Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Below is a summary of the interest rate cap derivatives held by the Company as of September 30, 2015:



(Dollars in thousands)
		Notional		Accounting	Fair Value as of
Effective Date	Maturity Date	Amount		Treatment	September 30, 2015
May 3, 2012	May 3, 2016	215,000		Non-Hedge Designated	—
August 29, 2012	August 29, 2016	216,500		Cash Flow Hedging	5
February 22, 2013	August 22, 2016	43,500		Cash Flow Hedging	2
February 22, 2013	August 22, 2016	56,500		Non-Hedge Designated	2
March 21, 2013	March 21, 2017	100,000		Non-Hedge Designated	69
May 16, 2013	November 16, 2016	75,000		Non-Hedge Designated	13
September 15, 2013	September 15, 2017	50,000		Cash Flow Hedging	112
September 30, 2013	September 30, 2017	40,000		Cash Flow Hedging	97
		$	796,500		$	300

Schedule Of Fair Value Of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as of September 30, 2015, December 31, 2014 and September 30, 2014:



	Derivative Assets						Derivative Liabilities
	Fair Value						Fair Value
(Dollars in thousands)	September 30, 2015		December 31, 2014		September 30, 2014		September 30, 2015		December 31, 2014		September 30, 2014
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges	$	216	$	1,390	$	1,947	$	1,329	$	1,994	$	2,202
Interest rate derivatives designated as Fair Value Hedges	5		52		79		291		—		—
Total derivatives designated as hedging instruments under ASC 815	$	221	$	1,442	$	2,026	$	1,620	$	1,994	$	2,202
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives	$	56,717	$	36,399	$	31,249	$	55,809	$	34,927	$	29,249
Interest rate lock commitments	11,836		10,028		10,010		—		20		31
Forward commitments to sell mortgage loans	—		23		41		7,713		4,239		3,986
Foreign exchange contracts	260		72		17		56		—		37
Total derivatives not designated as hedging instruments under ASC 815	$	68,813	$	46,522	$	41,317	$	63,578	$	39,186	$	33,303
Total Derivatives	$	69,034	$	47,964	$	43,343	$	65,198	$	41,180	$	35,505

Schedule Of Cash Flow Hedging Instruments

The table below provides details on each of these cash flow hedges as of September 30, 2015:



	September 30, 2015
(Dollars in thousands)	Notional		Fair Value
Maturity Date	Amount		Asset (Liability)
Interest Rate Swaps:
September 2016	50,000		(862		)
October 2016	25,000		(467		)
Total Interest Rate Swaps	75,000		(1,329		)
Interest Rate Caps:
August 2016	43,500		2
August 2016	216,500		5
September 2017	50,000		112
September 2017	40,000		97
Total Interest Rate Caps	350,000		216
Total Cash Flow Hedges	$	425,000	$	(1,113	)

Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges

A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows:



	Three months ended						Nine months ended
(Dollars in thousands)	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Unrealized loss at beginning of period	$	(4,408	)	$	(4,695	)	$	(4,062	)	$	(3,971	)
Amount reclassified from accumulated other comprehensive loss to interest expense on deposits and junior subordinated debentures	571			553			1,460			1,567
Amount of loss recognized in other comprehensive income	(503		)	418			(1,738		)	(1,320		)
Unrealized loss at end of period	$	(4,340	)	$	(3,724	)	$	(4,340	)	$	(3,724	)

Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk

The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of September 30, 2015 and 2014:



(Dollars in thousands) Derivatives in Fair Value Hedging Relationships	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative Three Months Ended					Amount of (Loss)/Gain Recognized in Income on Hedged Item Three Months Ended					Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Three Months Ended
	Location of Gain/(Loss) Recognized in Income on Derivative	September 30, 2015			September 30, 2014		September 30, 2015		September 30, 2014			September 30, 2015			September 30, 2014
Interest rate swaps	Trading (losses) gains, net	$	(323	)	$	16	$	302	$	(16	)	$	(21	)	$	—



(Dollars in thousands) Derivatives in Fair Value Hedging Relationships	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Losses Recognized in Income on Derivative Nine Months Ended						Amount of Gains Recognized in Income on Hedged Item Nine Months Ended				Income Statement Losses due to Hedge Ineffectiveness Nine Months Ended
	Location of Gain/(Loss) Recognized in Income on Derivative	September 30, 2015			September 30, 2014			September 30, 2015		September 30, 2014		September 30, 2015			September 30, 2014
Interest rate swaps	Trading (losses) gains, net	$	(338	)	$	(27	)	$	315	$	24	$	(23	)	$	(3	)

Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives

Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:



(Dollars in thousands)		Three Months Ended						Nine Months Ended
Derivative	Location in income statement	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Interest rate swaps and caps	Trading (losses) gains, net	$	(275	)	$	270		$	(592	)	$	(1,144	)
Mortgage banking derivatives	Mortgage banking revenue	(4,062		)	(562		)	(1,669		)	(1,770		)
Covered call options	Fees from covered call options	2,810			2,107			11,735			4,893
Foreign exchange contracts	Trading (losses) gains, net	113			(12		)	133			(23		)

Derivative Asset and Liability Balance Sheet Offsetting

The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown.



	Derivative Assets									Derivative Liabilities
	Fair Value									Fair Value
(Dollars in thousands)	September 30, 2015			December 31, 2014			September 30, 2014			September 30, 2015			December 31, 2014			September 30, 2014
Gross Amounts Recognized	$	56,938		$	37,841		$	33,275		$	57,429		$	36,921		$	31,451
Less: Amounts offset in the Statements of Financial Condition	—			—			—			—			—			—
Net amount presented in the Statements of Financial Condition	$	56,938		$	37,841		$	33,275		$	57,429		$	36,921		$	31,451
Gross amounts not offset in the Statements of Financial Condition
Offsetting Derivative Positions	(614		)	(2,771		)	(5,417		)	(614		)	(2,771		)	(5,417		)
Collateral Posted ⁽¹⁾	—			—			—			(54,410		)	(34,150		)	(26,034		)
Net Credit Exposure	$	56,324		$	35,070		$	27,858		$	2,405		$	—		$	—


(1)	As of December 31, 2014 and September 30, 2014, the Company posted collateral of $43.8 million and $33.9 million, respectively, which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability.