Derivatives (Tables)
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3 Months Ended |
Mar. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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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 Amount | | Asset | | Liability | | Not designated as hedging: | | | | | | | | Interest rate contracts | | $ | 685,330 | | | $ | 26,419 | | | $ | 26,272 | | | Forward commitments | | 1,575,965 | | | 25,835 | | | — | | | Interest rate-lock commitments | | 1,058,779 | | | 12,949 | | | — | | | Futures contracts | | 413,200 | | | — | | | 2,999 | | | | | | | | | | | Total | | $ | 3,733,274 | | | $ | 65,203 | | | $ | 29,271 | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | Notional Amount | | Asset | | Liability | Not designated as hedging: | | | | | | | Interest rate contracts | | $ | 606,878 | | | $ | 34,547 | | | $ | 34,317 | | Forward commitments | | 1,358,328 | | | — | | | 11,633 | | Interest rate-lock commitments | | 1,191,621 | | | 34,391 | | | — | | Futures contracts | | 375,400 | | | — | | | 383 | | | | | | | | | Total | | $ | 3,532,227 | | | $ | 68,938 | | | $ | 46,333 | |
| | | | | | | | | | | | | | | | | | | | | | | March 31, 2021 | | | Notional Amount | | Asset | | Liability | Designated as hedging: | | | | | | | Interest rate swaps | | $ | 30,000 | | | $ | — | | | $ | 1,481 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | | Notional Amount | | Asset | | Liability | | Designated as hedging: | | | | | | | | Interest rate swaps | | $ | 30,000 | | | $ | — | | | $ | 1,909 | | | | | | | | | | |
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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 commitments | | | | | | 43,258 | | | (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) | | | |
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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 Assets | | Offsetting Derivative Liabilities | | | March 31, 2021 | | December 31, 2020 | | March 31, 2021 | | December 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 sheets | | 5,901 | | | 3,863 | | | 21,416 | | | 34,051 | | | | | | | | | | | Gross amounts not offset in the consolidated balance sheets | | | | | | | | | Less: financial instruments | | 5,360 | | | 857 | | | 5,360 | | | 857 | | Less: financial collateral pledged | | — | | | — | | | 16,056 | | | 33,194 | | Net amounts | | $ | 541 | | | $ | 3,006 | | | $ | — | | | $ | — | |
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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 Assets | | Offsetting Derivative Liabilities | | | March 31, 2021 | | December 31, 2020 | | March 31, 2021 | | December 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 sheets | | 5,901 | | | 3,863 | | | 21,416 | | | 34,051 | | | | | | | | | | | Gross amounts not offset in the consolidated balance sheets | | | | | | | | | Less: financial instruments | | 5,360 | | | 857 | | | 5,360 | | | 857 | | Less: financial collateral pledged | | — | | | — | | | 16,056 | | | 33,194 | | Net amounts | | $ | 541 | | | $ | 3,006 | | | $ | — | | | $ | — | |
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