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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments on the Balance Sheet | The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of September 30, 2020 and December 31, 2019 (in thousands):
|  |  |  |  |  |  |  |  |  | Asset derivatives |  |  | Liability derivatives |
|  | Gross notional amount |  |  | Balance |  | Fair value |  |  | Balance |  | Fair value |
|  | Sept. 30, 2020 |  |  | Dec. 31, 2019 |  |  | sheet line item |  | Sept. 30, 2020 |  |  | Dec. 31, 2019 |  |  | sheet line item |  | Sept. 30, 2020 |  |  | Dec. 31, 2019 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 50,000 |  |  | $ | 100,000 |  |  | Other assets |  | $ | — |  |  | $ | — |  |  | Other liabilities |  | $ | 647 |  |  | $ | — |
Total derivatives |  | $ | 50,000 |  |  | $ | 100,000 |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 647 |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 100,000 |  |  | $ | — |  |  | Other assets |  | $ | — |  |  | $ | — |  |  | Other liabilities |  | $ | — |  |  | $ | — |
Interest rate swaps (1) |  |  | 575,707 |  |  |  | 272,962 |  |  | Other assets |  |  | 23,079 |  |  |  | 6,419 |  |  | Other liabilities |  |  | 23,498 |  |  |  | 6,720 |
Credit contracts |  |  | 87,393 |  |  |  | 68,324 |  |  | Other assets |  |  | 29 |  |  |  | 13 |  |  | Other liabilities |  |  | 47 |  |  |  | 18 |
Mortgage banking |  |  | 40,752 |  |  |  | 11,859 |  |  | Other assets |  |  | 891 |  |  |  | 119 |  |  | Other liabilities |  |  | 13 |  |  |  | 7 |
Total derivatives |  | $ | 803,852 |  |  | $ | 353,145 |  |  |  |  | $ | 23,999 |  |  | $ | 6,551 |  |  |  |  | $ | 23,558 |  |  | $ | 6,745 |
(1) | The Company secured its obligations under these contracts with $24.6 million and $6.7 million in cash at September 30, 2020 and December 31, 2019, respectively.
Effect of Derivative Instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three and nine months ended September 30, 2020 and 2019 (in thousands):
|  |  |  | Gain (loss) recognized in income |  |  | Gain (loss) recognized in income |
|  | Line item of gain (loss) |  | Three months ended September 30, |  |  | Nine months ended September 30, |
Undesignated derivatives |  | recognized in income |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cash flow hedges |  | Income from derivative instruments, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate swaps |  | Income from derivative instruments, net |  |  | 1,310 |  |  |  | 854 |  |  |  | 3,715 |  |  |  | 838 |
Credit contracts |  | Income from derivative instruments, net |  |  | 13 |  |  |  | 48 |  |  |  | 136 |  |  |  | 54 |
Mortgage banking |  | Income from derivative instruments, net |  |  | 608 |  |  |  | (12 | ) |  |  | 766 |  |  |  | 121 |
Total undesignated |  |  |  | $ | 1,931 |  |  | $ | 890 |  |  | $ | 4,617 |  |  | $ | 1,013 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: 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 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + 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 + Details
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