % |  | — | %
Estimated fair value |  | $ | 1,218 |  |  | $ | — |
Interest rate swaps designated as cash flow hedge (included in other liabilities) |  |  |  |
Notional amount |  | $ | — |  |  | $ | 100,000 |
Weighted average remaining term (years) |  | 0.0 |  | 4.3
Received variable rate (weighted average) |  | — | % |  | 0.22 | %
Pay fixed rate (weighted average) |  | — | % |  | 0.49 | %
Estimated fair value |  | $ | — |  |  | $ | (602) |
The following table reflects the notional amount and fair value of mortgage banking derivatives for the dates indicated:
| As of March 31, 2021 |  | As of December 31, 2020
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Interest rate lock commitments | $ | 17,755 |  |  | $ | 240 |  |  | $ | 37,507 |  |  | $ | 679 |
Forward sale contracts related to mortgage banking | $ | 17,239 |  |  | $ | 116 |  |  | $ | 8,641 |  |  | $ | 45 |
Liabilities: |  |  |  |  |  |  |
Interest rate lock commitments | $ | 5,861 |  |  | $ | (43) |  |  | $ | 6,267 |  |  | $ | (31) |
Forward sale contracts related to mortgage banking | $ | 6,377 |  |  | $ | (7) |  |  | $ | 35,133 |  |  | $ | (79) |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: 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 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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