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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Derivative Instruments, Cumulative Basis Adjustments

The following table presents amounts that were recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of September 30, 2021 and December 31, 2020.  

(in thousands)						Carrying amount of the hedged asset												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets
Line item in the condensed consolidated balance sheets in which the hedged item is included						September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
Securities available-for-sale (1)						$	76,526					$	124,210					$	2,606					$	6,064

(1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The designated hedged items were $50.0 million and $88.2 million, at September 30, 2021 and December 31, 2020.

Schedule Of Derivative Instruments Of Fixed Rate Receivables

The following tables present a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Company’s asset/liability management activities at September 30, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments.

(dollars in thousands) September 30, 2021						Notional Value						Weighted- Average Remaining Maturity (years)												Weighted-Average Ratio
Instruments Associated With																		Fair Value						Receive						Pay
Securities available-for-sale						$	50,000					3.1						$	(2,608)					3-month LIBOR						2.33		%
Total at September 30, 2021						$	50,000					3.1						$	(2,608)					3-month LIBOR						2.33		%

In March 2021, the Company terminated fair value hedging relationships with a notional value of $38.2 million associated with agency mortgage-backed securities available-for-sale, which resulted in swap termination payments to counterparties totaling $1.9 million. The corresponding securities fair value hedging adjustment as of the date of termination is being amortized over the remaining lives of the designated securities.

(dollars in thousands) December 31, 2020						Notional Value						Weighted- Average Remaining Maturity (years)												Weighted-Average Ratio
Instruments Associated With																		Fair Value						Receive						Pay
Securities available-for-sale						$	88,200					3.1						$	(6,072)					3-month LIBOR						2.54		%
Total at December 31, 2020						$	88,200					3.1						$	(6,072)					3-month LIBOR						2.54		%

Schedule Of Derivative Instruments Of Variable Rate Liabilities

The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable-rate liabilities used in the Company’s asset/liability management activities at September 30, 2021 and December 31, 2020.

(dollars in thousands) September 30, 2021						Notional						Weighted- Average Remaining Maturity												Weighted-Average Ratio
Cash Flow Hedges						Value						(years)						Fair Value						Receive						Pay
Interest rate swaps						$	110,000					5.3						$	(10,563)					3-month LIBOR						2.88		%
Interest rate swaps						100,000						2.2						(5,449)						1-month LIBOR						2.88		%

(dollars in thousands) December 31, 2020						Notional						Weighted- Average Remaining Maturity												Weighted-Average Ratio
Cash Flow Hedges						Value						(years)						Fair Value						Receive						Pay
Interest rate swaps						$	110,000					6.1						$	(15,727)					3-month LIBOR						2.88		%
Interest rate swaps						100,000						3.0						(7,951)						1-month LIBOR						2.88		%

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the notional amount and fair value of interest rate swaps, IRLCs and forward contracts utilized by the Company at September 30, 2021 and December 31, 2020.

						September 30, 2021												December 31, 2020
(in thousands)						Notional Amount						Fair Value						Notional Amount						Fair Value
Asset Derivatives
Derivatives not designated as hedging instruments
IRLCs						$	78,602					$	840					$	108,095					$	3,361
Forward contracts						80,000						458						—						—
Total contracts						$	158,602					$	1,298					$	108,095					$	3,361
Liability Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with securities available-for-sale						50,000						(2,608)						88,200						(6,072)
Interest rate swaps associated with liabilities						210,000						(16,102)						210,000						(23,678)
Derivatives not designated as hedging instruments
Forward contracts						—						—						107,500						(640)
Total contracts						$	260,000					$	(18,710)					$	405,700					$	(30,390)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the effects of the Company’s cash flow hedge relationships on the condensed consolidated statements of comprehensive income during the three and nine months ended September 30, 2021 and 2020.

						Amount of Gain Recognized in Other Comprehensive Income (Loss) in The Three Months Ended																														Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) in The Nine Months Ended
(in thousands)						September 30, 2021						September 30, 2020																								September 30, 2021						September 30, 2020
Interest rate swap agreements						$	1,439					$	1,514																							$	7,665					$	(12,453)

Schedule of Derivative Instruments in Statements of Income Fair Value

The following table summarizes the periodic changes in the fair value of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and nine months ended September 30, 2021 and 2020.

						Amount of Gain / (Loss) Recognized in the Three Months Ended												Amount of Gain / (Loss) Recognized in the Nine Months Ended
(in thousands)						September 30, 2021						September 30, 2020						September 30, 2021						September 30, 2020
Asset Derivatives
Derivatives not designated as hedging instruments
IRLCs						$	—					$	2,834					$	(2,519)					$	2,206
Liability Derivatives
Derivatives not designated as hedging instruments
IRLCs						22						—						—						—
Forward contracts						$	474					$	(468)					$	1,097					$	(332)

Schedule Of Effects Of Interest Rate Swap Agreements On Statements Of Income

The following table presents the effects of the Company’s interest rate swap agreements on the condensed consolidated statements of income during the three and nine months ended September 30, 2021 and 2020.

(in thousands) Line item in the condensed consolidated statements of income						Three Months Ended												Nine Months Ended
						September 30, 2021						September 30, 2020						September 30, 2021						September 30, 2020
Interest income
Loans						$	—					$	—					$	—					$	(2,445)
Securities - taxable						—						(229)						(253)						(479)
Securities - non-taxable						(280)						(242)						(817)						(472)
Total interest income						(280)						(471)						(1,070)						(3,396)
Interest expense
Deposits						702						685						2,072						1,585
Other borrowed funds						774						721						2,258						1,632
Total interest expense						1,476						1,406						4,330						3,217
Net interest income						$	(1,756)					$	(1,877)					$	(5,400)					$	(6,613)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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