XML 64 R40.htm IDEA: XBRL DOCUMENT v3.22.0.1
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes
The following table reflects information about the Company’s derivative positions at the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:
December 31, 2021
Weighted Average Rate
Notional AmountWeighted Average MaturityCurrent
Rate
Received		Pay Fixed
Swap Rate		Fair Value
(in thousands)(in years)(in thousands)
Interest rate swaps on borrowings$25,000 (1)0.620.16 %1.88 %$(294)
Current Rate PaidReceive Fixed
Swap Rate
Interest rate swaps on loans 550,000 2.580.11 %2.16 %11,830 
Current Rate PaidReceive Fixed Swap Rate
Cap - Floor
Interest rate collars on loans 400,000 1.660.11 %
2.73% - 2.20%
9,383 
Total$975,000 $20,919 
December 31, 2020
Weighted Average Rate
Notional AmountWeighted Average MaturityCurrent
Rate
Received		Pay Fixed
Swap Rate		Fair Value
(in thousands)(in years)(in thousands)
Interest rate swaps on borrowings$75,000 1.180.22 %1.53 %$(1,341)
Current Rate PaidReceive Fixed
Swap Rate
Interest rate swaps on loans 450,000 2.660.15 %2.37 %27,021 
Current Rate PaidReceive Fixed Swap Rate
Cap - Floor
Interest rate collars on loans 400,000 2.660.15 %
2.73% - 2.20%
21,764 
Total$925,000 $47,444 
Summary of customer related derivative positions, not designated as hedging
The following table reflects the Company’s customer related derivative positions at the dates indicated below for those derivatives not designated as hedging:
 Number of
Positions (1)		Notional Amount Maturing 
  Less than 1 yearLess than 2 yearsLess than 3 yearsLess than 4 yearsThereafterTotalFair Value
December 31, 2021
 (Dollars in thousands)
Loan level swaps
Receive fixed, pay variable296 $37,589 $139,844 $123,507 $260,953 $1,060,276 $1,622,169 $55,984 
Pay fixed, receive variable296 37,589 139,844 123,507 260,953 1,060,276 1,622,169 (55,982)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency52 149,588 8,784 — — — 158,372 5,734 
Buys U.S. currency, sells foreign currency52 149,588 8,784 — — — 158,372 (5,734)
Risk participation agreements
Participation out11 — 2,635 7,138 24,539 68,408 102,720 279 
Participation in7 29,972 28,235 — — 8,339 66,546 (55)
Number of
Positions (1)		Notional Amount Maturing
Less than 1 yearLess than 2 yearsLess than 3 yearsLess than 4 yearsThereafterTotalFair Value
December 31, 2020
(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable322 $102,999 $76,487 $149,265 $147,422 $1,222,557 $1,698,730 $127,226 
Pay fixed, receive variable313 102,999 76,487 149,265 147,422 1,222,557 1,698,730 (127,216)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency33 87,557 5,300 — — — 92,857 (4,214)
Buys U.S. currency, sells foreign currency33 87,557 5,300 — — — 92,857 4,224 
Risk participation agreements
Participation out12 6,721 — 2,675 7,307 93,378 110,081 512 
Participation in8 — 30,649 29,072 — 15,844 75,565 (118)
(1)     The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.
Fair value of derivative financial instruments as well as their classification on the balance sheet
 Asset Derivatives (1)Liability Derivatives (2)
Fair Value atFair Value atFair Value atFair Value at
 December 31, 2021December 31, 2020December 31, 2021December 31, 2020
 (Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives$21,951 (3)$48,786 (3)$1,032 (4)$1,342 (4)
Derivatives not designated as hedges
Customer Related Positions:
Loan level derivatives68,726 (3)127,228 (3)68,724 (4)127,218 (4)
Foreign exchange contracts6,147 4,359 6,147 4,349 
Risk participation agreements279 513 55 119 
Mortgage Derivatives
Interest rate lock commitments753 6,513 — — 
Forward sale loan commitments56 — — 1 
Forward sale hedge commitments— — 57 1,035 
Total derivatives not designated as hedges75,961 138,613 74,983 132,722 
Total97,912 187,399 76,015 134,064 
Netting Adjustments (5)(5,727)23 6,769 16,105 
Net Derivatives on the Balance Sheet92,185 187,422 69,246 117,959 
Financial instruments (6)28,318 48,786 28,318 48,786 
Cash collateral pledged (received)— — 33,838 62,460 
Net Derivative Amounts$63,867 $138,636 $7,090 $6,713 

(1)All asset derivatives are located in other assets on the balance sheet.
(2)All liability derivatives are located in other liabilities on the balance sheet.
(3)Approximately $1.2 million and $1.5 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, at December 31, 2021, in comparison to accrued interest receivable of approximately and $1.2 million and $2.0 million, respectively, at December 31, 2020.
(4)Approximately $5,000 and $1.5 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities as of December 31, 2021, in comparison to accrued interest payable of approximately $81,000 and $2.0 million, respectively, at December 31, 2020.
(5)Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance. As displayed in the table above, derivatives that cleared through the CME were either in a net asset position or a net liability position as of December 31, 2021 and 2020.
(6)Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet.
Effect of derivative financial instruments included in OCI and current earnings
The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:    
 Years Ended December 31
 202120202019
 (Dollars in thousands)
Derivatives designated as hedges
Gain (loss) in OCI on derivatives (effective portion), net of tax$(19,139)$16,797 $10,331 
Gain reclassified from OCI into interest income or interest expense (effective portion)$18,691 $14,306 $2,346 
Loss reclassified from OCI into noninterest expense (loss on termination)$— $(684)$— 
Interest expense$— $— $— 
Other expense— — — 
Total$— $— $— 
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income$217 $90 $39 
Other expenses(405)(199)(18)
Changes in fair value of mortgage derivatives
Mortgage banking income(4,725)4,005 1,275 
Total$(4,913)$3,896 $1,296