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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Summary of Derivative Instruments [Abstract]  
Impact of Derivatives on Balance Sheet
The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets at December 31, 2018 and 2017.
 
December 31, 2018
 
December 31, 2017
 
 
 
Fair Value
 
 
 
Fair Value
(in thousands)
Notional Amount
 
Derivative Assets(1)
 
Derivative Liabilities(2)
 
Notional Amount
 
Derivative Assets(1)
 
Derivative Liabilities(2)
Derivatives not designated
as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts (3)
$
1,840,288

 
$
18,388

 
$
15,716

 
$
1,466,059

 
$
10,786

 
$
12,638

Mortgage derivatives - interest rate lock commitments
52,420

 
944

 
—

 
49,304

 
936

 
—

Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans
65,500

 
—

 
819

 
72,500

 
—

 
129

Visa derivative
—

 
—

 
1,673

 
—

 
—

 
4,330

 Total derivatives not designated as hedging instruments    
 
 
$
19,332

 
$
18,208

 
 
 
$
11,722

 
$
17,097

 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Derivative assets are recorded in other assets on the consolidated balance sheets.
(2) 
Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.
(3) 
Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments.
Effect of Fair Value Hedges on Consolidated Statements of Income
Pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2018, 2017 and 2016 is presented below.
 
 
 
Gain (Loss) Recognized in Consolidated Statements of Income
 
 
 
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
 
2018
 
2017
 
2016
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate contracts(1)
Other non-interest income
 
$
(29
)
 
$
20

 
$
76

Mortgage derivatives - interest rate lock commitments
Mortgage banking income
 
8

 
(634
)
 
182

Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans
Mortgage banking income
 
(691
)
 
(2,025
)
 
1,725

Visa derivative
Other non-interest expense
 
(2,328
)
 
—

 
(5,795
)
 Total derivatives not designated as hedging instruments    
 
 
$
(3,040
)
 
$
(2,639
)
 
$
(3,812
)
 
 
 
 
 
 
 
 

(1) 
Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions.