Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2021 and December 31, 2020 (in thousands):

	At March 31, 2021
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair  Value		Consolidated Statements of Financial Condition	Fair  Value
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	74,668	Other liabilities	$	75,740
Credit contracts	Other assets	96		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	74,764		$	75,740
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	1,778	Other liabilities	$	2,488
Total derivatives designated as a hedging instrument		$	1,778		$	2,488

	At December 31, 2020
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair Value		Consolidated Statements of Financial Condition	Fair Value
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	107,652	Other liabilities	$	109,148
Credit contracts	Other assets	97		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	107,749		$	109,148
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	(6,671)	Other liabilities	$	—
Total derivatives designated as a hedging instrument		$	(6,671)		$	—

Effect of the derivative financial instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2021 and 2020 (in thousands).

		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	March 31, 2021		March 31, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	400	(819)
Credit contracts	Other income	23		(1)
Total		$	423	(820)
Derivatives designated as a hedging instrument:
		Loss recognized in  expense on derivatives
Interest rate products	Interest expense	$	879	106
Total		$	879	106