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DERIVATIVES AND HEDGING (Tables) | 9 Months Ended
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Sep. 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
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) |  | $ | 160,000 |  |  | Other assets |  | $ | 6,849 |  |  | $ | 83,000 |  |  | Accrued interest and other liabilities |  | $ | 8,597 |
Total derivatives designated as hedging instruments |  |  |  |  |  | $ | 6,849 |  |  |  |  |  |  | $ | 8,597 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Customer loan swaps(1) |  | $ | 347,921 |  |  | Other assets |  | $ | 24,045 |  |  | $ | 347,921 |  |  | Accrued interest and other liabilities |  | $ | 24,045 |
Fixed Rate mortgage interest rate lock commitments |  | 35,720 |  |  | Other assets |  | 498 |  |  | 15,302 |  |  | Accrued interest and other liabilities |  | 116 |
Forward delivery commitments |  | 8,492 |  |  | Other assets |  | 215 |  |  | 2,297 |  |  | Accrued interest and other liabilities |  | 22 |
Total derivatives not designated as hedging instruments |  |  |  |  |  | $ | 24,758 |  |  |  |  |  |  | $ | 24,183 |
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 September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 48 |  |  | $ | 48 |  |  | $ | — |  | Interest and fees on loans |  | $ | 410 |  |  | $ | 410 |  |  | $ | — |
Interest rate contracts |  | 190 |  |  | 190 |  |  | — |  | Interest on deposits |  | (170) |  |  | (170) |  |  | — |
Interest rate contracts |  | 228 |  |  | 228 |  |  | — |  | Interest on subordinated debentures |  | (369) |  |  | (369) |  |  | — |
Total |  | $ | 466 |  |  | $ | 466 |  |  | $ | — |  |  |  | $ | (129) |  |  | $ | (129) |  |  | $ | — |
For the Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (688) |  |  | $ | (688) |  |  | $ | — |  | Interest and fees on loans |  | $ | 1,205 |  |  | $ | 1,205 |  |  | $ | — |
Interest rate contracts |  | 2,142 |  |  | 2,142 |  |  | — |  | Interest on deposits |  | (490) |  |  | (490) |  |  | — |
Interest rate contracts |  | 2,201 |  |  | 2,201 |  |  | — |  | Interest on subordinated debentures |  | (1,222) |  |  | (1,222) |  |  | — |
Total |  | $ | 3,655 |  |  | $ | 3,655 |  |  | $ | — |  |  |  | $ | (507) |  |  | $ | (507) |  |  | $ | — |
For the Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (81) |  |  | $ | (81) |  |  | $ | — |  | Interest and fees on loans |  | $ | 311 |  |  | $ | 311 |  |  | $ | — |
Interest rate contracts |  | 140 |  |  | 140 |  |  | — |  | Interest on deposits |  | — |  |  | — |  |  | — |
Interest rate contracts |  | 197 |  |  | 197 |  |  | — |  | Interest on borrowings |  | (74) |  |  | (74) |  |  | — |
Interest rate contracts |  | 432 |  |  | 432 |  |  | — |  | Interest on subordinated debentures |  | (405) |  |  | (405) |  |  | — |
Total |  | $ | 688 |  |  | $ | 688 |  |  | $ | — |  |  |  | $ | (168) |  |  | $ | (168) |  |  | $ | — |
For the Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 5,844 |  |  | $ | 5,844 |  |  | $ | — |  | Interest and fees on loans |  | $ | 610 |  |  | $ | 610 |  |  | $ | — |
Interest rate contracts |  | (838) |  |  | (838) |  |  | — |  | Interest on deposits |  | (26) |  |  | (26) |  |  | — |
Interest rate contracts |  | (922) |  |  | (922) |  |  | — |  | Interest on borrowings |  | (22) |  |  | (22) |  |  | — |
Interest rate contracts |  | (4,502) |  |  | (4,502) |  |  | — |  | Interest on subordinated debentures |  | (942) |  |  | (942) |  |  | — |
Total |  | $ | (418) |  |  | $ | (418) |  |  | $ | — |  |  |  | $ | (380) |  |  | $ | (380) |  |  | $ | — |
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 September 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 |  | $ | 31,185 |  |  | $ | 1,973 |  |  | $ | 122 |  |  | $ | 538 |  |  | $ | 33,025 |  |  | $ | 2,899 |  |  | $ | 394 |  |  | $ | 893 |
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from AOCI into income |  | $ | 410 |  |  | $ | (170) |  |  | $ | — |  |  | $ | (369) |  |  | $ | 311 |  |  | $ | — |  |  | $ | (74) |  |  | $ | (405) |
Amount of gain (loss) reclassified from AOCI into income - included component |  | $ | 410 |  |  | $ | (170) |  |  | $ | — |  |  | $ | (369) |  |  | $ | 311 |  |  | $ | — |  |  | $ | (74) |  |  | $ | (405) |
Amount of gain (loss) reclassified from AOCI into income - excluded component |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Location and Amount of Gain (Loss) Recognized in Income
|  | Nine Months Ended September 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 |  | $ | 92,610 |  |  | $ | 5,957 |  |  | $ | 454 |  |  | $ | 1,983 |  |  | $ | 100,190 |  |  | $ | 12,953 |  |  | $ | 1,591 |  |  | $ | 2,668 |
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from AOCI into income |  | $ | 1,205 |  |  | $ | (490) |  |  | $ | — |  |  | $ | (1,222) |  |  | $ | 610 |  |  | $ | (26) |  |  | $ | (22) |  |  | $ | (942) |
Amount of gain (loss) reclassified from AOCI into income - included component |  | $ | 1,205 |  |  | $ | (490) |  |  | $ | — |  |  | $ | (1,222) |  |  | $ | 610 |  |  | $ | (26) |  |  | $ | (22) |  |  | $ | (942) |
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 September 30, |  | Nine Months Ended September 30,
(Dollars in thousands) |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Fixed rate mortgage interest rate lock commitments |  | Mortgage banking income, net |  | $ | (434) |  |  | $ | (386) |  |  | $ | 22 |  |  | $ | 110 |
Forward delivery commitments |  | Mortgage banking income, net |  | 65 |  |  | 123 |  |  | 78 |  |  | (33) |
Total |  |  |  | $ | (369) |  |  | $ | (263) |  |  | $ | 100 |  |  | $ | 77 |

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