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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts and Estimated Fair Values The notional amounts and estimated fair values as of March 31, 2020 and December 31, 2019 were as follows:

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

 

 

 

 

Fair Value

 

 

 

 

 

 

Fair Value

 

(In thousands)

 

Notional Amount

 

 

Other Assets

 

 

Other Liabilities

 

 

Notional Amount

 

 

Other Assets

 

 

Other Liabilities

 

Derivatives designated as hedging instruments (cash flow hedges):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loan interest rate swaps

 

$

350,000

 

 

$

23,497

 

 

$

—

 

 

$

350,000

 

 

$

—

 

 

$

643

 

Commercial loan interest rate collars

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,000,000

 

 

 

239,213

 

 

 

—

 

Total derivatives designated as hedging instruments

 

 

350,000

 

 

 

23,497

 

 

 

—

 

 

 

4,350,000

 

 

 

239,213

 

 

 

643

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loan interest rate swaps

 

 

1,203,681

 

 

 

24,533

 

 

 

1,956

 

 

 

1,008,805

 

 

 

8,386

 

 

 

899

 

Commercial loan interest rate caps

 

 

171,470

 

 

 

11

 

 

 

11

 

 

 

167,185

 

 

 

18

 

 

 

18

 

Commercial loan interest rate floors

 

 

613,250

 

 

 

15,634

 

 

 

15,634

 

 

 

654,298

 

 

 

8,836

 

 

 

8,836

 

Commercial loan interest rate collars

 

 

73,332

 

 

 

711

 

 

 

711

 

 

 

75,555

 

 

 

257

 

 

 

257

 

Mortgage loan held-for-sale interest rate lock commitments

 

 

21,350

 

 

 

333

 

 

 

—

 

 

 

4,138

 

 

 

22

 

 

 

—

 

Mortgage loan forward sale commitments

 

 

2,705

 

 

 

—

 

 

 

23

 

 

 

4,109

 

 

 

26

 

 

 

—

 

Mortgage loan held-for-sale floating commitments

 

 

7,732

 

 

 

—

 

 

 

—

 

 

 

1,523

 

 

 

—

 

 

 

—

 

Foreign exchange contracts

 

 

73,937

 

 

 

1,614

 

 

 

1,208

 

 

 

74,322

 

 

 

379

 

 

 

558

 

Total derivatives not designated as hedging instruments

 

 

2,167,457

 

 

 

42,836

 

 

 

19,543

 

 

 

1,989,935

 

 

 

17,924

 

 

 

10,568

 

Total derivatives

 

$

2,517,457

 

 

$

66,333

 

 

$

19,543

 

 

$

6,339,935

 

 

$

257,137

 

 

$

11,211

 

 
Schedule of Gain (Loss) in Consolidated Statements of Income Related to Derivative Instruments

Pre-tax gain (loss) included in the consolidated statements of income related to derivative instruments for the three months ended March 31, 2020 and 2019 were as follows:

 

 

For the Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(In thousands)

 

OCI

 

 

Reclassified

from AOCI to

interest income

 

 

Noninterest

income

 

 

OCI

 

 

Reclassified

from AOCI to

interest income

 

 

Noninterest

income

 

Derivatives designated as hedging instruments (cash flow hedges):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loan interest rate swaps

 

$

24,035

 

 

$

(106

)

 

$

—

 

 

$

6,656

 

 

$

(1,508

)

 

$

—

 

Commercial loan interest rate collars

 

 

143,198

 

 

 

8,213

 

 

 

—

 

 

 

41,477

 

 

 

—

 

 

 

—

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans held for sale interest rate lock commitments

 

$

—

 

 

$

—

 

 

$

311

 

 

$

—

 

 

$

—

 

 

$

69

 

Foreign exchange contracts

 

 

 

 

 

 

 

 

 

 

865

 

 

 

—

 

 

 

—

 

 

 

1,140

 

 
Schedule of Interest Rate Swap Agreements

In March 2016, the Company entered into the following interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans.

Effective Date

 

Maturity Date

 

Notional Amount

(In Thousands)

 

 

Fixed Rate

 

 

Variable Rate

March 8, 2016

 

February 27, 2026

 

$

175,000

 

 

 

1.5995

%

 

1 Month LIBOR

March 8, 2016

 

February 27, 2026

 

 

175,000

 

 

 

1.5890

 

 

1 Month LIBOR