Derivative Instruments and Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule reflecting the amount and fair value of risk management derivatives and mortgage banking and customer initiated derivatives

The following table presents the notional amount and fair value of the Corporation’s derivative instruments held or issued in connection with customer-initiated and mortgage banking activities. 

	March 31, 2019						December 31, 2018
			Fair Value						Fair Value
(Dollars in thousands)	Notional Amount (1)		Gross Derivative Assets (2)		Gross Derivative Liabilities (2)		Notional Amount (1)		Gross Derivative Assets (2)		Gross Derivative Liabilities (2)
Risk management purposes:
Derivatives designated as hedging instruments:
Interest rate swaps	$	820,000	$	5,322	$	7,292	$	820,000	$	10,148	$	3,278
Total risk management purposes	820,000		5,322		7,292		820,000		10,148		3,278
Customer-initiated and mortgage banking derivatives:
Customer-initiated derivatives	2,635,769		39,398		40,672		2,477,640		26,680		27,664
Forward contracts related to mortgage loans to be delivered for sale	110,328		—		653		127,159		—		719
Interest rate lock commitments	92,684		1,758		—		54,848		1,049		—
Power Equity CD	36,206		881		881		36,771		718		718
Total customer-initiated and mortgage banking derivatives	2,874,987		42,037		42,206		2,696,418		28,447		29,101
Total gross derivatives	$	3,694,987	$	47,359	$	49,498	$	3,516,418	$	38,595	$	32,379

⁽¹⁾  Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement.  These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Position.

⁽²⁾  Derivative assets are included within "Interest receivable and other assets" and derivative liabilities are included within "Interest payable and other liabilities" on the Consolidated Statements of Financial Position. Included in the fair value of the derivative assets are credit valuation adjustments for counterparty credit risk totaling $1.2 million at March 31, 2019 and $0.9 million at December 31, 2018.

Schedule reflecting the net gains (losses) relating to derivative instruments related to the changes in fair value

The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to interest rate swaps designated as cash flow hedges for the three months ended March 31, 2019 and 2018.

(Dollars in thousands)	Amount of gain (loss) recognized in other comprehensive income			Amount of gain (loss) reclassified from other comprehensive income to interest income or expense
Three Months Ended March 31, 2019
Interest rate swaps designated as cash flow hedges	$	(7,552	)	$	1,288
Three Months Ended March 31, 2018
Interest rate swaps designated as cash flow hedges	7,963			(242		)

The following table presents the net gains (losses) related to derivative instruments reflecting the changes in fair value.

		Three Months Ended March 31,
(Dollars in thousands)	Location of Gain (Loss)	2019			2018
Forward contracts related to mortgage loans to be delivered for sale	Net gain on sale of loans and other mortgage banking revenue	$	66		$	(370	)
Interest rate lock commitments	Net gain on sale of loans and other mortgage banking revenue	709			552
Power Equity CD	Other noninterest income	—			—
Customer-initiated derivatives	Other noninterest income	(290		)	327
Total gain (loss) recognized in income		$	485		$	509

Schedule of the Company's financial instruments eligible for offset, offsetting assets

The tables below present information about the Corporation’s financial instruments that are eligible for offset.

							Gross amounts not offset in the statements of financial position
(Dollars in thousands)	Gross amounts recognized		Gross amounts offset in the statements of financial  condition		Net amounts presented in the statements of financial  position		Financial instruments		Collateral (received)/posted			Net Amount
March 31, 2019
Offsetting derivative assets
Derivative assets (1)	$	44,672	$	—	$	44,672	$	—	$	(39,368	)	$	5,304
Offsetting derivative liabilities
Derivative liabilities (1)	47,810		—		47,810		—		170			47,640
December 31, 2018
Offsetting derivative assets
Derivative assets (1)	$	36,791	$	—	$	36,791	$	—	$	(16,120	)	$	20,671
Offsetting derivative liabilities
Derivative liabilities	30,822		—		30,822		—		430			30,392

⁽¹⁾  Amount does not include participated interest rate swaps, forward contracts, interest rate lock commitments and power equity CDs as these instruments are not subject to master netting or similar arrangements.

Schedule of the Company's financial instruments eligible for offset, offsetting liabilities

The tables below present information about the Corporation’s financial instruments that are eligible for offset.

							Gross amounts not offset in the statements of financial position
(Dollars in thousands)	Gross amounts recognized		Gross amounts offset in the statements of financial  condition		Net amounts presented in the statements of financial  position		Financial instruments		Collateral (received)/posted			Net Amount
March 31, 2019
Offsetting derivative assets
Derivative assets (1)	$	44,672	$	—	$	44,672	$	—	$	(39,368	)	$	5,304
Offsetting derivative liabilities
Derivative liabilities (1)	47,810		—		47,810		—		170			47,640
December 31, 2018
Offsetting derivative assets
Derivative assets (1)	$	36,791	$	—	$	36,791	$	—	$	(16,120	)	$	20,671
Offsetting derivative liabilities
Derivative liabilities	30,822		—		30,822		—		430			30,392

⁽¹⁾  Amount does not include participated interest rate swaps, forward contracts, interest rate lock commitments and power equity CDs as these instruments are not subject to master netting or similar arrangements.