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Derivatives (Tables)
9 Months Ended
Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments

The following tables provide details on the Company’s derivative financial instruments as of the dates presented:

 

 

 

September 30, 2018

 

 

 

Notional Amount

 

 

Asset

 

 

Liability

 

Not designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

270,205

 

 

$

3,791

 

 

$

3,791

 

Forward commitments

 

 

587,976

 

 

 

2,242

 

 

 

 

Interest rate-lock commitments

 

 

452,820

 

 

 

6,079

 

 

 

 

Futures contracts

 

 

216,000

 

 

 

 

 

 

285

 

Option contracts

 

 

6,000

 

 

 

31

 

 

 

 

Total

 

$

1,533,001

 

 

$

12,143

 

 

$

4,076

 

 

 

 

December 31, 2017

 

 

 

Notional Amount

 

 

Asset

 

 

Liability

 

Not designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

146,754

 

 

$

1,146

 

 

$

1,146

 

Forward commitments

 

 

870,574

 

 

 

 

 

 

553

 

Interest rate-lock commitments

 

 

504,156

 

 

 

6,768

 

 

 

 

Futures contracts

 

 

283,000

 

 

 

315

 

 

 

 

Option contracts

 

 

6,000

 

 

 

29

 

 

 

 

Total

 

$

1,810,484

 

 

$

8,258

 

 

$

1,699

 

 

 

 

September 30, 2018

 

 

 

Notional Amount

 

 

Asset

 

 

Liability

 

Designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

30,000

 

 

$

1,519

 

 

$

 

Total

 

$

30,000

 

 

$

1,519

 

 

$

 

 

 

 

December 31, 2017

 

 

 

Notional Amount

 

 

Asset

 

 

Liability

 

Designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

130,000

 

 

$

1,432

 

 

$

 

Total

 

$

130,000

 

 

$

1,432

 

 

$

 

 

Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments

 

Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Not designated as hedging instruments (included in mortgage banking income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

$

(3,415

)

 

$

486

 

 

$

(688

)

 

$

1,995

 

Forward commitments

 

 

1,524

 

 

 

(4,221

)

 

 

7,477

 

 

 

(11,469

)

Futures contracts

 

 

(563

)

 

 

66

 

 

 

(4,379

)

 

 

66

 

Options contracts

 

 

(55

)

 

 

 

 

 

(50

)

 

 

 

Total

 

$

(2,509

)

 

$

(3,669

)

 

$

2,360

 

 

$

(9,408

)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of gain (loss) reclassified from other comprehensive

  income and recognized in interest expense on long-term debt

 

$

69

 

 

 

(91

)

 

$

62

 

 

 

(91

)

 

Schedule of Other Comprehensive Income (Loss), Net of Tax, for Derivative Instruments Designated as Cash Flow Hedges

The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of gain recognized in other comprehensive

   income, net of tax

 

$

169

 

 

 

81

 

 

$

1,638

 

 

 

81