Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Designated as Hedging Instruments

At March 31, 2016, December 31, 2015, and March 31, 2015, 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
	March 31, 2016				December 31, 2015				March 31, 2015				March 31, 2016				December 31, 2015				March 31, 2015
(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)	$	—	$	—	$	—	$	—	$	—	$	—	$	52,821	$	3,238	$	55,689	$	3,536	$	89,591	$	6,063
Sub debt swap	250,000		22,718		250,000		8,739		250,000		12,688		—		—		—		—		—		—
Fair value hedges	$	250,000	$	22,718	$	250,000	$	8,739	$	250,000	$	12,688	$	52,821	$	3,238	$	55,689	$	3,536	$	89,591	$	6,063

(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 March 31, 2016, December 31, 2015, and March 31, 2015, 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
	March 31, 2016				December 31, 2015				March 31, 2015				March 31, 2016				December 31, 2015				March 31, 2015
(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	$	1,850,414	$	75,139	$	1,824,576	$	48,920	$	1,718,850	$	59,147	$	1,850,414	$	75,139	$	1,824,576	$	48,920	$	1,718,850	$	59,147
Mortgage loan commitments	40,904		240		20,635		149		51,937		388		—		—		—		—		—		—
Forward sales contracts					—		—		—		—		7,527		82		9,659		5		11,758		68
Credit contracts	—		—		—		—		—		—		74,315		8		73,715		—		80,047		—
Foreign exchange	15,467		452		13,671		299		40,537		350		8,641		154		11,706		284		10,052		169
Equity swap	—		—		—		—		—		—		36,125		—		36,631		—		30,896		—
Total	$	1,906,785	$	75,831	$	1,858,882	$	49,368	$	1,811,324	$	59,885	$	1,977,022	$	75,383	$	1,956,287	$	49,209	$	1,851,603	$	59,384

(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 months ended March 31, 2016 and 2015 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 March 31,
		2016			2015
Mortgage loan commitments	Loan sales and servicing income	$	92		$	(1,020	)
Forward sales contracts	Loan sales and servicing income	(77		)	204
Foreign exchange contracts	Other operating income	819			(877		)
Equity swap	Other operating expense	—			—
Total		$	834		$	(1,693	)

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 March 31, 2016, December 31, 2015, and March 31, 2015. 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 March 31, 2016
	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	$	22,718	$	—	$	22,718	$	—		$	—		$	22,718
Interest rate swaps - non-designated	20		$	—	20		(20		)	—			—
Foreign exchange	27		—		27		(27		)	—			—
Total derivative assets	$	22,765	$	—	$	22,765	$	(47	)	$	—		$	22,718

Derivative liabilities
Interest rate swaps - designated	$	3,238	$	—	$	3,238	$	—		$	(3,238	)	$	—
Interest rate swaps - non-designated	75,119		—		75,119		(20		)	(75,099		)	—
Foreign exchange	121		—		121		(27		)	(94		)	—
Total derivative liabilities	$	78,478	$	—	$	78,478	$	(47	)	$	(78,431	)	$	—



	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 - non-designated	155		—		155		(155		)	—			—
Foreign exchange	270		—		270		(32		)	(238		)	—
Total derivative assets	$	9,164	$	—	$	9,164	$	(187	)	$	(238	)	$	8,739

Derivative liabilities
Interest rate swaps - designated	$	3,536	$	—	$	3,536	$	—		$	(3,536	)	$	—
Interest rate swaps - non-designated	48,765		—		48,765		(155		)	(48,610		)	—
Foreign exchange	32		—		32		(32		)	—			—
Total derivative liabilities	$	52,333	$	—	$	52,333	$	(187	)	$	(52,146	)	$	—



	As of March 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	12,688		—		12,688		—			—			12,688
Interest rate swaps - non-designated	$	67	$	—	$	67	$	(67	)	$	—		$	—
Foreign exchange	219		—		219		(47		)	(172		)	—
Total derivative assets	$	12,974	$	—	$	12,974	$	(114	)	$	(172	)	$	12,688

Derivative liabilities
Interest rate swaps - designated	$	6,063	$	—	$	6,063	$	—		$	(6,063	)	$	—
Interest rate swaps - non-designated	59,080		—		59,080		(67		)	(59,013		)	—
Foreign exchange	47		—		47		(47		)	—			—
Total derivative liabilities	$	65,190	$	—	$	65,190	$	(114	)	$	(65,076	)	$	—

(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.