DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Information About Derivative Assets and Liabilities

	September 30, 2021
			Weighted
	Notional		Average		Fair Value		Location Fair
	Amount		Maturity		Asset (Liability)		Value Asset
	(in thousands)		(in years)		(in thousands)		(Liability)
Cash flow hedges:
Interest rate swap on wholesale fundings	$	75,000		3.3	$	(1,168)	Other liabilities
Interest rate swap on variable rate loans		50,000		4.5		(121)	Other liabilities
Total cash flow hedges		125,000				(1,289)
Fair value hedges:
Interest rate swap on securities		37,190		7.8		(841)	Other liabilities
Total fair value hedges		37,190				(841)
Economic hedges:
Forward sale commitments		14,533		0.1		(140)	Other liabilities
Customer Loan Swaps-MNA Counterparty		250,852		6.4		(10,258)	Other liabilities
Customer Loan Swaps-RPA Counterparty		119,285		7.1		(5,892)	Other liabilities
Customer Loan Swaps-Customer		370,137		6.6		16,150	Other assets
Total economic hedges		754,807				(140)
Non-hedging derivatives:
Interest rate lock commitments		12,885		0.1		47	Other assets
Total non-hedging derivatives		12,885				47
Total	$	929,882			$	(2,223)

	December 31, 2020
			Weighted
	Notional		Average		Fair Value		Location Fair
	Amount		Maturity		Asset (Liability)		Value Asset
	(in thousands)		(in years)		(in thousands)		(Liability)
Cash flow hedges:
Interest rate swap on wholesale fundings	$	75,000		4.0	$	(2,664)	Other liabilities
Total cash flow hedges		75,000				(2,664)
Fair value hedges:
Interest rate swap on securities(1)		37,190		8.6		(2,789)	Other liabilities
Total fair value hedges		37,190				(2,789)
Economic hedges:
Forward sale commitments		50,629		0.2		(95)	Other liabilities
Customer Loan Swaps-MNA Counterparty		235,947		6.8		(15,938)	Other liabilities
Customer Loan Swaps-RPA Counterparty		119,285		7.9		(9,957)	Other liabilities
Customer Loan Swaps-Customer		355,232		7.1		25,895	Other assets
Total economic hedges		761,093				(95)
Non-hedging derivatives:
Interest rate lock commitments		3,320		0.1		22	Other assets
Total non-hedging derivatives		3,320				22
Total	$	876,603			$	(5,526)

(1) Prior period has been revised, see Note 1 Basis of Presentation – Revision of Previously Issued Financial Statements.

Schedule of Amounts Recorded On The Balance Sheet

				Cumulative Amount of Fair
	Location of Hedged Item on	Carrying Amount of Hedged		Value Hedging Adjustment in
	Balance Sheet	Assets		Carrying Amount
September 30, 2021
Interest rate swap on securities	Securities Available for Sale	$	39,200	$	2,010
December 31, 2020
Interest rate swap on securities	Securities Available for Sale	$	40,209	$	3,019

Schedule of Derivative Instruments Gain (Loss)

	Three Months Ended September 30, 2021
	Amount of			Amount of
	Gain (Loss)			Gain (Loss)
	Recognized in			Reclassified		Location of	Amount of
	Other		Location of Gain (Loss)	from Other		Gain (Loss)	Gain (Loss)
	Comprehensive		Reclassified from Other	Comprehensive		Recognized in	Recognized
(in thousands)	Income		Comprehensive Income	Income		Income	in Income
Cash flow hedges:
Interest rate swap on wholesale funding	$	167	Interest expense	$	—	Interest expense	$	(205)
Interest rate swap on variable rate loans		(101)	Interest income		—	Interest income		92
Total cash flow hedges		66			—			(113)
Fair value hedges:
Interest rate swap on securities		(221)	Interest income		—	Interest income		(144)
Total fair value hedges		(221)			—			(144)
Economic hedges:
Forward commitments		—	Other income		—	Other income		(96)
Total economic hedges		—			—			(96)
Non-hedging derivatives:
Interest rate lock commitments		—	Other income		—	Other income		22
Total non-hedging derivatives		—			—			22
Total	$	(155)		$	—		$	(331)

	Nine Months Ended September 30, 2021
	Amount of			Amount of
	Gain (Loss)			Gain (Loss)
	Recognized in			Reclassified		Location of	Amount of
	Other		Location of Gain (Loss)	from Other		Gain (Loss)	Gain (Loss)
	Comprehensive		Reclassified from Other	Comprehensive		Recognized in	Recognized
(in thousands)	Income		Comprehensive Income	Income		Income	in Income
Cash flow hedges:
Interest rate swap on wholesale funding	$	1,148	Interest expense	$	—	Interest expense	$	(589)
Interest rate swap on variable rate loans		(93)	Interest income		—	Interest income		189
Total cash flow hedges		1,055			—			(400)
Fair value hedges:
Interest rate swap on securities		720	Interest income		—	Interest income		(421)
Total fair value hedges		720			—			(421)
Economic hedges:
Forward commitments		—	Other income		—	Other income		(45)
Total economic hedges		—			—			(45)
Non-hedging derivatives:
Interest rate lock commitments		—	Other income		—	Other income		26
Total non-hedging derivatives		—			—			26
Total	$	1,775		$	—		$	(840)

The Company expects approximately $1.0 million of losses (pre-tax) related to the Company’s cash flow hedges to be reclassified to earnings from AOCI over the next 12 months. This reclassification is due to anticipated payments that will be made and/or received on the swaps based upon the forward curve as of September 30, 2021.

	Three Months Ended September 30, 2020
	Amount of			Amount of
	Gain (Loss)			Gain (Loss)
	Recognized in			Reclassified		Location of	Amount of
	Other		Location of Gain (Loss)	from Other		Gain (Loss)	Gain (Loss)
	Comprehensive		Reclassified from Other	Comprehensive		Recognized in	Recognized
(in thousands)	Income(1)		Comprehensive Income	Income		Income	in Income
Cash flow hedges:
Interest rate swap on wholesale funding	$	362	Interest expense	$	—	Interest expense	$	(427)
Total cash flow hedges		362			—			(427)
Fair value hedges:
Interest rate swap on securities		635	Interest income		—	Interest income		(204)
Total economic hedges		635			—			(204)
Economic hedges:
Forward commitments		—	Other income		—	Other income		40
Total economic hedges		—			—			40
Non-hedging derivatives:
Interest rate lock commitments		—	Other income		—	Other Income		(39)
Total non-hedging derivatives		—			—			(39)
Total	$	997		$	—		$	(630)

(1) Prior period has been revised, see Note 1 Basis of Presentation – Revision of Previously Issued Financial Statement.

	Nine Months Ended September 30, 2020
	Amount of			Amount of
	Gain (Loss)			Gain (Loss)
	Recognized in			Reclassified		Location of	Amount of
	Other		Location of Gain (Loss)	from Other		Gain (Loss)	Gain (Loss)
	Comprehensive		Reclassified from Other	Comprehensive		Recognized in	Recognized
(in thousands)	Income(1)		Comprehensive Income	Income		Income	in Income
Cash flow hedges:
Interest rate swap on wholesale funding	$	(4,247)	Interest expense	$	—	Interest expense	$	(642)
Total cash flow hedges		(4,247)			—			(642)
Fair value hedges:
Interest rate swap on securities		(1,545)	Interest income		—	Interest income		(145)
Total economic hedges		(1,545)			—			(145)
Economic hedges:
Forward commitments		—	Other income		—	Other income		(3)
Total economic hedges		—			—			(3)
Non-hedging derivatives:
Interest rate lock commitments		—	Other income		—	Other Income		(35)
Total non-hedging derivatives		—			—			(35)
Total	$	(5,792)		$	—		$	(825)

(1) Prior period has been revised, see Note 1 Basis of Presentation – Revision of Previously Issued Financial Statement.

Schedule of Gain Loss in Statement of Income

	Three Months Ended September 30, 2021
	Interest and Dividend Income				Interest Expense
(in thousands)	Loans		Securities and other		Deposits		Borrowings		Non-interest Income
Income and exepense line items presented in the consolidated statements of income	$	25,094	$	3,821	$	1,555	$	1,778	$	11,350
The effects of cash flow and fair value hedging:
Gain (loss) on cash flow hedges:
Interest rate swap on wholesale funding		—		—		—		(205)		—
Interest rate swap on variable rate loans		92		—		—		—		—
Gain (loss) on fair value hedges:
Interest rate swap on securities		—		(144)		—		—		—
	Three Months Ended September 30, 2020
	Interest and Dividend Income				Interest Expense
(in thousands)	Loans		Securities and other		Deposits		Borrowings		Non-interest Income
Income and exepense line items presented in the consolidated statements of income	$	25,918	$	4,557	$	3,869	$	1,941	$	10,102
The effects of cash flow and fair value hedging:
Gain (loss) on cash flow hedges:
Interest rate swap on wholesale funding		—		—		(365)		(62)		—
Interest rate swap on variable rate loans		—		—		—		—		—
Gain (loss) on fair value hedges:
Interest rate swap on securities		—		(204)		—		—		—

	Nine Months Ended September 30, 2021
	Interest and Dividend Income				Interest Expense
(in thousands)	Loans		Securities and other		Deposits		Borrowings		Non-interest Income
Income and exepense line items presented in the consolidated statements of income	$	72,490		11,792	$	7,109		5,415	$	31,103
The effects of cash flow and fair value hedging:
Gain (loss) on cash flow hedges:
Interest rate swap on wholesale funding		—		—		—		(589)		—
Interest rate swap on variable rate loans		189		—		—		—		—
Gain (loss) on fair value hedges:
Interest rate swap on securities		—		(421)		—		—		—
	Nine Months Ended September 30, 2020
	Interest and Dividend Income				Interest Expense
(in thousands)	Loans		Securities and other		Deposits		Borrowings		Non-interest Income
Income and exepense line items presented in the consolidated statements of income	$	80,398		15,006	$	14,437		7,149	$	28,233
The effects of cash flow and fair value hedging:
Gain (loss) on cash flow hedges:
Interest rate swap on wholesale funding		—		—		(580)		(62)		—
Interest rate swap on variable rate loans		—		—		—		—		—
Gain (loss) on fair value hedges:
Interest rate swap on securities		—		(145)		—		—		—

Schedule of Offsetting Liabilities

	Gross Amounts Offset in the Consolidated Balance Sheet
	Derivative				Cash Collateral
(in thousands)	Liabilities		Derivative Assets		Pledged		Net Amount
As of September 30, 2021
Customer Loan Derivatives:
MNA counterparty	$	(10,258)	$	10,258	$	17,000	$	17,000
RPA counterparty		(5,892)		5,892		—		—
Total	$	(16,150)	$	16,150	$	17,000	$	17,000

	Gross Amounts Offset in the Consolidated Balance Sheet
	Derivative				Cash Collateral
(in thousands)	Liabilities		Derivative Assets		Pledged		Net Amount
As of December 31, 2020
Customer Loan Derivatives:
MNA counterparty	$	(15,938)	$	15,938	$	23,450	$	23,450
RPA counterparty		(9,957)		9,957		—		—
Total	$	(25,895)	$	25,895	$	23,450	$	23,450