Derivatives and Hedging Activity (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Designated as Hedging Instruments

At December 31, 2015 and 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
	December 31, 2015				December 31, 2014				December 31, 2015				December 31, 2014
(In thousands)	Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾
Interest rate swaps:
Commercial Loan Swaps (FRAPS)	$	—	$	—	$	—	$	—	$	55,689	$	3,536	$	93,313	$	6,683
Sub Debt Swap	250,000		8,739		250,000		5,256		—		—		—		—
Fair value hedges	$	250,000	$	8,739	$	250,000	$	5,256	$	55,689	$	3,536	$	93,313	$	6,683

(1) Included in Other Assets on the Consolidated Balance Sheet

(2) Included in Other Liabilities on the Consolidated Balance Sheet

Derivative Instruments not Designated as Hedging Instruments

As of December 31, 2015 and 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
	December 31, 2015				December 31, 2014				December 31, 2015				December 31, 2014
(In thousands)	Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽¹⁾		Notional/ Contract Amount		Fair Value ⁽²⁾		Notional/ Contract Amount		Fair Value ⁽²⁾
Interest rate swaps	$	1,824,576	$	48,920	$	1,673,012	$	48,366	$	1,824,576	$	48,920	$	1,673,012	$	48,366
Mortgage loan commitments	20,635		149		102,523		1,408		—		—		—		—
Forward sales contracts	—		—		—		—		9,659		5		47,657		272
Credit contracts	—		—		10,001		—		73,715		—		69,227		—
Foreign exchange	13,671		299		22,406		167		11,706		284		6,580		118
Equity swap	—		—		—		—		36,631		—		25,198		—
Total	$	1,858,882	$	49,368	$	1,807,942	$	49,941	$	1,956,287	$	49,209	$	1,821,674	$	48,756

(1) Included in Other Assets on the Consolidated Balance Sheet

(2) Included in Other Liabilities on the Consolidated Balance Sheet

Derivative Instruments, Gain (Loss)

Gains and losses recognized in income on nondesignated hedging instruments for the years ended December 31, 2015, 2014 and 2013, are as follows:



(In thousands)
Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain / (Loss) Recognized in Income on Derivatives
		Year Ended December 31,
		2015			2014			2013
Mortgage loan commitments	Other operating income	$	(1,260	)	$	517		$	(3,509	)
Forward sales contracts	Other operating income	267			(656		)	446
Foreign exchange contracts	Other operating income	(2,154		)	(210		)	(233		)
Other	Other operating expense	—			(515		)	—
Total		$	(3,147	)	$	(864	)	$	(3,296	)

Offsetting disclosure for derivatives contracts

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 December 31, 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	$	8,739	$	—	$	8,739	$	—		$	—		$	8,739
Interest rate swaps - nondesignated	155		—		155		(155		)	—			—
Foreign exchange	—		—		—		—			—			—
Total derivative assets	$	8,894	$	—	$	8,894	$	(155	)	$	—		$	8,739

Derivative Liabilities
Interest rate swaps - designated	$	3,536	$	—	$	3,536	$	—		$	(3,536	)	$	—
Interest rate swaps - nondesignated	48,765		—		48,765		(155		)	(48,610		)	—
Foreign exchange	—		—		—		—			—			—
Total derivative liabilities	$	52,301	$	—	$	52,301	$	(155	)	$	(52,146	)	$	—



	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 - nondesignated	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 - nondesignated	48,014		—		48,014		(352		)	(47,662		)	—
Foreign exchange	28		—		28		(28		)	—			—
Total derivative liabilities	$	54,725	$	—	$	54,725	$	(380	)	$	(54,345	)	$	—

(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 Sheet 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 Sheet unless the Corporation defaults.