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DERIVATIVES AND HEDGING (Tables)
3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Financial Instruments
The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated statements of condition as of the dates indicated:
Derivative AssetsDerivative Liabilities
(In thousands)Notional
Amount
 LocationFair
Value
Notional
Amount
LocationFair
Value
March 31, 2021    
Derivatives designated as hedging instruments
Interest rate contracts(1)
$160,000 Other assets$9,188 $93,000 Accrued interest and other liabilities$8,520 
Total derivatives designated as hedging instruments
$9,188 $8,520 
Derivatives not designated as hedging instruments
Customer loan swaps(1)
$370,240 Other assets$25,164 $370,240 Accrued interest and other liabilities$25,164 
Fixed-rate mortgage interest rate lock commitments66,389 Other assets1,465 15,418 Accrued interest and other liabilities160 
Forward delivery commitments20,872 Other assets607 1,353 Accrued interest and other liabilities10 
Total derivatives not designated as hedging instruments
$27,236 $25,334 
December 31, 2020    
Derivatives designated as hedging instruments
Interest rate contracts$110,000 Other assets$5,731 $143,000 Accrued interest and other liabilities$11,625 
Total derivatives designated as hedging instruments
$5,731 $11,625 
Derivatives not designated as hedging instruments
Customer loan swaps$376,290 Other assets$39,627 $376,290 Accrued interest and other liabilities$39,627 
Fixed-rate mortgage interest rate lock commitments58,574 Other assets608 28,346 Accrued interest and other liabilities248 
Forward delivery commitments24,951 Other assets311 15,548 Accrued interest and other liabilities196 
Total derivatives not designated as hedging instruments
$40,546 $40,071 
(1)    Reported fair values include accrued interest receivable and payable.
Schedule of Cash Flow Hedging Instruments, Location
The table below presents the effect of cash flow hedge accounting, before tax, on AOCI for the periods indicated:
(Dollars in thousands)Amount of Gain (Loss) Recognized in OCI on DerivativeAmount of Gain (Loss) Recognized in OCI Included ComponentAmount of Gain (Loss) Recognized in OCI Excluded ComponentLocation of Gain (Loss) Recognized
from AOCI into Income
Amount of Gain (Loss) Reclassified from AOCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
Derivatives in Cash Flow Hedge Relationships
For the three months ended March 31, 2021
Interest rate contracts$(802)$(802)$— Interest and fees on loans$392 $392 $— 
Interest rate contracts7,194 7,194 — Interest on deposits(79)(79)— 
Interest on borrowings(77)(77)
Interest on subordinated debentures(422)(422)
Total$6,392 $6,392 $— $(186)$(186)$— 
For the three months ended March 31, 2020
Interest rate contracts$(6,309)$(6,309)$— Interest and fees on loans$52 $52 $— 
Interest rate contracts5,160 5,160 — Interest on deposits(4)(4)— 
Interest on borrowings
Interest on subordinated debentures(240)(240)
Total$(1,149)$(1,149)$— $(188)$(188)$— 

The table below presents the effect of cash flow hedge accounting on the consolidated statements of income for the periods indicated:
Location and Amount of Gain (Loss) Recognized in Income
Three Months Ended
March 31,
20212020
(Dollars in thousands)Interest and fees on loansInterest on depositsInterest on borrowingsInterest on subordinated debenturesInterest and fees on loansInterest on depositsInterest on borrowingsInterest on subordinated debentures
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded$30,560 $2,063 $156 $805 $34,045 $6,662 $838 $887 
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from AOCI into income$392 $(79)$(77)$(422)$52 $(4)$$(240)
Amount of gain (loss) reclassified from AOCI into income - included component$392 $(79)$(77)$(422)$52 $(4)$$(240)
Amount of gain (loss) reclassified from AOCI into income - excluded component$— $— $— $— $— $— $— $— 
Schedule of Derivatives Not Designated as Hedging Instruments
The table below presents the effect of the Company's derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the periods indicated:
Amount of Gain
Recognized in Income
Three Months Ended
March 31,
(Dollars in thousands)Location of Gain Recognized in Income20212020
Fixed-rate mortgage interest rate lock commitmentsMortgage banking income, net$945 $1,515 
Forward delivery commitmentsMortgage banking income, net482 858 
Total $1,427 $2,373