v3.21.1

Derivatives, Hedging Activities and Balance Sheet Offsetting (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:
|  | As of March 31, 2021 |  | As of December 31, 2020
|  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
(in thousands) |  |  | Assets |  | Liabilities |  |  | Assets |  | Liabilities
Designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 25,373 |  |  | $ | 547 |  |  | $ | 1,329 |  |  | $ | 25,559 |  |  | $ | 34 |  |  | $ | 2,452 |
Total |  | $ | 25,373 |  |  | $ | 547 |  |  | $ | 1,329 |  |  | $ | 25,559 |  |  | $ | 34 |  |  | $ | 2,452 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 346,944 |  |  | $ | 6,346 |  |  | $ | 6,361 |  |  | $ | 347,380 |  |  | $ | 10,758 |  |  | $ | 10,807 |
RPAs - protection sold |  | 4,412 |  |  | 1 |  |  | — |  |  | 4,471 |  |  | 4 |  |  | — |
RPAs - protection purchased |  | 9,778 |  |  | — |  |  | 4 |  |  | 9,825 |  |  | — |  |  | 8 |
Total |  | $ | 361,134 |  |  | $ | 6,347 |  |  | $ | 6,365 |  |  | $ | 361,676 |  |  | $ | 10,762 |  |  | $ | 10,815 |
Schedule of Derivatives Instrument Impacts on Statements | The table below presents the effect of cash flow hedge accounting on AOCI for three months ended March 31, 2021 and 2020.
| Amount of Gain (Loss) Recognized in AOCI on Derivative |  | Location of Gain (Loss) Reclassified from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income
| Three Months Ended March 31, |  |  |  | Three Months Ended March 31,
(in thousands) | 2021 |  | 2020 |  |  |  | 2021 |  | 2020
Interest rate swaps | $ | — |  |  | $ | (888) |  |  | Interest Expense |  | $ | — |  |  | $ | 5 |
The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:
| Location and Amount of Gain or Loss Recognized in Income on Fair Value and Cash Flow Hedging Relationships
| For the Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
(in thousands) | Interest Income |  | Other Income |  | Interest Income |  | Other Income |  |  |  |  |  |  |  |
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ | (108) |  |  | $ | — |  |  | $ | (47) |  |  | $ | — |  |  |  |  |  |  |  |  |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships in subtopic 815-20: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items | (1,633) |  |  | — |  |  | 1,750 |  |  | — |  |  |  |  |  |  |  |  |
Derivative designated as hedging instruments | 1,123 |  |  | — |  |  | (1,761) |  |  | — |  |  |  |  |  |  |  |  |
Income statement effect of cash flow hedging relationships in subtopic 815-20: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from AOCI into income | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  |  |  |  |  |
Hedged Items In Fair Value Hedging Relationship | As of March 31, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
Line Item in the Balance Sheet in Which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
(in thousands) |  |  |  |
Loans |  | $ | 26,173 |  |  | $ | 786 |
Derivatives Not Designated as Hedging Instruments | The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:
|  | Location in the Consolidated Statements of Income |  | For the Three Months Ended March 31, |  |
(in thousands) |  |  | 2021 |  | 2020 |  |  |  |
Interest rate swaps |  | Other income |  | $ | (34) |  |  | $ | 141 |  |  |  |  |
RPAs |  | Other income |  | — |  |  | 103 |  |  |  |  |
Total |  |  |  | $ | (34) |  |  | $ | 244 |  |  |  |  |
Offsetting Derivative Assets And Liabilities | The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2021 and December 31, 2020, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.
|  |  |  |  |  | Gross Amounts Not Offset in the Balance Sheet |  |
(in thousands) | Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Assets (Liabilities) presented in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received (Paid) |  | Net Assets (Liabilities)
As of March 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Asset Derivatives | $ | 6,894 |  |  | $ | — |  |  | $ | 6,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,894 |
Liability Derivatives | (7,694) |  |  | — |  |  | (7,694) |  |  | — |  |  | (2,140) |  |  | (5,554) |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Asset Derivatives | $ | 10,796 |  |  | $ | — |  |  | $ | 10,796 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,796 |
Liability Derivatives | (13,267) |  |  | — |  |  | (13,267) |  |  | — |  |  | (13,267) |  |  | — |

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