Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 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 December 31, 2016:



(Dollars in thousands)
		Notional		Accounting	Fair Value as of
Effective Date	Maturity Date	Amount		Treatment	December 31, 2016
March 21, 2013	March 21, 2017	$	100,000	Non-Hedge Designated	$	—
September 15, 2013	September 15, 2017	50,000		Cash Flow Hedging	6
September 30, 2013	September 30, 2017	40,000		Cash Flow Hedging	6
		$	190,000		$	12

Schedule of Fair Value of Derivative Financial Instruments

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



	Derivative Assets					Derivative Liabilities
	Fair Value					Fair Value
(Dollars in thousands)		December 31, 2016		December 31, 2015			December 31, 2016		December 31, 2015
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges		$	8,011	$	242		$	—	$	846
Interest rate derivatives designated as Fair Value Hedges		2,228		27			—		143
Total derivatives designated as hedging instruments under ASC 815		$	10,239	$	269		$	—	$	989
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives		$	38,974	$	42,510		$	37,665	$	41,469
Interest rate lock commitments		4,265		7,401			1,325		171
Forward commitments to sell mortgage loans		2,037		745			—		2,275
Foreign exchange contracts		879		373			849		115
Total derivatives not designated as hedging instruments under ASC 815		$	46,155	$	51,029		$	39,839	$	44,030
Total Derivatives		$	56,394	$	51,298		$	39,839	$	45,019

Schedule of Cash Flow Hedging Instruments

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



(Dollars in thousands)	December 31, 2016
Maturity Date	Notional Amount		Fair Value Asset (Liability)
Interest Rate Swaps:
July 2019	$	250,000	$	3,519
August 2019	275,000		4,480
Total Interest Rate Swaps	$	525,000	$	7,999
Interest Rate Caps:
September 2017	$	50,000	$	6
September 2017	40,000		6
Total Interest Rate Caps	$	90,000	$	12
Total Cash Flow Hedges	$	615,000	$	8,011

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:



	December 31,
(Dollars in thousands)	2016			2015
Unrealized loss at beginning of period	$	(3,529	)	$	(4,062	)
Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures	3,120			2,082
Amount of gain (loss) recognized in other comprehensive income	7,353			(1,549		)
Unrealized gain (loss) at end of period	$	6,944		$	(3,529	)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

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 December 31, 2016 and 2014:



(Dollars in thousands) Derivatives in Fair Value Hedging Relationships	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31,				Amount of Gain or (Loss) Recognized in Income on Hedged Item Year Ended December 31,				Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Year Ended December 31,
		2016		2015		2016			2015	2016		2015
Interest rate swaps	Trading (losses)/gains, net	$	2,344	(168	)	$	(2,332	)	152	$	12	(16	)

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)		December 31,
Derivative	Location in income statement	2016			2015
Interest rate swaps and caps	Trading gains (losses), net	$	279		$	(454	)
Mortgage banking derivatives	Mortgage banking revenue	(9,537		)	(299		)
Covered call options	Fees from covered call options	11,470			15,364
Foreign exchange contracts	Trading gains (losses), net	(234		)	186

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)	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Gross Amounts Recognized	$	49,213		$	42,779		$	37,665		$	42,458
Less: Amounts offset in the Statements of Condition	—			—			—			—
Net amount presented in the Statements of Condition	$	49,213		$	42,779		$	37,665		$	42,458
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions	$	(14,441	)	$	(753	)	$	(14,441	)	$	(753	)
Collateral Posted ⁽¹⁾	(8,530		)	—			(12,400		)	(41,705		)
Net Credit Exposure	$	26,242		$	42,026		$	10,824		$	—


(1)	As of December 31, 2015, the Company posted collateral of $45.5 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.