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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Impact of Derivatives on the Consolidated Balance Sheet
Impact of Derivatives on the Consolidated Balance Sheet
 
 
 
Cash Flow Hedges
 
Fair Value Hedges
 
Trading
 
Total
 
 
 
September
30,
 
December
31,
 
September
30,
 
December
31,
 
September
30,
 
December
31,
 
September
30,
 
December
31,
 
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Fair Values(1)
Hedged Risk Exposure
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets:(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
$
—

 
$
—

 
$
36,919

 
$
5,012

 
$
1,827

 
$
226

 
$
38,746

 
$
5,238

Derivative Liabilities:(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
(40,855
)
 
(21,435
)
 
—

 
(5,883
)
 
—

 
(1,370
)
 
(40,855
)
 
(28,688
)
Total net derivatives
 
 
$
(40,855
)
 
$
(21,435
)
 
$
36,919

 
$
(871
)
 
$
1,827

 
$
(1,144
)
 
$
(2,109
)
 
$
(23,450
)
     ___________
(1)
Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position.

(2)
The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
 
 
Other Assets
 
Other Liabilities
 
 
September 30,
 
December 31,
 
September 30,
 
December 31,
 
 
2015
 
2014
 
2015
 
2014
Gross position
 
$
38,746

 
$
5,238

 
$
(40,855
)
 
$
(28,688
)
Impact of master netting agreement
 
(11,253
)
 
(4,045
)
 
11,253

 
4,045

Derivative values with impact of master netting agreements (as carried on balance sheet)
 
27,493

 
1,193

 
(29,602
)
 
(24,643
)
Cash collateral (held) pledged(1)
 
(14,617
)
 
(900
)
 
47,604

 
72,478

Net position
 
$
12,876

 
$
293

 
$
18,002

 
$
47,835



(1)
Cash collateral amount calculations include outstanding accrued interest payable/receivable.
Offsetting Assets
The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
 
 
Other Assets
 
Other Liabilities
 
 
September 30,
 
December 31,
 
September 30,
 
December 31,
 
 
2015
 
2014
 
2015
 
2014
Gross position
 
$
38,746

 
$
5,238

 
$
(40,855
)
 
$
(28,688
)
Impact of master netting agreement
 
(11,253
)
 
(4,045
)
 
11,253

 
4,045

Derivative values with impact of master netting agreements (as carried on balance sheet)
 
27,493

 
1,193

 
(29,602
)
 
(24,643
)
Cash collateral (held) pledged(1)
 
(14,617
)
 
(900
)
 
47,604

 
72,478

Net position
 
$
12,876

 
$
293

 
$
18,002

 
$
47,835



(1)
Cash collateral amount calculations include outstanding accrued interest payable/receivable.
Offsetting Liabilities
The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
 
 
Other Assets
 
Other Liabilities
 
 
September 30,
 
December 31,
 
September 30,
 
December 31,
 
 
2015
 
2014
 
2015
 
2014
Gross position
 
$
38,746

 
$
5,238

 
$
(40,855
)
 
$
(28,688
)
Impact of master netting agreement
 
(11,253
)
 
(4,045
)
 
11,253

 
4,045

Derivative values with impact of master netting agreements (as carried on balance sheet)
 
27,493

 
1,193

 
(29,602
)
 
(24,643
)
Cash collateral (held) pledged(1)
 
(14,617
)
 
(900
)
 
47,604

 
72,478

Net position
 
$
12,876

 
$
293

 
$
18,002

 
$
47,835



(1)
Cash collateral amount calculations include outstanding accrued interest payable/receivable.
Schedule of Notional Amounts of Outstanding Derivative Positions
 
 
 
Cash Flow
 
Fair Value
 
Trading
 
Total
 
 
 
September
30,
 
December
31,
 
September
30,
 
December
31,
 
September
30,
 
December
31,
 
September
30,
 
December
31,
 
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Notional Values
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
 
$
1,110,549

 
$
1,106,920

 
$
2,957,443

 
$
3,044,492

 
$
836,512

 
$
973,539

 
$
4,904,504

 
$
5,124,951
Derivative Instruments, Gain (Loss)
Impact of Derivatives on the Consolidated Statements of Income

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Fair Value Hedges
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
Hedge ineffectiveness gains (losses) recorded in earnings(1)
 
$
(1,843
)
 
$
1,238

 
$
(929
)
 
$
1,488

Realized gains recorded in interest expense
 
7,531

 
3,835

 
22,512

 
14,081

Total
 
$
5,688

 
$
5,073

 
$
21,583

 
$
15,569

 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
Hedge ineffectiveness gains (losses) recorded in earnings(1)
 
$
(273
)
 
$
(303
)
 
$
(542
)
 
$
(303
)
Realized losses recorded in interest expense
 
(5,411
)
 
(3,587
)
 
(16,157
)
 
(3,587
)
Total
 
$
(5,684
)
 
$
(3,890
)
 
$
(16,699
)
 
$
(3,890
)
 
 
 
 
 
 
 
 
 
Trading
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
Interest reclassification
 
$
853

 
$
(1,170
)
 
$
2,846

 
$
(3,137
)
Change in fair value of future interest payments recorded in earnings
 
716

 
5,636

 
2,972

 
(2,870
)
Total(1) 
 
1,569

 
4,466

 
5,818

 
(6,007
)
Total
 
$
1,573

 
$
5,649

 
$
10,702

 
$
5,672


________
(1)
Amounts included in “(losses) gains on derivatives and hedging activities, net” in the consolidated statements of income.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
Impact of Derivatives on the Statements of Changes in Stockholders' Equity
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2015
 
2014
 
2015
 
2014
Amount of loss recognized in other comprehensive income
 
$
(27,162
)
 
$
(5,470
)
 
$
(35,441
)
 
$
(5,470
)
Less: amount of loss reclassified in interest expense(1)
 
5,411

 
3,587

 
16,157

 
3,587

Total change in other comprehensive income for unrealized losses on derivatives
 
$
(21,751
)
 
$
(1,883
)
 
$
(19,284
)
 
$
(1,883
)

___________
(1) Amounts included in “realized gains (losses) recorded in interest expense” in the “Impact of Derivatives on the Consolidated Statements of Income” table.