Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Below is a summary of the interest rate cap derivatives held by the Company as of March 31, 2016:



(Dollars in thousands)
		Notional		Accounting	Fair Value as of
Effective Date	Maturity Date	Amount		Treatment	March 31, 2016
May 3, 2012	May 3, 2016	215,000		Non-Hedge Designated	—
August 29, 2012	August 29, 2016	216,500		Cash Flow Hedging	—
February 22, 2013	August 22, 2016	43,500		Cash Flow Hedging	—
February 22, 2013	August 22, 2016	56,500		Non-Hedge Designated	—
March 21, 2013	March 21, 2017	100,000		Non-Hedge Designated	15
May 16, 2013	November 16, 2016	75,000		Non-Hedge Designated	2
September 15, 2013	September 15, 2017	50,000		Cash Flow Hedging	34
September 30, 2013	September 30, 2017	40,000		Cash Flow Hedging	30
		$	796,500		$	81

Schedule Of Fair Value Of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2016, December 31, 2015 and March 31, 2015:



	Derivative Assets						Derivative Liabilities
	Fair Value						Fair Value
(Dollars in thousands)	March 31, 2016		December 31, 2015		March 31, 2015		March 31, 2016		December 31, 2015		March 31, 2015
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges	$	64	$	242	$	668	$	586	$	846	$	1,867
Interest rate derivatives designated as Fair Value Hedges	—		27		20		670		143		—
Total derivatives designated as hedging instruments under ASC 815	$	64	$	269	$	688	$	1,256	$	989	$	1,867
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives	$	73,921	$	42,510	$	46,862	$	72,763	$	41,469	$	45,831
Interest rate lock commitments	12,104		7,401		15,296		3,574		171		—
Forward commitments to sell mortgage loans	—		745		—		3,857		2,275		7,410
Foreign exchange contracts	248		373		138		262		115		117
Total derivatives not designated as hedging instruments under ASC 815	$	86,273	$	51,029	$	62,296	$	80,456	$	44,030	$	53,358
Total Derivatives	$	86,337	$	51,298	$	62,984	$	81,712	$	45,019	$	55,225

Schedule Of Cash Flow Hedging Instruments

The table below provides details on each of these cash flow hedges as of March 31, 2016:



	March 31, 2016
(Dollars in thousands)	Notional		Fair Value
Maturity Date	Amount		Asset (Liability)
Interest Rate Swaps:
September 2016	$	50,000	$	(370	)
October 2016	25,000		(216		)
Total Interest Rate Swaps	$	75,000	$	(586	)
Interest Rate Caps:
August 2016	43,500		—
August 2016	216,500		—
September 2017	50,000		34
September 2017	40,000		30
Total Interest Rate Caps	$	350,000	$	64
Total Cash Flow Hedges	$	425,000	$	(522	)

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
(Dollars in thousands)	March 31, 2016			March 31, 2015
Unrealized loss at beginning of period	$	(3,529	)	$	(4,062	)
Amount reclassified from accumulated other comprehensive loss to interest expense on deposits and junior subordinated debentures	723			414
Amount of loss recognized in other comprehensive income	(245		)	(975		)
Unrealized loss at end of period	$	(3,051	)	$	(4,623	)

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 March 31, 2016 and 2015:



(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	March 31, 2016			March 31, 2015			March 31, 2016		March 31, 2015		March 31, 2016			March 31, 2015
Interest rate swaps	Trading (losses) gains, net	$	(554	)	$	(32	)	$	515	$	28	$	(39	)	$	(4	)

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
Derivative	Location in income statement	March 31, 2016			March 31, 2015
Interest rate swaps and caps	Trading (losses) gains, net	$	76		$	(450	)
Mortgage banking derivatives	Mortgage banking revenue	1,864			2,094
Covered call options	Fees from covered call options	1,712			4,360
Foreign exchange contracts	Trading (losses) gains, net	(63		)	(51		)

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)	March 31, 2016			December 31, 2015			March 31, 2015			March 31, 2016			December 31, 2015			March 31, 2015
Gross Amounts Recognized	$	73,985		$	42,779		$	47,550		$	74,019		$	42,458		$	47,698
Less: Amounts offset in the Statements of Financial Condition	—			—			—			—			—			—
Net amount presented in the Statements of Financial Condition	$	73,985		$	42,779		$	47,550		$	74,019		$	42,458		$	47,698
Gross amounts not offset in the Statements of Financial Condition
Offsetting Derivative Positions	(156		)	(753		)	(1,563		)	(156		)	(753		)	(1,563		)
Collateral Posted ⁽¹⁾	—			—			—			(73,863		)	(41,705		)	(46,135		)
Net Credit Exposure	$	73,829		$	42,026		$	45,987		$	—		$	—		$	—


(1)	As of March 31, 2016, December 31, 2015 and March 31, 2015, the Company posted collateral of $81.6 million, $45.5 million and $51.3 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.