Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018						December 31, 2017
			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	$	2,223,950	$	14,847	$	39,118	$	2,223,950	$	19,399	$	16,831
Total fair value hedges			14,847		39,118				19,399		16,831
Cash flow hedges:
Interest rate contracts:
Swaps related to commercial loans	7,900,000		160		24		9,075,000		325		2
Swaps related to FHLB advances	120,000		—		2,251		120,000		—		4,424
Foreign currency contracts:
Forwards related to currency fluctuations	1,662		74		—		3,220		—		144
Total cash flow hedges			234		2,275				325		4,570
Total derivatives designated as hedging instruments			$	15,081	$	41,393			$	19,724	$	21,401
Free-standing derivatives not designated as hedging instruments:
Interest rate contracts:
Forward contracts related to held for sale mortgages	$	205,500	$	526	$	491	$	141,000	$	85	$	130
Option contracts related to mortgage servicing rights	—		—		—		40,000		38		—
Interest rate lock commitments	143,882		2,609		1		114,184		2,416		—
Equity contracts:
Purchased equity option related to equity-linked CDs	766,985		34,248		—		810,011		39,791		—
Written equity option related to equity-linked CDs	677,293		—		30,435		718,428		—		35,562
Foreign exchange contracts:
Forwards and swaps related to commercial loans	413,847		2,262		787		358,729		291		3,501
Spots related to commercial loans	14,994		24		2		83,338		84		245
Swap associated with sale of Visa, Inc. Class B shares	104,729		—		2,618		99,826		—		2,496
Futures contracts (3)	1,754,000		—		—		1,449,000		—		—
Trading account assets and liabilities:
Interest rate contracts for customers	30,068,194		110,694		163,060		30,472,359		133,516		134,073
Foreign exchange contracts for customers	913,072		13,325		11,639		514,185		12,149		10,524
Total trading account assets and liabilities			124,019		174,699				145,665		144,597
Total free-standing derivative instruments not designated as hedging instruments			$	163,688	$	209,033			$	188,370	$	186,531

(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.

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	2018			2017
		(In Thousands)
Change in fair value of interest rate contracts:
Interest rate swaps hedging long term debt	Interest on FHLB and other borrowings	$	(39,366	)	$	(8,830	)
Hedged long term debt	Interest on FHLB and other borrowings	37,429			8,493
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	3,445			8,864

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,
	2018			2017
	(In Thousands)
Interest rate and foreign currency exchange contracts:
Net change in amount recognized in other comprehensive income	$	(237	)	$	(9,866	)
Amount reclassified from accumulated other comprehensive income (loss) into net income	(9,385		)	5,694
Amount of ineffectiveness recognized in net income	30			(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	2018			2017
		(In Thousands)
Futures contracts	Mortgage banking income  and corporate and correspondent investment sales	$	72		$	(3	)
Interest rate contracts:
Forward contracts related to residential mortgage loans held for sale	Mortgage banking income	80			(2,665		)
Interest rate lock commitments	Mortgage banking income	192			785
Interest rate contracts for customers	Corporate and correspondent investment sales	8,564			6,796
Option contracts related to mortgage servicing rights	Mortgage banking income	(38		)	—
Equity contracts:
Purchased equity option related to equity-linked CDs	Other expense	(7,082		)	3,630
Written equity option related to equity-linked CDs	Other expense	6,523			(3,134		)
Foreign currency contracts:
Forward contracts related to commercial loans	Other income	(219		)	(6,958		)
Spot contracts related to commercial loans	Other income	(922		)	996
Foreign currency exchange contracts for customers	Corporate and correspondent investment sales	3,541			2,350

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, 2018
Derivative financial assets:
Subject to a master netting arrangement	$	106,289	$	—	$	106,289	$	—	$	34,430	$	71,859
Not subject to a master netting arrangement	72,480		—		72,480		—		—		72,480
Total derivative financial assets	$	178,769	$	—	$	178,769	$	—	$	34,430	$	144,339
Derivative financial liabilities:
Subject to a master netting arrangement	$	96,522	$	—	$	96,522	$	1,782	$	80,045	$	14,695
Not subject to a master netting arrangement	153,904		—		153,904		—		—		153,904
Total derivative financial liabilities	$	250,426	$	—	$	250,426	$	1,782	$	80,045	$	168,599
December 31, 2017
Derivative financial assets:
Subject to a master netting arrangement	$	93,409	$	—	$	93,409	$	—	$	21,423	$	71,986
Not subject to a master netting arrangement	114,685		—		114,685		—		—		114,685
Total derivative financial assets	$	208,094	$	—	$	208,094	$	—	$	21,423	$	186,671
Derivative financial liabilities:
Subject to a master netting arrangement	$	108,955	$	—	$	108,955	$	4,545	$	92,396	$	12,014
Not subject to a master netting arrangement	98,977		—		98,977		—		—		98,977
Total derivative financial liabilities	$	207,932	$	—	$	207,932	$	4,545	$	92,396	$	110,991

(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, 2018
Derivative financial assets:
Subject to a master netting arrangement	$	106,289	$	—	$	106,289	$	—	$	34,430	$	71,859
Not subject to a master netting arrangement	72,480		—		72,480		—		—		72,480
Total derivative financial assets	$	178,769	$	—	$	178,769	$	—	$	34,430	$	144,339
Derivative financial liabilities:
Subject to a master netting arrangement	$	96,522	$	—	$	96,522	$	1,782	$	80,045	$	14,695
Not subject to a master netting arrangement	153,904		—		153,904		—		—		153,904
Total derivative financial liabilities	$	250,426	$	—	$	250,426	$	1,782	$	80,045	$	168,599
December 31, 2017
Derivative financial assets:
Subject to a master netting arrangement	$	93,409	$	—	$	93,409	$	—	$	21,423	$	71,986
Not subject to a master netting arrangement	114,685		—		114,685		—		—		114,685
Total derivative financial assets	$	208,094	$	—	$	208,094	$	—	$	21,423	$	186,671
Derivative financial liabilities:
Subject to a master netting arrangement	$	108,955	$	—	$	108,955	$	4,545	$	92,396	$	12,014
Not subject to a master netting arrangement	98,977		—		98,977		—		—		98,977
Total derivative financial liabilities	$	207,932	$	—	$	207,932	$	4,545	$	92,396	$	110,991

(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.