Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Unaudited Condensed Consolidated Balance Sheets on a gross basis.

	March 31, 2017 (4)						December 31, 2016
			Fair Value						Fair Value
	Notional Amount		Derivative Assets (1)		Derivative Liabilities (2)		Notional Amount		Derivative Assets (1)		Derivative Liabilities (2)
	(In Thousands)
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate swaps related to long-term debt	$	2,123,950	$	32,003	$	16,169	$	2,123,950	$	38,890	$	14,226
Total fair value hedges			32,003		16,169				38,890		14,226
Cash flow hedges:
Interest rate contracts:
Swaps related to commercial loans	8,950,000		4		25,369		7,625,000		2,340		11,570
Swaps related to FHLB advances	120,000		—		6,333		120,000		—		7,093
Foreign currency contracts:
Forwards related to currency fluctuations	4,907		433		—		3,618		—		380
Total cash flow hedges			437		31,702				2,340		19,043
Total derivatives designated as hedging instruments			$	32,440	$	47,871			$	41,230	$	33,269
Free-standing derivatives not designated as hedging instruments:
Interest rate contracts:
Forward contracts related to held for sale mortgages	$	254,000	$	374	$	1,053	$	251,500	$	2,479	$	493
Interest rate lock commitments	156,991		3,178		1		150,616		2,424		32
Equity contracts:
Purchased equity option related to equity-linked CDs	818,832		60,829		—		833,763		57,198		—
Written equity option related to equity-linked CDs	750,485		—		56,178		770,632		—		53,044
Foreign exchange contracts:
Forwards and swaps related to commercial loans	514,870		869		3,144		424,155		3,741		1,723
Spots related to commercial loans	56,775		34		25		54,599		134		—
Swap associated with sale of Visa, Inc. Class B shares	77,807		—		1,945		68,308		—		1,708
Futures contracts (3)	119,000		—		—		104,000		—		—
Trading account assets and liabilities:
Interest rate contracts for customers	28,964,141		244,525		193,258		28,000,014		290,238		228,748
Foreign exchange contracts for customers	859,575		23,633		21,560		870,084		28,367		26,317
Total trading account assets and liabilities			268,158		214,818				318,605		255,065
Total free-standing derivative instruments not designated as hedging instruments			$	333,442	$	277,164			$	384,581	$	312,065

(1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets.

(2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets.

(3) Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period.

(4) In January 2017, a clearing organization adopted a rule change that requires transactions to be considered settled-to-market each day. Beginning in the first quarter of 2017, to the extent the Company determined transactions with this clearing organization to be settled-to-market, the impact was a reduction to the derivative assets and liabilities as well as a corresponding decrease in cash collateral.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table reflects the change in fair value for interest rate contracts and the related hedged items as well as other gains and losses related to fair value hedges including gains and losses recognized because of hedge ineffectiveness.

		Gain (Loss) for the
	Condensed Consolidated	Three Months Ended March 31,
	Statements of Income Caption	2017			2016
		(In Thousands)
Change in fair value of interest rate contracts:
Interest rate swaps hedging long term debt	Interest on FHLB and other borrowings	$	(8,830	)	$	48,876
Hedged long term debt	Interest on FHLB and other borrowings	8,493			(44,731		)
Other gains on interest rate contracts:
Interest and amortization related to interest rate swaps on hedged long term debt	Interest on FHLB and other borrowings	8,864			10,790

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the effect of derivative instruments designated and qualifying as cash flow hedges on the Company’s Unaudited Condensed Consolidated Balance Sheets and the Company’s Unaudited Condensed Consolidated Statements of Income.

	Gain (Loss) for the
	Three Months Ended   March 31,
	2017			2016
	(In Thousands)
Interest rate and foreign currency exchange contracts:
Net change in amount recognized in other comprehensive income	$	(9,866	)	$	2,739
Amount reclassified from accumulated other comprehensive income (loss) into net income	5,694			519
Amount of ineffectiveness recognized in net income	(749		)	—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position

The net gains and losses recorded in the Company's Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table.

		Gain (Loss) for the
	Condensed Consolidated	Three Months Ended March 31,
	Statements of Income Caption	2017			2016
		(In Thousands)
Futures contracts	Mortgage banking income  and corporate and correspondent investment sales	$	(3	)	$	(240	)
Option contracts related to mortgage servicing rights	Mortgage banking income	—			(105		)
Interest rate contracts:
Forward contracts related to residential mortgage loans held for sale	Mortgage banking income	(2,665		)	(1,455		)
Interest rate lock commitments	Mortgage banking income	785			822
Interest rate contracts for customers	Corporate and correspondent investment sales	6,796			3,540
Commodity contracts:
Commodity contracts for customers	Corporate and correspondent investment sales	—			(2		)
Equity contracts:
Purchased equity option related to equity-linked CDs	Other expense	3,630			5,291
Written equity option related to equity-linked CDs	Other expense	(3,134		)	(4,556		)
Foreign currency contracts:
Forward and swap contracts related to commercial loans	Other income	(6,958		)	(13,947		)
Spot contracts related to commercial loans	Other income	996			(1,108		)
Foreign currency exchange contracts for customers	Corporate and correspondent investment sales	2,350			431

Schedule Of Assets Subject To Enforceable Master Netting Arrangements

The following table represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement.

	Gross Amounts Recognized		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets		Financial Instruments Collateral Received/Pledged (1)		Cash Collateral Received/ Pledged (1)		Net Amount
	(In Thousands)
March 31, 2017
Derivative financial assets:
Subject to a master netting arrangement	$	203,289	$	—	$	203,289	$	—	$	41,212	$	162,077
Not subject to a master netting arrangement	162,593		—		162,593		—		—		162,593
Total derivative financial assets	$	365,882	$	—	$	365,882	$	—	$	41,212	$	324,670
Derivative financial liabilities:
Subject to a master netting arrangement	$	220,530	$	—	$	220,530	$	8,384	$	86,569	$	125,577
Not subject to a master netting arrangement	104,505		—		104,505		—		—		104,505
Total derivative financial liabilities	$	325,035	$	—	$	325,035	$	8,384	$	86,569	$	230,082
December 31, 2016
Derivative financial assets:
Subject to a master netting arrangement	$	234,002	$	—	$	234,002	$	—	$	33,212	$	200,790
Not subject to a master netting arrangement	191,809		—		191,809		—		—		191,809
Total derivative financial assets	$	425,811	$	—	$	425,811	$	—	$	33,212	$	392,599
Derivative financial liabilities:
Subject to a master netting arrangement	$	248,669	$	—	$	248,669	$	9,685	$	102,603	$	136,381
Not subject to a master netting arrangement	96,665		—		96,665		—		—		96,665
Total derivative financial liabilities	$	345,334	$	—	$	345,334	$	9,685	$	102,603	$	233,046

(1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted.

Schedule Of Liabilities Subject To Enforceable Master Netting Arrangements

The following table represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement.

	Gross Amounts Recognized		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets		Financial Instruments Collateral Received/Pledged (1)		Cash Collateral Received/ Pledged (1)		Net Amount
	(In Thousands)
March 31, 2017
Derivative financial assets:
Subject to a master netting arrangement	$	203,289	$	—	$	203,289	$	—	$	41,212	$	162,077
Not subject to a master netting arrangement	162,593		—		162,593		—		—		162,593
Total derivative financial assets	$	365,882	$	—	$	365,882	$	—	$	41,212	$	324,670
Derivative financial liabilities:
Subject to a master netting arrangement	$	220,530	$	—	$	220,530	$	8,384	$	86,569	$	125,577
Not subject to a master netting arrangement	104,505		—		104,505		—		—		104,505
Total derivative financial liabilities	$	325,035	$	—	$	325,035	$	8,384	$	86,569	$	230,082
December 31, 2016
Derivative financial assets:
Subject to a master netting arrangement	$	234,002	$	—	$	234,002	$	—	$	33,212	$	200,790
Not subject to a master netting arrangement	191,809		—		191,809		—		—		191,809
Total derivative financial assets	$	425,811	$	—	$	425,811	$	—	$	33,212	$	392,599
Derivative financial liabilities:
Subject to a master netting arrangement	$	248,669	$	—	$	248,669	$	9,685	$	102,603	$	136,381
Not subject to a master netting arrangement	96,665		—		96,665		—		—		96,665
Total derivative financial liabilities	$	345,334	$	—	$	345,334	$	9,685	$	102,603	$	233,046

(1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted.