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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Impact of Derivatives on the Consolidated Balance Sheet
The following tables summarize the fair values and notional amounts of all derivative instruments at December 31, 2016 and 2015, and their impact on earnings and other comprehensive income for the years ended December 31, 2016, 2015 and 2014.

Impact of Derivatives on the Consolidated Balance Sheet
 
 
 
 
Cash Flow Hedges
 
Fair Value Hedges
 
Trading
 
Total
 
 
 
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
 
 
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
Fair Values(1)
 
Hedged Risk Exposure
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets:(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Interest rate
 
$
—

 
$
—

 
$
7,808

 
$
15,231

 
$
—

 
$
83

 
$
7,808

 
$
15,314

 
Derivative Liabilities:(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Interest rate
 
(14,463
)
 
(27,512
)
 
(10,398
)
 
(2,339
)
 
(1,076
)
 
(646
)
 
(25,937
)
 
(30,497
)
 
Total net derivatives
 
 
 
$
(14,463
)
 
$
(27,512
)
 
$
(2,590
)
 
$
12,892

 
$
(1,076
)
 
$
(563
)
 
$
(18,129
)
 
$
(15,183
)
 
 
(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
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
2016
 
2015
 
2016
 
2015
Gross position(1)
 
$
7,808

 
$
15,314

 
$
(25,937
)
 
$
(30,497
)
Impact of master netting agreement
 
(7,808
)
 
(9,278
)
 
7,808

 
9,278

Derivative values with impact of master netting agreements (as carried on balance sheet)
 
—

 
6,036

 
(18,129
)
 
(21,219
)
Cash collateral (held) pledged
 
—

 
(1,070
)
 
48,134

 
54,845

Net position
 
$
—

 
$
4,966

 
$
30,005

 
$
33,626


(1)
Gross position amounts are exclusive of accrued interest.
Offsetting Assets
The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
 
 
Other Assets
 
Other Liabilities
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
2016
 
2015
 
2016
 
2015
Gross position(1)
 
$
7,808

 
$
15,314

 
$
(25,937
)
 
$
(30,497
)
Impact of master netting agreement
 
(7,808
)
 
(9,278
)
 
7,808

 
9,278

Derivative values with impact of master netting agreements (as carried on balance sheet)
 
—

 
6,036

 
(18,129
)
 
(21,219
)
Cash collateral (held) pledged
 
—

 
(1,070
)
 
48,134

 
54,845

Net position
 
$
—

 
$
4,966

 
$
30,005

 
$
33,626


(1)
Gross position amounts are exclusive of accrued interest.
Offsetting Liabilities
The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
 
 
Other Assets
 
Other Liabilities
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
2016
 
2015
 
2016
 
2015
Gross position(1)
 
$
7,808

 
$
15,314

 
$
(25,937
)
 
$
(30,497
)
Impact of master netting agreement
 
(7,808
)
 
(9,278
)
 
7,808

 
9,278

Derivative values with impact of master netting agreements (as carried on balance sheet)
 
—

 
6,036

 
(18,129
)
 
(21,219
)
Cash collateral (held) pledged
 
—

 
(1,070
)
 
48,134

 
54,845

Net position
 
$
—

 
$
4,966

 
$
30,005

 
$
33,626


(1)
Gross position amounts are exclusive of accrued interest.
Schedule of Notional Amounts of Outstanding Derivative Positions
 
 
 
Cash Flow
 
Fair Value
 
Trading
 
Total
 
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Notional Values
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
 
$
1,054,688

 
$
1,109,933

 
$
3,628,062

 
$
3,080,167

 
$
494,638

 
$
1,305,757

 
$
5,177,388

 
$
5,495,857
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
Impact of Derivatives on the Consolidated Statements of Income

 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
Fair Value Hedges
 
 
 
 
 
 
Interest rate swaps:
Hedge ineffectiveness (losses) gains recorded in earnings(1)
 
$
(1,035
)
 
$
2,695

 
$
1,718

Realized gains recorded in interest expense
 
27,810

 
29,940

 
20,958

Total
 
$
26,775

 
$
32,635

 
$
22,676

 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
Hedge ineffectiveness losses recorded in earnings(1)
 
$
(1,579
)
 
$
(1,427
)
 
$
(520
)
Realized losses recorded in interest expense
 
(17,665
)
 
(21,475
)
 
(9,070
)
Total
 
$
(19,244
)
 
$
(22,902
)
 
$
(9,590
)
 
 
 
 
 
 
 
Trading
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
Interest reclassification
 
$
2,170

 
$
3,451

 
$
(2,250
)
Change in fair value of future interest payments recorded in earnings
 
(513
)
 
581

 
(2,944
)
Total(1) 
 
1,657

 
4,032

 
(5,194
)
Total
 
$
9,188

 
$
13,765

 
$
7,892

    
(1)
Amounts included in “(losses) gains on derivatives and hedging activities, net.”
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
Amount of loss recognized in other comprehensive income (loss)
 
$
(3,901
)
 
$
(26,699
)
 
$
(28,842
)
Amount of loss reclassified in interest expense(1)
 
(17,665
)
 
(21,475
)
 
(9,070
)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit
 
$
13,764

 
$
(5,224
)
 
$
(19,772
)


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