DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional and fair values of derivative instruments

The following table presents the total notional and fair values of the Company’s derivatives as of September 30, 2015 and December 31, 2014:

	Fair Values of Derivative Instruments
	September 30, 2015						December 31, 2014
	Notional Amount		Fair Value				Notional Amount		Fair Value
($ in thousands)			Derivative Assets (1)		Derivative Liabilities (1)				Derivative Assets (1)		Derivative Liabilities (1)
Derivatives designated as hedging instruments:
Interest rate swaps on certificates of deposit	$	114,088	$	—	$	3,339	$	132,667	$	—	$	9,922
Total derivatives designated as hedging instruments	$	114,088	$	—	$	3,339	$	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	6,063,494		86,954		87,330		4,858,391		41,534		41,779
Foreign exchange contracts	817,133		9,745		12,373		680,629		8,118		9,163
Total derivatives not designated as hedging instruments	$	6,880,627	$	96,699	$	99,703	$	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

The following table presents the net gains (losses) recognized in the Consolidated Statements of Income related to derivatives designated as hedging instruments for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2015			2014			2015			2014
Gains (losses) recorded in interest expense
Recognized on interest rate swaps	$	4,616		$	(1,668	)	$	5,336		$	4,082
Recognized on certificates of deposit	(4,247		)	1,441			(4,647		)	(3,949		)
Net amount recognized on fair value hedges (ineffective portion)	$	369		$	(227	)	$	689		$	133

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

The following table presents the net gains (losses) recognized on the Company’s Consolidated Statements of Income related to derivatives not designated as hedging instruments for the three and nine months ended September 30, 2015 and 2014:  

	Location in Consolidated Statements of Income	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)		2015			2014			2015			2014
Derivatives not designated as hedging instruments:
Foreign exchange options	Foreign exchange income	$	—		$	37		$	236		$	91
Embedded derivative liabilities	Other operating expense	—			5			(136		)	2
Interest rate swaps and caps	Other fees and other operating income	(864		)	272			(243		)	(794		)
Foreign exchange contracts	Foreign exchange income	(3,764		)	(597		)	(1,548		)	(3,226		)
Total net losses		$	(4,628	)	$	(283	)	$	(1,691	)	$	(3,927	)

Balance sheet offsetting of derivative assets and liabilities

The following tables present gross derivatives on the Consolidated Balance Sheets and the respective collateral received or pledged in the form of other financial instruments, which are generally marketable securities and/or cash. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of overcollateralization are not shown:

($ in thousands)	As of September 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							Financial Instruments				Collateral Received				Net Amount
Derivatives	$	6,510	$	—	$	6,510	$	(4,880	)	(1)	$	(1,409	)	(2)	$	221
	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							Financial Instruments				Collateral Posted				Net Amount
Derivatives	$	98,748	$	—	$	98,748	$	(4,880	)	(1)	$	(90,622	)	(3)	$	3,246

($ 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							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							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 $1.4 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 September 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 $24.7 million and $12.5 million of cash collateral posted as of September 30, 2015 and December 31, 2014, respectively.