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DERIVATIVES AND HEDGING (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments

The following table presents the total positions, notional and fair value of the Company's customer loans swaps with each party for the dates indicated:

(In thousands, except number of positions)												September 30, 2020																		December 31, 2019
						Presentation on Consolidated Statements of Condition						Number of Positions						Notional Amount						Fair Value						Number of Positions						Notional Amount						Fair Value
Receive fixed, pay variable						Accrued interest and other liabilities						—						$	—					$	—					10						$	45,243					$	(514)
Receive fixed, pay variable						Other assets						80						378,428						44,123						75						366,351						17,756
Pay fixed, receive variable						Accrued interest and other liabilities						80						378,428						(44,123)						85						411,594						(17,242)
Total												160						$	756,856					$	—					170						$	823,188					$	—

The Company's pipeline of mortgage loans with fixed-rate interest rate lock commitments for which it intends to sell the loan upon origination was as follows for the dates indicated:

												September 30, 2020												December 31, 2019
(In thousands)						Presentation on Consolidated Statements of Condition						Notional Amount						Fair Value						Notional Amount						Fair Value
Fixed-rate mortgage interest rate locks						Other assets						$	76,279					$	977					$	27,087					$	480
Fixed-rate mortgage interest rate locks						Accrued interest and other liabilities						42,915						(405)						2,519						(18)
Total												$	119,194					$	572					$	29,606					$	462

The Company's forward delivery commitments on loans held for sale for the dates indicated were as follows:

												September 30, 2020												December 31, 2019
(In thousands)						Presentation on Consolidated Statements of Condition						Notional Amount						Fair Value						Notional Amount						Fair Value
Forward delivery commitments ("best effort")						Other Assets						$	21,201					$	505					$	10,846					$	312
Forward delivery commitments ("best effort")						Accrued interest and other liabilities						16,100						(241)						1,069						(15)
Total												$	37,301					$	264					$	11,915					$	297

The details of the interest rate swap for the dates indicated were as follows:

(Dollars in thousands)

September 30, 2020

December 31, 2019

Trade Date

Maturity Date

Variable Index Paid

Fixed Rate Received

Presentation on Consolidated Statements of Condition

Notional Amount

Fair Value

Notional Amount

Fair Value

6/12/2019

6/10/2024

1-Month USD LIBOR

1.693%

Other assets

$

100,000

$

5,717

$

100,000

$

483

The details of the Company's interest rate swaps on borrowings for the dates indicated were as follows:

(Dollars in thousands)																														September 30, 2020
Trade Date						Maturity Date						Variable Index Received						Fixed Rate Paid						Presentation on Consolidated Statements of Condition						Notional Amount						Fair Value
3/2/2020						3/1/2023						Fed Funds Effective Rate						0.705%						Accrued interest and other liabilities						$	50,000					$	(813)
3/26/2020						3/26/2030						3-Month USD LIBOR						0.857%						Accrued interest and other liabilities						50,000						(901)
																														$	100,000					$	(1,714)

The details of the junior subordinated debt interest rate swaps for the dates indicated were as follows: 

(Dollars in thousands)																														September 30, 2020												December 31, 2019
Trade Date						Maturity Date						Variable Index Received						Fixed Rate Paid						Presentation on Consolidated Statements of Condition						Notional Amount						Fair Value						Notional Amount						Fair Value
3/18/2009						6/30/2021						3-Month USD LIBOR						3.69%						Accrued interest and other liabilities						$	10,000					$	(262)					$	10,000					$	(299)
7/8/2009						6/30/2029						3-Month USD LIBOR						4.44%						Accrued interest and other liabilities						10,000						(3,354)						10,000						(2,318)
5/6/2010						6/30/2030						3-Month USD LIBOR						4.31%						Accrued interest and other liabilities						10,000						(3,534)						10,000						(2,384)
3/14/2011						3/30/2031						3-Month USD LIBOR						4.35%						Accrued interest and other liabilities						5,000						(1,897)						5,000						(1,279)
5/4/2011						7/7/2031						3-Month USD LIBOR						4.14%						Accrued interest and other liabilities						8,000						(2,914)						8,000						(1,907)
7/16/2020						6/30/2036						3-Month USD LIBOR						0.83%						Accrued interest and other liabilities						10,000						214						—						—
																														$	53,000					$	(11,747)					$	43,000					$	(8,187)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:

						For The Three Months Ended September 30,												For The Nine Months Ended September 30,
(In thousands)						2020						2019						2020						2019
Derivatives designated as cash flow hedges:
Effective portion of unrealized gains (losses) recognized within OCI during the period, net of tax						$	540					$	(310)					$	(328)					$	(2,438)
Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross						$	479					$	342					$	990					$	662
Net reclassification adjustment for effective portion of cash flow hedges included in interest income, gross						$	(311)					$	—					$	(610)					$	—

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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