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Derivatives (Tables)
3 Months Ended
Mar. 31, 2021
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:
March 31, 2021
Notional AmountAssetLiability
Not designated as hedging:
Interest rate contracts$685,330 $26,419 $26,272 
Forward commitments1,575,965 25,835 — 
Interest rate-lock commitments1,058,779 12,949 — 
Futures contracts413,200 — 2,999 
Total$3,733,274 $65,203 $29,271 

 December 31, 2020
 Notional AmountAssetLiability
Not designated as hedging:   
Interest rate contracts$606,878 $34,547 $34,317 
Forward commitments1,358,328 — 11,633 
Interest rate-lock commitments1,191,621 34,391 — 
Futures contracts375,400 — 383 
Total$3,532,227 $68,938 $46,333 
 
 March 31, 2021
 Notional AmountAssetLiability
Designated as hedging:   
Interest rate swaps$30,000 $— $1,481 
December 31, 2020
Notional AmountAssetLiability
Designated as hedging:
Interest rate swaps$30,000 $— $1,909 
Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments
Gains (losses) included in the consolidated statements of income related to the Company’s derivative financial instruments were as follows:
Three Months Ended March 31,
 2021 2020 
Not designated as hedging instruments (included in mortgage banking income):
Interest rate lock commitments$(21,442)$20,462 
Forward commitments43,258 (26,457)
Futures contracts(16,332)10,911 
Total$5,484 $4,916 
Three Months Ended March 31,
 2021 2020 
Designated as hedging:
Amount of gain reclassified from other comprehensive income and
recognized in interest expense on borrowings, net of taxes of $— and $52
$— $147 
Loss included in interest expense on borrowings(137)(12)
Total$(137)$135 
The following discloses the amount included in other comprehensive income, net of tax, for derivative instruments designated as cash flow hedges for the periods presented: 
Three Months Ended March 31,
 2021 2020 
Designated as hedging:
Amount of gain (loss) recognized in other comprehensive income, net of tax $112 and $403
$316 $(1,145)
Schedule of Offsetting Assets The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
Offsetting Derivative AssetsOffsetting Derivative Liabilities
March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Gross amounts recognized$5,901 $3,863 $21,416 $34,051 
Gross amounts offset in the consolidated balance sheets— — — — 
Net amounts presented in the consolidated balance sheets5,901 3,863 21,416 34,051 
Gross amounts not offset in the consolidated balance sheets
Less: financial instruments5,360 857 5,360 857 
Less: financial collateral pledged— — 16,056 33,194 
Net amounts$541 $3,006 $— $— 
Schedule of Offsetting Liabilities The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
Offsetting Derivative AssetsOffsetting Derivative Liabilities
March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Gross amounts recognized$5,901 $3,863 $21,416 $34,051 
Gross amounts offset in the consolidated balance sheets— — — — 
Net amounts presented in the consolidated balance sheets5,901 3,863 21,416 34,051 
Gross amounts not offset in the consolidated balance sheets
Less: financial instruments5,360 857 5,360 857 
Less: financial collateral pledged— — 16,056 33,194 
Net amounts$541 $3,006 $— $—