Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Contract Derivative Financial Instruments and Related Hedged Items

The following tables set forth certain information concerning the Company’s interest rate contract derivative financial instruments and related hedged items at the dates indicated (dollars in thousands):

	June 30, 2021
		Weighted Average Pay Rate	Weighted Average Receive Rate	Weighted Average Remaining Life in Years
					Notional Amount		Balance Sheet Location	Fair Value
	Hedged Item							Asset		Liability
Derivatives designated as cash flow hedges:
Pay-fixed interest rate swaps	Variability of interest cash flows on variable rate borrowings	2.53%	3-Month LIBOR	2.3	$	2,381,000	Other liabilities	$	—	$	(4,544)
Interest rate caps purchased, indexed to Fed Funds effective rate	Variability of interest cash flows on variable rate borrowings	—%	—%	4.4	100,000		Other assets	1,259		—
Derivatives designated as fair value hedges:
Receive-fixed interest rate swaps	Variability of fair value of fixed rate borrowings	3-Month LIBOR	1.54%	0.2	200,000		Other liabilities	—		—
Derivatives not designated as hedges:
Pay-fixed interest rate swaps		3.57%	Indexed to 1-month LIBOR	5.4	1,679,754		Other assets / Other liabilities	1,067		(25,087)
Pay-variable interest rate swaps		Indexed to 1-month LIBOR	3.57%	5.4	1,679,754		Other assets	77,014		(2,154)
Interest rate caps purchased, indexed to 1-month LIBOR			2.36%	2.6	43,000		Other assets	346		—
Interest rate caps sold, indexed to 1-month LIBOR		2.36%		2.6	43,000		Other liabilities	—		(346)
					$	6,126,508		$	79,686	$	(32,131)

	December 31, 2020
		Weighted Average Pay Rate	Weighted Average Receive Rate	Weighted Average Remaining Life in Years
					Notional Amount		Balance Sheet Location	Fair Value
	Hedged Item							Asset		Liability
Derivatives designated as cash flow hedges:
Pay-fixed interest rate swaps	Variability of interest cash flows on variable rate borrowings	2.41%	3-Month LIBOR	2.5	$	2,771,000	Other liabilities	$	—	$	(5,971)
Interest rate caps purchased, indexed to Fed Funds effective rate	Variability of interest cash flows on variable rate borrowings	—%	—%	4.9	100,000		Other assets	485		—
Derivatives designated as fair value hedges:
Receive-fixed interest rate swaps	Variability of fair value of fixed rate borrowings	3-Month LIBOR	1.55%	0.6	250,000		Other liabilities	—		—
Derivatives not designated as hedges:
Pay-fixed interest rate swaps		3.61%	Indexed to 1-month LIBOR	5.3	1,626,152		Other assets / Other liabilities	—		(38,519)
Pay-variable interest rate swaps		Indexed to 1-month LIBOR	3.61%	5.3	1,626,152		Other assets / Other liabilities	123,345		—
Interest rate caps purchased, indexed to 1-month LIBOR			3.72%	0.4	25,921		Other assets	—		—
Interest rate caps sold, indexed to 1-month LIBOR		3.72%		0.4	25,921		Other liabilities	—		—
					$	6,425,146		$	123,830	$	(44,490)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,				Location of Loss Reclassified from AOCI into Income
	2021		2020		2021		2020
Interest rate contracts	$	(14,882)	$	(10,009)	$	(29,857)	$	(14,565)	Interest expense on borrowings

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table provides information about the amount of gain (loss) related to derivatives designated as fair value hedges recognized in earnings for the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,				Location of Gain (Loss) in Consolidated Statements of Income
	2021		2020		2021		2020
Fair value adjustment on derivatives	$	(669)	$	8	$	(1,496)	$	4,028	Interest expense on borrowings
Fair value adjustment on hedged items	670		(164)		1,495		(4,072)		Interest expense on borrowings
Gain (loss) recognized on fair value hedges (ineffective portion)	$	1	$	(156)	$	(1)	$	(44)

Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments [Table Text Block]

The following table provides information about the hedged items related to derivatives designated as fair value hedges at the dates indicated (in thousands):

	June 30, 2021		December 31, 2020		Location in Consolidated Balance Sheets
Contractual balance outstanding of hedged item	$	200,000	$	250,000	FHLB advances
Cumulative fair value hedging adjustments	$	505	$	1,999	FHLB advances

Schedule of Interest Rate Swaps Subject to Master Netting Agreements

The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps subject to these agreements is as follows at the dates indicated (in thousands):

	June 30, 2021
			Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized						Derivative Instruments		Collateral Pledged		Net Amount
Derivative assets	$	1,413	$	—	$	1,413	$	(1,363)	$	—	$	50
Derivative liabilities	(29,631)		—		(29,631)		1,363		28,220		(48)
	$	(28,218)	$	—	$	(28,218)	$	—	$	28,220	$	2

	December 31, 2020
			Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized						Derivative Instruments		Collateral Pledged		Net Amount
Derivative assets	$	—	$	—	$	—	$	—	$	—	$	—
Derivative liabilities	(44,490)		—		(44,490)		—		44,332		(158)
	$	(44,490)	$	—	$	(44,490)	$	—	$	44,332	$	(158)