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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)
 
 
 
Financial instruments (1)
 
Collateral (2)
 
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)
 
 
 
Financial instruments (1)
 
Collateral (2)
 
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)
 
 
 
Financial instruments (1)
 
Collateral (2)
 
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.