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Derivatives Instruments and Hedging Activities Disclosure (Tables)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Designated as Hedging Instruments
At June 30, 2014, December 31, 2013, and June 30, 2013, the notional values or contractual amounts and fair value of the Corporation's derivatives designated in hedge relationships were as follows:
 
Asset Derivatives
 
 
Liability Derivatives
 
June 30, 2014
 
December 31, 2013
 
June 30, 2013
 
 
June 30, 2014
 
December 31, 2013
 
June 30, 2013
(In thousands)
Notional/ Contract Amount
 
Fair Value (a)
 
Notional/ Contract Amount
 
Fair Value (a)
 
Notional/ Contract Amount
 
Fair Value (a)
 
 
Notional/ Contract Amount
 
Fair Value (b)
 
Notional/ Contract Amount
 
Fair Value (b)
 
Notional/ Contract Amount
 
Fair Value (b)
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges
$
—

 
$
—

 
$
—

 
$
—

 
$
4,632

 
$
—

 
 
$
102,828

 
$
8,989

 
$
126,637

 
$
11,574

 
$
136,186

 
$
14,319

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) Included in "Other assets" on the Consolidated Balance Sheets
(b) Included in "Other liabilities" on the Consolidated Balance Sheet
Derivative Instruments not Designated as Hedging Instruments
As of June 30, 2014, December 31, 2013, and June 30, 2013, the notional values or contractual amounts and fair value of the Corporation's derivatives not designated in hedge relationships were as follows:
 
Asset Derivatives
 
 
Liability Derivatives
 
June 30, 2014
 
December 31, 2013
 
June 30, 2013
 
 
June 30, 2014
 
December 31, 2013
 
June 30, 2013
(In thousands)
Notional/ Contract Amount
 
Fair Value (a)
 
Notional/ Contract Amount
 
Fair Value (a)
 
Notional/ Contract Amount
 
Fair Value (a)
 
 
Notional/ Contract Amount
 
Fair Value (b)
 
Notional/ Contract Amount
 
Fair Value (b)
 
Notional/ Contract Amount
 
Fair Value (b)
Interest rate swaps
$
1,618,463

 
$
47,952

 
$
1,622,525

 
$
46,577

 
$
1,502,079

 
$
47,804

 
 
$
1,618,463

 
$
47,952

 
$
1,622,531

 
$
46,577

 
$
1,502,079

 
$
47,804

Mortgage loan commitments
169,232

 
2,491

 
90,541

 
891

 
251,198

 
779

 
 
—

 
—

 
—

 
—

 
—

 
—

Forward sales contracts
—

 
—

 
40,906

 
384

 
139,093

 
4,458

 
 
80,161

 
545

 
—

 
—

 
—

 
—

Credit contracts
15,269

 
—

 
—

 
—

 
—

 
—

 
 
52,319

 
10

 
49,914

 
—

 
50,754

 
—

Foreign exchange
25,623

 
107

 
6,478

 
50

 
8,940

 
117

 
 
7,568

 
48

 
6,893

 
50

 
7,235

 
94

Other
—

 
—

 
—

 
—

 
—

 
—

 
 
60,383

 
—

 
63,813

 
—

 
52,370

 
—

Total
$
1,828,587

 
$
50,550

 
$
1,760,450

 
$
47,902

 
$
1,901,310

 
$
53,158

 
 
$
1,818,894

 
$
48,555

 
$
1,743,151

 
$
46,627

 
$
1,612,438

 
$
47,898

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) Included in "Other assets" on the Consolidated Balance Sheets
(b) Included in "Other liabilities" on the Consolidated Balance Sheets
Derivative Instruments, Gain (Loss)
Gains and losses recognized in income on non-designated hedging instruments for the three and six months ended June 30, 2014 and 2013 are as follows:
Derivatives not
designated as hedging
instruments
 
Location of Gain/(Loss)
Recognized
in Income on
Derivative
 
Amount of Gain / (Loss) Recognized in Income on Derivatives (In thousands)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2014
 
2013
 
2014
 
2013
Mortgage loan commitments
 
Other operating income
 
$
916

 
$
(3,374
)
 
$
1,600

 
$
(3,622
)
Forward sales contracts
 
Other operating income
 
(713
)
 
4,742

 
(929
)
 
4,519

Foreign exchange contracts
 
Other operating income
 
328

 
(122
)
 
107

 
(313
)
Total
 
 
 
$
531

 
$
1,246

 
$
778

 
$
584

 
 
 
 
 
 
 
 
 
 
 
Offsetting disclosure for derivatives contracts
The following tables illustrate the potential effect of the Corporation's derivative master netting arrangements, by type of financial instrument, on the Corporation's statement of financial position as of June 30, 2014, December 31, 2013, and June 30, 2013. The swap agreements the Corporation has in place with its commercial customers are not subject to enforceable master netting arrangements, and, therefore, are excluded from these tables.
 
As of June 30, 2014
 
Gross amounts recognized
 
Gross amounts offset in the consolidated balance sheet
 
Net amounts presented in the consolidated balance sheet
 
Gross amounts not offset in the consolidated balance sheet
 
Net amount
(In thousands)
 
 
 
Financial instruments (a)
 
Collateral (b)
 
Derivative Assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps - non-designated
$
839

 
$
—

 
$
839

 
$
(839
)
 
$
—

 
$
—

Foreign exchange
19

 
—

 
19

 
(19
)
 
—

 
—

    Total derivative assets
$
858

 
$
—

 
$
858

 
$
(858
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps - designated
$
8,989

 
$
—

 
$
8,989

 
$
—

 
$
(8,989
)
 
$
—

Interest rate swaps - non-designated
47,114

 
—

 
47,114

 
(839
)
 
(46,275
)
 
—

Foreign exchange
35

 
—

 
35

 
(19
)
 
(16
)
 
—

    Total derivative liabilities
$
56,138

 
$
—

 
$
56,138

 
$
(858
)
 
$
(55,280
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2013
 
Gross amounts recognized
 
Gross amounts offset in the consolidated balance sheet
 
Net amounts presented in the consolidated balance sheet
 
Gross amounts not offset in the consolidated balance sheet
 
Net amount
(In thousands)
 
 
 
Financial instruments (a)
 
Collateral (b)
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps - non-designated
$
4,791

 
$
—

 
$
4,791

 
$
(4,791
)
 
$
—

 
$
—

Foreign exchange
4

 
—

 
4

 
(4
)
 
—

 
—

    Total derivative assets
$
4,795

 
$
—

 
$
4,795

 
$
(4,795
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps - designated
$
11,574

 
$
—

 
$
11,574

 
$
—

 
$
(11,574
)
 
$
—

Interest rate swaps - non-designated
41,787

 
—

 
41,787

 
(4,791
)
 
(36,996
)
 
—

Foreign exchange
46

 
—

 
46

 
(4
)
 
(42
)
 
—

    Total derivative liabilities
$
53,407

 
$
—

 
$
53,407

 
$
(4,795
)
 
$
(48,612
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2013
 
Gross amounts recognized
 
Gross amounts offset in the consolidated balance sheet
 
Net amounts presented in the consolidated balance sheet
 
Gross amounts not offset in the consolidated balance sheet
 
Net amount
(In thousands)
 
 
 
Financial instruments (a)
 
Collateral (b)
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps - non-designated
$
3,010

 
$
—

 
$
3,010

 
$
(3,010
)
 
$
—

 
$
—

Foreign exchange
53

 
—

 
53

 
(22
)
 
(31
)
 
—

Total derivative assets
$
3,063

 
$
—

 
$
3,063

 
$
(3,032
)
 
$
(31
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps - designated
$
14,319

 
$
—

 
$
14,319

 
$
—

 
$
(14,319
)
 
$
—

Interest rate swaps - non-designated
44,794

 
—

 
44,794

 
(3,010
)
 
(41,784
)
 
—

Foreign exchange
22

 
—

 
22

 
(22
)
 
—

 
—

Total derivative liabilities
$
59,135

 
$
—

 
$
59,135

 
$
(3,032
)
 
$
(56,103
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
(a) For derivative assets, this includes any derivative liability fair values that could be offset in the event of counterparty default. For derivative liabilities, this includes any derivative asset fair values that could be offset in the event of counterparty default.
(b) For derivate assets, this includes the fair value of collateral received by the Corporation from the counterparty. Securities received as collateral are not included in the Consolidated Balance Sheets unless the counterparty defaults. For derivative liabilities, this includes the fair value of securities pledged by the Corporation to the counterparty. These securities are included in the Consolidated Balance Sheets unless the Corporation defaults.