Quarterly report pursuant to Section 13 or 15(d)

Derivatives and Hedging Activities (Tables)

v3.20.2
Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments as well as their Classification on Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2020. No such instruments were outstanding as of December 31, 2019.

 

 

 

Derivative Assets

 

Derivative Liabilities

 

 

 

 

 

 

As of September 30, 2020

 

 

As of December 31, 2019

 

 

 

 

 

As of September 30, 2020

 

 

As of December 31, 2019

 

 

Notional Amount

 

 

Balance Sheet Location

 

Fair Value

 

 

Balance Sheet Location

 

Fair Value

 

Notional Amount

 

 

Balance Sheet Location

 

Fair Value

 

 

Balance Sheet Location

 

Fair Value

 

 

(in thousands)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate products

 

$

29,348

 

 

Other Assets

 

$

1,000

 

 

Other Assets

 

N/A

 

$

29,348

 

 

Other Liabilities

 

$

1,077

 

 

Other Liabilities

 

N/A

Total derivatives not designated as hedging instruments

 

 

 

 

 

 

 

$

1,000

 

 

 

 

N/A

 

 

 

 

 

 

 

$

1,077

 

 

 

 

N/A
Effect of Derivative Financial Instruments that are Not Designated as Hedging Instruments on Income Statement

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Income Statement as of September 30, 2020. No such instruments were outstanding as of December 31, 2019.

 

Derivatives Not Designated as Hedging Instruments under Subtopic 815-20

 

Location of Gain or (Loss) Recognized in Income on Derivative

 

Amount of Gain or (Loss) Recognized in Income on Derivative

 

 

 

 

 

Quarter Ended September 30, 2020

 

 

 

 

 

(in thousands)

 

Interest rate products

 

Other income

 

$

(77

)

Total

 

 

 

$

(77

)

Fee income recognized from the Company's derivative financial instruments for the three and nine months ended September 30, 2020 was $0 and $512,000, respectively.
Summary of Gross Presentation, Effects of Offsetting and a Net Presentation of Derivatives

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet.

 

Offsetting of Derivative Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset in the Statement of Financial Position

 

 

 

Gross Amounts of Recognized Assets

 

 

Gross Amounts Offset in the Statement of Financial Position

 

 

Net Amounts of Assets presented in the Statement of Financial Position

 

 

Financial Instruments

 

 

Cash Collateral Received

 

 

Net Amount

 

 

 

(in thousands)

 

Derivatives

 

$

1,000

 

 

$

—

 

 

$

1,000

 

 

$

1,000

 

 

$

—

 

 

$

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offsetting of Derivative Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset in the Statement of Financial Position

 

 

 

Gross Amounts of Recognized Liabilities

 

 

Gross Amounts Offset in the Statement of Financial Position

 

 

Net Amounts of Liabilities presented in the Statement of Financial Position

 

 

Financial Instruments

 

 

Cash Collateral Provided

 

 

Net Amount

 

 

 

(in thousands)

 

Derivatives

 

$

1,077

 

 

$

—

 

 

$

1,077

 

 

$

—

 

 

$

1,190

 

 

$

(113

)