Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Designated as Hedging Instruments

At September 30, 2015, December 31, 2014, and September 30, 2014, 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
	September 30, 2015				December 31, 2014				September 30, 2014				September 30, 2015				December 31, 2014				September 30, 2014
(In thousands)	Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾
Interest rate swaps:
Commercial Loan Swaps (FRAPS)	$	—	$	—	$	—	$	—	$	—	$	—	$	69,136	$	4,578	$	93,313	$	6,683	$	100,490	$	7,584
Sub Debt Swap	250,000		12,610		250,000		5,256		—		—		—		—		—		—		—		—
Fair value hedges	$	250,000	$	12,610	$	250,000	$	5,256	$	—	$	—	$	69,136	$	4,578	$	93,313	$	6,683	$	100,490	$	7,584

(1)Included in "Other assets" on the Consolidated Balance Sheets

(2)Included in "Other liabilities" on the Consolidated Balance Sheet

Derivative Instruments not Designated as Hedging Instruments

As of September 30, 2015, December 31, 2014, and September 30, 2014, 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
	September 30, 2015				December 31, 2014				September 30, 2014				September 30, 2015				December 31, 2014				September 30, 2014
(In thousands)	Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾
Interest rate swaps	$	1,745,769	$	63,171	$	1,673,012	$	48,366	$	1,655,371	$	40,937	$	1,745,769	$	63,171	$	1,673,012	$	48,366	$	1,655,371	$	40,937
Mortgage loan commitments	30,500		279		102,523		1,408		167,634		1,975		—		—		—		—		—		—
Forward sales contracts	—		—		—		—		—		—		12,896		75		47,657		272		67,528		91
Credit contracts	—		—		10,001		—		20,504		—		84,219		—		69,227		—		58,157		—
Foreign exchange	12,376		136		22,406		167		14,745		185		11,946		112		6,580		118		14,074		153
Equity swap	—		—		—		—		—		—		32,904		—		25,198		—		30,964		515
Total	$	1,788,645	$	63,586	$	1,807,942	$	49,941	$	1,858,254	$	43,097	$	1,887,734	$	63,358	$	1,821,674	$	48,756	$	1,826,094	$	41,696

(1)Included in "Other assets" on the Consolidated Balance Sheets

(2) 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 nine months ended September 30, 2015 and 2014 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 September 30,						Nine Months Ended September 30,
		2015			2014			2015			2014
Mortgage loan commitments	Loan sales and servicing income	$	(63	)	$	(516	)	$	(1,129	)	$	1,084
Forward sales contracts	Loan sales and servicing income	(181		)	454			197			(476		)
Foreign exchange contracts	Other operating income	(936		)	(124		)	(1,648		)	(17		)
Equity swap	Other operating expense	—			(515		)	—			(515		)
Total		$	(1,180	)	$	(701	)	$	(2,580	)	$	76

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 September 30, 2015, December 31, 2014, and September 30, 2014. 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 September 30, 2015
	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)	Gross amounts recognized		Gross amounts offset in the consolidated balance sheet		Net amounts presented in the consolidated balance sheet		Financial instruments ⁽¹⁾			Collateral⁽²⁾			Net amount
Derivative Assets
Interest rate swaps - designated	$	12,610	$	—	$	12,610	$	—		$	—		$	12,610
Interest rate swaps - non-designated	100		$	—	100		(100		)	—			—
Foreign exchange	44		—		44		(44		)	—			—
Total derivative assets	$	12,754	$	—	$	12,754	$	(144	)	$	—		$	12,610

Derivative liabilities
Interest rate swaps - designated	$	4,578	$	—	$	4,578	$	—		$	(4,578	)	$	—
Interest rate swaps - non-designated	63,068		—		63,068		(100		)	(62,968		)	—
Foreign exchange	85		—		85		(44		)	(41		)	—
Total derivative liabilities	$	67,731	$	—	$	67,731	$	(144	)	$	(67,587	)	$	—



	As of December 31, 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)	Gross amounts recognized		Gross amounts offset in the consolidated balance sheet		Net amounts presented in the consolidated balance sheet		Financial instruments ⁽¹⁾			Collateral⁽²⁾			Net amount
Derivative assets
Interest rate swaps - designated	$	5,256	$	—	$	5,256	$	—		$	—		$	5,256
Interest rate swaps - non-designated	352		—		352		(352		)	—			—
Foreign exchange	134		—		134		(28		)	(106		)	—
Total derivative assets	$	5,742	$	—	$	5,742	$	(380	)	$	(106	)	$	5,256

Derivative liabilities
Interest rate swaps - designated	$	6,683	$	—	$	6,683	$	—		$	(6,683	)	$	—
Interest rate swaps - non-designated	48,014		—		48,014		(352		)	(47,662		)	—
Foreign exchange	28		—		28		(28		)	—			—
Total derivative liabilities	$	54,725	$	—	$	54,725	$	(380	)	$	(54,345	)	$	—



	As of September 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)	Gross amounts recognized		Gross amounts offset in the consolidated balance sheet		Net amounts presented in the consolidated balance sheet		Financial instruments ⁽¹⁾			Collateral⁽²⁾			Net amount
Derivative assets
Interest rate swaps - non-designated	$	1,498	$	—	$	1,498	$	(1,498	)	$	—		$	—
Foreign exchange	180		—		180		—			(180		)	—
Total derivative assets	$	1,678	$	—	$	1,678	$	(1,498	)	$	(180	)	$	—

Derivative liabilities
Interest rate swaps - designated	$	7,584	$	—	$	7,584	$	—		$	(7,584	)	$	—
Interest rate swaps - non-designated	39,439		—		39,439		(1,498		)	(37,941		)	—
Foreign exchange	—		—		—		—			—			—
Total derivative liabilities	$	47,023	$	—	$	47,023	$	(1,498	)	$	(45,525	)	$	—

(1) 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.

(2) 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.