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DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2015

DERIVATIVES

Notional and fair values of derivative instruments




		Fair Values of Derivative Instruments
		June 30, 2015												December 31, 2014
		Notional Amount				Fair Value								Notional Amount				Fair Value
($ in thousands)		Notional Amount				Derivative Assets ⁽¹⁾				Derivative Liabilities ⁽¹⁾				Notional Amount				Derivative Assets ⁽¹⁾				Derivative Liabilities ⁽¹⁾
Derivatives designated as hedging instruments:
Interest rate swaps on certificates of deposit		$	116,642			$	—			$	8,177			$	132,667			$	—			$	9,922
Total derivatives designated as hedging instruments		$	116,642			$	—			$	8,177			$	132,667			$	—			$	9,922
Derivatives not designated as hedging instruments:
Foreign exchange options		$	—			$	—			$	—			$	85,614			$	6,136			$	—
Embedded derivative liabilities		—				—				—				47,838				—				3,392
Interest rate swaps and caps		5,403,687				44,424				43,810				4,858,391				41,534				41,779
Foreign exchange contracts		1,032,447				11,044				10,186				680,629				8,118				9,163
Total derivatives not designated as hedging instruments		$	6,436,134			$	55,468			$	53,996			$	5,672,472			$	55,788			$	54,334


(1)	Derivative assets are included in Other Assets. Derivative liabilities are included in Accrued Expenses and Other liabilities, and Interest-Bearing Deposits.

Net gains (losses) recognized in the Income Statement related to derivatives designated as hedging instruments




		Three Months Ended June 30,								Six Months Ended June 30,
($ in thousands)		2015				2014				2015				2014
Gains (losses) recorded in interest expense
Recognized on interest rate swaps		$	(2,291	)		$	3,045			$	757			$	5,750
Recognized on certificates of deposit		2,294				(2,454		)		(401		)		(5,390		)
Net amount recognized on fair value hedges (ineffective portion)		$	3			$	591			$	356			$	360

Net gains (losses) recognized in the Income Statement related to derivatives not designated as hedging instruments




		Location in Consolidated Statements of Income		Three Months Ended June 30,								Six Months Ended June 30,
($ in thousands)		Location in Consolidated Statements of Income		2015				2014				2015				2014
Derivatives not designated as hedging instruments:
Foreign exchange options		Foreign exchange income		$	37			$	173			$	236			$	54
Embedded derivative liabilities		Other operating expense		5				(3		)		(136		)		(2		)
Interest rate swaps and caps		Other operating income		1,215				(130		)		621				(1,066		)
Foreign exchange contracts		Foreign exchange income		908				(500		)		2,216				(2,629		)
Total net gains (losses)				$	2,165			$	(460	)		$	2,937			$	(3,643	)

Balance sheet offsetting of derivative assets and liabilities




($ in thousands)		As of June 30, 2015
		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Assets Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheet
Assets		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments				Collateral Received				Net Amount
Derivatives		$	10,752			$	—			$	10,752			$	(4,702	)	⁽¹⁾	$	(5,330	)	⁽²⁾	$	720

		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Liabilities Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheet
Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments				Collateral Posted				Net Amount
Derivatives		$	54,746			$	—			$	54,746			$	(4,702	)	⁽¹⁾	$	(49,308	)	⁽³⁾	$	736




($ in thousands)		As of December 31, 2014
		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Assets Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheet
Assets		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments				Collateral Received				Net Amount
Derivatives		$	12,383			$	—			$	12,383			$	(5,718	)	⁽¹⁾	$	(3,460	)	⁽²⁾	$	3,205

		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Liabilities Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheet
Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments				Collateral Posted				Net Amount
Derivatives		$	56,493			$	—			$	56,493			$	(5,718	)	⁽¹⁾	$	(49,948	)	⁽³⁾	$	827


(1)	Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable master netting arrangements if the Company has elected to net.


(2)	Represents $5.3 million and $3.5 million of cash collateral received against derivative assets with the same counterparty that are subject to enforceable master netting arrangements as of June 30, 2015 and December 31, 2014, respectively.


(3)	Represents cash and securities pledged against derivative liabilities with the same counterparty that are subject to enforceable master netting arrangements. Includes approximately $14.5 million and $12.5 million of cash collateral posted as of June 30, 2015 and December 31, 2014, respectively.

Refer to Note 4 for fair value measurement disclosures on derivatives.