Annual report pursuant to Section 13 and 15(d)

DERIVATIVES (Tables)

v3.10.0.1
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2018
Summary of Derivative Instruments [Abstract]  
Summary of the Derivatives
The following table summarizes key elements of the Company’s derivative instruments as of December 31, 2018 and 2017, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands):

 
December 31, 2018
 
December 31, 2017
 
 
 
Derivative (2)
 
 
 
Derivative (2)
 
Notional or
Contractual

Amount (1)
 
Assets
 
Liabilities
 
Notional or
Contractual

Amount (1)
 
Assets
 
Liabilities
Derivatives designated as accounting hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts:
 

 
 

 
 

 
 

 
 

 
 

Cash flow hedges
$
152,500

 
$
—

 
$
4,786

 
$
152,500

 
$
49

 
$
8,005

Fair value hedges
137,596

 
1,872

 
1,684

 
80,973

 
1,598

 
76

Derivatives not designated as accounting hedges:
 

 
 

 
 

 
 

 
 

 
 

Loan Swaps
 

 
 

 
 

 
 

 
 

 
 

Pay fixed-receive floating interest rate swaps
878,446

 
10,120

 
9,306

 
529,736

 
—

 
1,350

Pay floating-receive fixed interest rate swaps
878,446

 
9,306

 
10,120

 
529,736

 
1,350

 
—

Other contracts:
 

 
 

 
 

 
 

 
 

 
 

Interest rate lock commitments
—

 
—

 
—

 
34,314

 
559

 
—

Best efforts forward delivery commitments
—

 
—

 
—

 
73,777

 
12

 
—

 
 
 
 
 
 
 
 
 
 
 
 
(1) Notional amounts are not recorded on the Company's Consolidated Balance Sheet and are generally used only as a basis on which interest and other payments are determined.
(2) Balances represent fair value of derivative financial instruments.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of December 31, 2018 (dollars in thousands):
 
December 31, 2018
 
Carrying Amount of Hedged Assets/(Liabilities)
 
 
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line items on the Consolidated Balance Sheets in which the hedged item is included:
 

 
 

Securities available-for-sale (1) (2)
$
224,241

 
$
1,399

Loans
87,596

 
(1,572
)

 (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2018, the amortized cost basis of this portfolio was $224 million, the amount of the designated hedged item was $50 million, and the cumulative basis adjustment associated with this hedge was $1.4 million.
(2) Carrying value represents amortized cost.