DERIVATIVE FINANCIAL INSTRUMENTS AND BALANCE SHEET OFFSETTING (Tables)

6 Months Ended

Jun. 30, 2014

DERIVATIVE FINANCIAL INSTRUMENTS AND BALANCE SHEET OFFSETTING

Fair values of derivative instruments

	Fair Values of Derivative Instruments
	June 30, 2014						December 31, 2013
	Notional		Derivative		Derivative		Notional		Derivative		Derivative
	Amount		Assets (1)		Liabilities (1)		Amount		Assets (1)		Liabilities (1)
	(In thousands)
Derivatives designated as hedging instruments:
Interest rate swaps on certificates of deposit—fair value	$	135,000	$	—	$	11,157	$	135,000	$	—	$	16,906
Total derivatives designated as hedging instruments	$	135,000	$	—	$	11,157	$	135,000	$	—	$	16,906
Derivatives not designated as hedging instruments:
Foreign exchange options	$	85,614	$	6,049	$	3,362	$	85,614	$	6,290	$	3,655
Interest rate swaps and caps	2,109,922		30,233		29,573		1,915,474		28,078		26,352
Foreign exchange contracts	476,700		4,499		4,296		440,848		6,181		3,349
Total derivatives not designated as hedging instruments	$	2,672,236	$	40,781	$	37,231	$	2,441,936	$	40,549	$	33,356

(1) Derivative assets, which are a component of other assets, include the estimated settlement of the derivative asset position. Derivative liabilities, which are a component of other liabilities and deposits, include the estimated settlement of the derivative liability position.

Gains (losses) on derivative instruments

	Location in	Three Months Ended						Six Months Ended
	Consolidated	June 30,						June 30,
	Statements of Income	2014			2013			2014			2013
		(In thousands)
Derivatives designated as hedging instruments
Interest rate swaps on certificates of deposit—fair value	Interest expense	$	3,045		$	(3,810	)	$	5,750		$	(4,715	)
	Total net income (expense)	$	3,045		$	(3,810	)	$	5,750		$	(4,715	)
Derivatives not designated as hedging instruments
Foreign exchange options	Noninterest income	173			97			54			238
Foreign exchange options	Noninterest expense	(3		)	(1		)	(2		)	6
Interest rate swaps and caps	Noninterest income	(130		)	1,864			(1,066		)	2,080
Foreign exchange contracts	Noninterest income	(500		)	(719		)	(2,629		)	(762		)
	Total net (expense) income	$	(460	)	$	1,241		$	(3,643	)	$	1,562

Schedule of gross derivatives, resale agreements, repurchase agreements and the respective collateral received or pledged in the form of other financial instruments, which are generally marketable securities

	As of June 30, 2014 (In thousands)
					Net Amounts of
			Gross Amounts		Assets Presented		Gross Amounts Not Offset in the
	Gross Amounts		Offset in the		in the		Consolidated Balance Sheets
Assets	of Recognized Assets		Consolidated Balance Sheets		Consolidated Balance Sheets		Financial Instruments			Collateral Received			Net Amount
Derivatives	$	9,711	$	—	$	9,711	$	(5,122	)	$	(4,589	)(1)	$	—
Resale Agreements	$	1,275,000	$	—	$	1,275,000	$	(475,000	)	$	(800,000	)(2)	$	—

					Net Amounts of
			Gross Amounts		Liabilities		Gross Amounts Not Offset in the
	Gross Amounts		Offset in the		Presented in the		Consolidated Balance Sheets
Liabilities	of Recognized Liabilities		Consolidated Balance Sheets		Consolidated Balance Sheets		Financial Instruments			Collateral Posted			Net Amount
Derivatives	$	40,459	$	—	$	40,459	$	(5,122	)	$	(35,337	)(3)	$	—
Repurchase Agreements	$	1,005,211	$	—	$	1,005,211	$	(475,000	)	$	(530,211	)(4)	$	—

	As of December 31, 2013 (In thousands)
					Net Amounts of
			Gross Amounts		Assets Presented		Gross Amounts Not Offset in the
	Gross Amounts		Offset in the		in the		Consolidated Balance Sheets
Assets	of Recognized Assets		Consolidated Balance Sheets		Consolidated Balance Sheets		Financial Instruments			Collateral Received			Net Amount
Derivatives	$	16,043	$	—	$	16,043	$	(11,363	)	$	(4,680	)(1)	$	—
Resale Agreements	$	1,400,000	$	—	$	1,400,000	$	(495,000	)	$	(905,000	)(2)	$	—

					Net Amounts of
			Gross Amounts		Liabilities		Gross Amounts Not Offset in the
	Gross Amounts		Offset in the		Presented in the		Consolidated Balance Sheets
Liabilities	of Recognized Liabilities		Consolidated Balance Sheets		Consolidated Balance Sheets		Financial Instruments			Collateral Posted			Net Amount
Derivatives	$	33,849	$	—	$	33,849	$	(11,363	)	$	(22,486	)(3)	$	—
Repurchase Agreements	$	995,000	$	—	$	995,000	$	(495,000	)	$	(500,000	)(4)	$	—

(1) Represents cash and securities received against derivative assets with the same counterparty that are subject to enforceable master netting arrangements. Includes approximately $3.6 million of cash collateral received as of June 30, 2014.

(2) Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty.

(3) Represents cash and securities pledged against derivative liabilities with the same counterparty that are subject to enforceable master netting arrangements. Includes approximately $7.5 million and $187 thousand of cash collateral posted as of June 30, 2014 and December 31, 2013, respectively.

(4) Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty.