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DERIVATIVES AND HEDGING (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Financial Instruments | The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated statements of condition as of the dates indicated:
|  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Notional Amount |  | Location |  | Fair Value |  | Notional Amount |  | Location |  | Fair Value
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) |  | $ | 160,000 |  |  | Other assets |  | $ | 6,814 |  |  | $ | 83,000 |  |  | Accrued interest and other liabilities |  | $ | 9,153 |
Total derivatives designated as hedging instruments |  |  |  |  |  | $ | 6,814 |  |  |  |  |  |  | $ | 9,153 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Customer loan swaps(1) |  | $ | 364,977 |  |  | Other assets |  | $ | 27,648 |  |  | $ | 364,977 |  |  | Accrued interest and other liabilities |  | $ | 27,648 |
Fixed-rate mortgage interest rate lock commitments |  | 37,771 |  |  | Other assets |  | 870 |  |  | 6,331 |  |  | Accrued interest and other liabilities |  | 54 |
Forward delivery commitments |  | 11,797 |  |  | Other assets |  | 145 |  |  | 3,089 |  |  | Accrued interest and other liabilities |  | 17 |
Total derivatives not designated as hedging instruments |  |  |  |  |  | $ | 28,663 |  |  |  |  |  |  | $ | 27,719 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 110,000 |  |  | Other assets |  | $ | 5,731 |  |  | $ | 143,000 |  |  | Accrued interest and other liabilities |  | $ | 11,625 |
Total derivatives designated as hedging instruments |  |  |  |  |  | $ | 5,731 |  |  |  |  |  |  | $ | 11,625 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Customer loan swaps |  | $ | 376,290 |  |  | Other assets |  | $ | 39,627 |  |  | $ | 376,290 |  |  | Accrued interest and other liabilities |  | $ | 39,627 |
Fixed-rate mortgage interest rate lock commitments |  | 58,574 |  |  | Other assets |  | 608 |  |  | 28,346 |  |  | Accrued interest and other liabilities |  | 248 |
Forward delivery commitments |  | 24,951 |  |  | Other assets |  | 311 |  |  | 15,548 |  |  | Accrued interest and other liabilities |  | 196 |
Total derivatives not designated as hedging instruments |  |  |  |  |  | $ | 40,546 |  |  |  |  |  |  | $ | 40,071 |
(1) Reported fair values include accrued interest receivable and payable.
Schedule of Cash Flow Hedging Instruments, Location | The table below presents the effect of cash flow hedge accounting, before tax, on AOCI for the periods indicated:
(Dollars in thousands) |  | Amount of Gain (Loss) Recognized in OCI on Derivative |  | Amount of Gain (Loss) Recognized in OCI Included Component |  | Amount of Gain (Loss) Recognized in OCI Excluded Component | Location of Gain (Loss) Recognized from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income Included Component |  | Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
Derivatives in Cash Flow Hedge Relationships |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 66 |  |  | $ | 66 |  |  | $ | — |  | Interest and fees on loans |  | $ | 403 |  |  | $ | 403 |  |  | $ | — |
Interest rate contracts |  | (1,511) |  |  | (1,511) |  |  | — |  | Interest on deposits |  | (164) |  |  | (164) |  |  | — |
Interest rate contracts |  | (1,758) |  |  | (1,758) |  |  | — |  | Interest on subordinated debentures |  | (431) |  |  | (431) |  |  | — |
Total |  | $ | (3,203) |  |  | $ | (3,203) |  |  | $ | — |  |  |  | $ | (192) |  |  | $ | (192) |  |  | $ | — |
For the Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (736) |  |  | $ | (736) |  |  | $ | — |  | Interest and fees on loans |  | $ | 795 |  |  | $ | 795 |  |  | $ | — |
Interest rate contracts |  | 1,952 |  |  | 1,952 |  |  | — |  | Interest on deposits |  | (320) |  |  | (320) |  |  | — |
Interest rate contracts |  | 1,973 |  |  | 1,973 |  |  | — |  | Interest on subordinated debentures |  | (853) |  |  | (853) |  |  | — |
Total |  | $ | 3,189 |  |  | $ | 3,189 |  |  | $ | — |  |  |  | $ | (378) |  |  | $ | (378) |  |  | $ | — |
For the Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 765 |  |  | $ | 765 |  |  | $ | — |  | Interest and fees on loans |  | $ | 247 |  |  | $ | 247 |  |  | $ | — |
Interest rate contracts |  | (122) |  |  | (122) |  |  | — |  | Interest on deposits |  | (22) |  |  | (22) |  |  | — |
Interest rate contracts |  | (365) |  |  | (365) |  |  | — |  | Interest on borrowings |  | 44 |  |  | 44 |  |  | — |
Interest rate contracts |  | (239) |  |  | (239) |  |  | — |  | Interest on subordinated debentures |  | (297) |  |  | (297) |  |  | — |
Total |  | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  |  | $ | (28) |  |  | $ | (28) |  |  | $ | — |
For the Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 5,925 |  |  | $ | 5,925 |  |  | $ | — |  | Interest and fees on loans |  | $ | 299 |  |  | $ | 299 |  |  | $ | — |
Interest rate contracts |  | (978) |  |  | (978) |  |  | — |  | Interest on deposits |  | (26) |  |  | (26) |  |  | — |
Interest rate contracts |  | (1,123) |  |  | (1,123) |  |  | — |  | Interest on borrowings |  | 48 |  |  | 48 |  |  | — |
Interest rate contracts |  | (4,934) |  |  | (4,934) |  |  | — |  | Interest on subordinated debentures |  | (537) |  |  | (537) |  |  | — |
Total |  | $ | (1,110) |  |  | $ | (1,110) |  |  | $ | — |  |  |  | $ | (216) |  |  | $ | (216) |  |  | $ | — |
The table below presents the effect of cash flow hedge accounting on the consolidated statements of income for the periods indicated:
|  | Location and Amount of Gain (Loss) Recognized in Income
|  | Three Months Ended June 30,
|  | 2021 |  | 2020
(Dollars in thousands) |  | Interest and fees on loans |  | Interest on deposits |  | Interest on borrowings |  | Interest on subordinated debentures |  | Interest and fees on loans |  | Interest on deposits |  | Interest on borrowings |  | Interest on subordinated debentures
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded |  | $ | 30,865 |  |  | $ | 1,921 |  |  | $ | 176 |  |  | $ | 640 |  |  | $ | 33,120 |  |  | $ | 3,392 |  |  | $ | 359 |  |  | $ | 888 |
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from AOCI into income |  | $ | 403 |  |  | $ | (164) |  |  | $ | — |  |  | $ | (431) |  |  | $ | 247 |  |  | $ | (22) |  |  | $ | 44 |  |  | $ | (297) |
Amount of gain (loss) reclassified from AOCI into income - included component |  | $ | 403 |  |  | $ | (164) |  |  | $ | — |  |  | $ | (431) |  |  | $ | 247 |  |  | $ | (22) |  |  | $ | 44 |  |  | $ | (297) |
Amount of gain (loss) reclassified from AOCI into income - excluded component |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Location and Amount of Gain (Loss) Recognized in Income
|  | Six Months Ended June 30,
|  | 2021 |  | 2020
(Dollars in thousands) |  | Interest and fees on loans |  | Interest on deposits |  | Interest on borrowings |  | Interest on subordinated debentures |  | Interest and fees on loans |  | Interest on deposits |  | Interest on borrowings |  | Interest on subordinated debentures
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded |  | $ | 61,425 |  |  | $ | 3,984 |  |  | $ | 332 |  |  | $ | 1,445 |  |  | $ | 67,165 |  |  | $ | 10,054 |  |  | $ | 1,197 |  |  | $ | 1,775 |
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from AOCI into income |  | $ | 795 |  |  | $ | (320) |  |  | $ | — |  |  | $ | (853) |  |  | $ | 299 |  |  | $ | (26) |  |  | $ | 48 |  |  | $ | (537) |
Amount of gain (loss) reclassified from AOCI into income - included component |  | $ | 795 |  |  | $ | (320) |  |  | $ | — |  |  | $ | (853) |  |  | $ | 299 |  |  | $ | (26) |  |  | $ | 48 |  |  | $ | (537) |
Amount of gain (loss) reclassified from AOCI into income - excluded component |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Derivatives Not Designated as Hedging Instruments | The table below presents the effect of the Company's derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the periods indicated:
|  | Location of Gain Recognized in Income |  | Amount of Gain (Loss) Recognized in Income
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Fixed-rate mortgage interest rate lock commitments |  | Mortgage banking income, net |  | $ | (489) |  |  | $ | (1,019) |  |  | $ | 456 |  |  | $ | 496 |
Forward delivery commitments |  | Mortgage banking income, net |  | (469) |  |  | (1,014) |  |  | 13 |  |  | (156) |
Total |  |  |  | $ | (958) |  |  | $ | (2,033) |  |  | $ | 469 |  |  | $ | 340 |

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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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