DERIVATIVES AND HEDGING (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments

The details of the junior subordinated debt interest rate swaps for the dates indicated were as follows: 

(Dollars in thousands)					June 30, 2020					December 31, 2019
Trade Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Presentation on Consolidated Statements of Condition	Notional Amount		Fair Value			Notional Amount		Fair Value
3/18/2009	6/30/2021	3-Month USD LIBOR	5.09%	Accrued interest and other liabilities	$	10,000	$	(346	)	$	10,000	$	(299	)
7/8/2009	6/30/2029	3-Month USD LIBOR	5.84%	Accrued interest and other liabilities	10,000		(3,497		)	10,000		(2,318		)
5/6/2010	6/30/2030	3-Month USD LIBOR	5.71%	Accrued interest and other liabilities	10,000		(3,693		)	10,000		(2,384		)
3/14/2011	3/30/2031	3-Month USD LIBOR	4.35%	Accrued interest and other liabilities	5,000		(1,988		)	5,000		(1,279		)
5/4/2011	7/7/2031	3-Month USD LIBOR	4.14%	Accrued interest and other liabilities	8,000		(3,060		)	8,000		(1,907		)
					$	43,000	$	(12,584	)	$	43,000	$	(8,187	)

The Company's forward delivery commitments on loans held for sale for the dates indicated were as follows:

		June 30, 2020					December 31, 2019
(In thousands)	Presentation on Consolidated Statements of Condition	Notional Amount		Fair Value			Notional Amount		Fair Value
Forward delivery commitments ("best effort")	Other Assets	$	19,649	$	359		$	10,846	$	312
Forward delivery commitments ("best effort")	Accrued interest and other liabilities	16,260		(218		)	1,069		(15		)
Total		$	35,909	$	141		$	11,915	$	297

The following table presents the total positions, notional and fair value of the Company's customer loans swaps with each party for the dates indicated:

(In thousands, except number of positions)		June 30, 2020						December 31, 2019
	Presentation on Consolidated Statements of Condition	Number of Positions	Notional Amount		Fair Value			Number of Positions	Notional Amount		Fair Value
Receive fixed, pay variable	Accrued interest and other liabilities	—	$	—	$	—		10	$	45,243	$	(514	)
Receive fixed, pay variable	Other assets	83	400,934		47,338			75	366,351		17,756
Pay fixed, receive variable	Accrued interest and other liabilities	83	400,934		(47,338		)	85	411,594		(17,242		)
Total		166	$	801,868	$	—		170	$	823,188	$	—

The details of the interest rate swap for the dates indicated were as follows:

(Dollars in thousands)

June 30, 2020

December 31, 2019

Trade Date

Maturity Date

Variable Index Paid

Fixed Rate Received

Presentation on Consolidated Statements of Condition

Notional Amount

Fair Value

Notional Amount

Fair Value

6/12/2019

6/10/2024

1-Month USD LIBOR

1.693%

Other assets

$

100,000

$

6,109

$

100,000

$

483

The details of the Company's interest rate swaps on borrowings for the dates indicated were as follows:

(Dollars in thousands)					June 30, 2020
Trade Date	Maturity Date	Variable Index Received	Fixed Rate Paid	Presentation on Consolidated Statements of Condition	Notional Amount		Fair Value
3/2/2020	3/1/2023	Fed Funds Effective Rate	0.705%	Accrued interest and other liabilities	$	50,000	$	(952	)
3/26/2020	3/26/2030	3-Month USD LIBOR	0.857%	Accrued interest and other liabilities	50,000		(1,171		)
					$	100,000	$	(2,123	)

The Company's pipeline of mortgage loans with fixed-rate interest rate lock commitments for which it intends to sell the loan upon origination was as follows for the dates indicated:

		June 30, 2020					December 31, 2019
(In thousands)	Presentation on Consolidated Statements of Condition	Notional Amount		Fair Value			Notional Amount		Fair Value
Fixed-rate mortgage interest rate locks	Other assets	$	69,914	$	1,287		$	27,087	$	480
Fixed-rate mortgage interest rate locks	Accrued interest and other liabilities	34,138		(329		)	2,519		(18		)
Total		$	104,052	$	958		$	29,606	$	462

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:

	For The Three Months Ended June 30,						For The Six Months Ended June 30,
(In thousands)	2020			2019			2020			2019
Derivatives designated as cash flow hedges:
Effective portion of unrealized losses recognized within OCI during the period, net of tax	$	(11	)	$	(1,203	)	$	(912	)	$	(2,128	)
Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross	$	327		$	201		$	567		$	320
Net reclassification adjustment for effective portion of cash flow hedges included in interest income, gross	$	(247	)	$	—		$	(299	)	$	—