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Interest Rate Swap Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of balance sheet category and fair values of the derivative instruments | The table below identifies the balance sheet category and fair values of the Company’s designated cash flow hedge derivative instruments and non-designated hedges as of September 30, 2018 and December 31, 2017.
|  |  |  |  | September 30, 2018 |  | December 31, 2017
|  | Swap |  |  | Notional |  |  |  |  |  | Balance Sheet |  | Notional |  |  |  |  |  | Balance Sheet
|  | Number |  |  | Amount |  |  | Fair Value |  |  | Category |  | Amount |  |  | Fair Value |  |  | Category
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | (1 | ) |  | $ | 75,000 |  |  | $ | 1,240 |  |  | Other Assets |  | $ | 75,000 |  |  | $ | 598 |  |  | Other Assets
Interest rate swap |  |  | (2 | ) |  |  | 100,000 |  |  |  | 2,539 |  |  | Other Assets |  |  | 100,000 |  |  |  | 821 |  |  | Other Assets
Interest rate swap |  |  | (3 | ) |  |  | 75,000 |  |  |  | 2,648 |  |  | Other Assets |  |  | 75,000 |  |  |  | 837 |  |  | Other Assets
|  |  | Total |  |  | $ | 250,000 |  |  | $ | 6,427 |  |  |  |  | $ | 250,000 |  |  | $ | 2,256 |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Contracts |  |  | (1 | ) |  |  | 27,500 |  |  |  | 29 |  |  | Other Liabilities |  |  | — |  |  |  | — |  |  | Other Liabilities
|  |  | Total |  |  | $ | 27,500 |  |  | $ | 29 |  |  |  |  | $ | — |  |  | $ | — |  |  |
Schedule of pretax net gains (losses) of dsignated cash flow hedges | The table below presents the pre-tax net gains (losses) of the Company’s designated cash flow hedges for the three and nine months ended September 30, 2018 and 2017.
|  |  |  |  | Three Months Ended September 30, 2018 |  |  | Three Months Ended September 30, 2017 |
|  |  |  |  | Amount of |  |  | Reclassified from AOCI into Income |  |  | Amount of |  |  | Reclassified from AOCI into Income |
|  | Swap |  |  | Pre-tax gain |  |  |  |  | Amount of |  |  | Pre-tax (loss) |  |  |  |  | Amount of |
|  | Number |  |  | Recognized in OCI |  |  | Category |  | Gain (Loss) |  |  | Recognized in OCI |  |  | Category |  | (Loss) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | (1 | ) |  | $ | 111 |  |  | Interest Expense |  | $ | 90 |  |  | $ | 26 |  |  | Interest Expense |  | $ | (72 | )
Interest rate swap |  |  | (2 | ) |  |  | 426 |  |  | Interest Expense |  |  | 73 |  |  |  | (8 | ) |  | Interest Expense |  |  | (122 | )
Interest rate swap |  |  | (3 | ) |  |  | 312 |  |  | Interest Expense |  |  | 51 |  |  |  | (56 | ) |  | Interest Expense |  |  | (113 | )
|  |  | Total |  |  | $ | 849 |  |  |  |  | $ | 214 |  |  | $ | (38 | ) |  |  |  | $ | (307 | )
|  |  |  |  |  | Nine Months Ended September 30, 2018 |  |  | Nine Months Ended September 30, 2017 |
|  |  |  |  |  |  |  | Reclassified from AOCI into Income |  |  |  |  |  | Reclassified from AOCI into Income |
|  |  | Swap Number |  |  | Amount of Pre-tax gain Recognized in OCI |  | Category |  | Amount of Gain (Loss) |  |  | Amount of Pre-tax (loss) Recognized in OCI |  |  | Category |  | Amount of (Loss) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | (1 | ) |  | $ | 791 |  |  | Interest Expense |  | $ | 148 |  |  | $ | (26 | ) |  | Interest Expense |  | $ | (338 | )
Interest rate swap |  |  | (2 | ) |  |  | 1,769 |  |  | Interest Expense |  |  | 51 |  |  |  | (35 | ) |  | Interest Expense |  |  | (525 | )
Interest rate swap |  |  | (3 | ) |  |  | 1,841 |  |  | Interest Expense |  |  | 31 |  |  |  | (400 | ) |  | Interest Expense |  |  | (458 | )
|  |  | Total |  |  | $ | 4,401 |  |  |  |  | $ | 230 |  |  | $ | (461 | ) |  |  |  | $ | (1,321 | )
Schedule of the effect of derivative financial instruments on the Consolidated Statements of Operations | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017.
|  | Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships |
|  | Three Months Ended September 30, 2018 |  | Three Months Ended September 30, 2017 |
(dollars in thousands) |  | Interest Income (Expense) |  |  | Other Income (Expense) |  |  | Interest Income (Expense) |  |  | Other Income (Expense) |
Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded |  | $ | 214 |  |  | $ | — |  |  | $ | (307 | ) |  | $ | — |
The effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income |  | $ | 214 |  |  | $ | — |  |  | $ | (307 | ) |  | $ | — |
|  | Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships |
|  | Nine Months Ended September 30, 2018 |  |  | Nine Months Ended September 30, 2017 |
(dollars in thousands) |  | Interest Income (Expense) |  |  | Other Income (Expense) |  |  | Interest Income (Expense) |  |  | Other Income (Expense) |
Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded |  | $ | 230 |  |  | $ | — |  |  | $ | (1,321 | ) |  | $ | — |
The effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income |  | $ | 230 |  |  | $ | — |  |  | $ | (1,321 | ) |  | $ | — |
Schedule of offsetting liabilities of derivatives | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s cash flow hedge derivatives as of September 30, 2018 and December 31, 2017.
As of September 30, 2018
Offsetting of Derivative Assets (dollars in thousands)
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Balance Sheet |
|  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets presented in the Balance Sheet |  |  | Financial Instruments |  |  | Cash Collateral Posted |  |  | Net Amount |
Counterparty 1 |  | $ | 5,220 |  |  | $ | — |  |  | $ | 5,220 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,220 |
Counterparty 2 |  |  | 1,270 |  |  |  | — |  |  | $ | 1,270 |  |  |  | — |  |  |  | — |  |  | $ | 1,270 |
Counterparty 3 |  |  | (29 | ) |  |  | — |  |  | $ | (29 | ) |  |  | — |  |  |  | — |  |  | $ | (29 | )
|  | $ | 6,461 |  |  | $ | — |  |  | $ | 6,461 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,461 |
As of December 31, 2017
Offsetting of Derivative Assets (dollars in thousands)
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Balance Sheet |
|  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets presented in the Balance Sheet |  |  | Financial Instruments |  |  | Cash Collateral Posted |  |  | Net Amount |
Counterparty 1 |  | $ | 1,619 |  |  | $ | — |  |  | $ | 1,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,619 |
Counterparty 2 |  |  | 582 |  |  |  | — |  |  |  | 582 |  |  |  | — |  |  |  | — |  |  |  | 582 |
|  | $ | 2,201 |  |  | $ | — |  |  | $ | 2,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,201 |

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