Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Designated as Hedging Instruments

At June 30, 2016, December 31, 2015, and June 30, 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
	June 30, 2016				December 31, 2015				June 30, 2015				June 30, 2016				December 31, 2015				June 30, 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)	$	—	$	—	$	—	$	—	$	—	$	—	$	50,668	$	2,772	$	55,689	$	3,536	$	75,794	$	5,104
Sub debt swap	250,000		29,760		250,000		8,739		250,000		1,153		—		—		—		—		—		—
Fair value hedges	$	250,000	$	29,760	$	250,000	$	8,739	$	250,000	$	1,153	$	50,668	$	2,772	$	55,689	$	3,536	$	75,794	$	5,104

(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 June 30, 2016, December 31, 2015, and June 30, 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
	June 30, 2016				December 31, 2015				June 30, 2015				June 30, 2016				December 31, 2015				June 30, 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	$	1,904,459	$	87,575	$	1,824,576	$	48,920	$	1,726,600	$	46,216	$	1,904,459	$	87,575	$	1,824,576	$	48,920	$	1,726,600	$	46,216
Mortgage loan commitments	32,802		253		20,635		149		52,024		342		—		—		—		—		—		—
Forward sales contracts	—		—		—		—		15,200		106		8,059		61		9,659		5		—		—
Credit contracts	—		—		—		—		—		—		74,945		7		73,715		—		73,512		—
Foreign exchange	20,180		254		13,671		299		29,687		256		18,571		207		11,706		284		15,823		177
Equity swap	—		—		—		—		—		—		35,034		—		36,631		—		31,718		—
Total	$	1,957,441	$	88,082	$	1,858,882	$	49,368	$	1,823,511	$	46,920	$	2,041,068	$	87,850	$	1,956,287	$	49,209	$	1,847,653	$	46,393

(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 six months ended June 30, 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 June 30,					Six Months Ended June 30,
		2016		2015			2016			2015
Mortgage loan commitments	Loan sales and servicing income	$	12	$	(46	)	$	105		$	(1,066	)
Forward sales contracts	Loan sales and servicing income	20		175			(56		)	378
Foreign exchange contracts	Other operating income	766		165			1,585			(712		)
Equity swap	Other operating expense	—		—			—			—
Total		$	798	$	294		$	1,634		$	(1,400	)

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, 2016, December 31, 2015, and June 30, 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 June 30, 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	$	29,760	$	—	$	29,760	$	—		$	—		$	29,760
Interest rate swaps - non-designated	3		$	—	3		(3		)	—			—
Foreign exchange	76		—		76		(76		)	—			—
Total derivative assets	$	29,839	$	—	$	29,839	$	(79	)	$	—		$	29,760

Derivative liabilities
Interest rate swaps - designated	$	2,772	$	—	$	2,772	$	—		$	(2,772	)	$	—
Interest rate swaps - non-designated	87,572		—		87,572		(3		)	(87,569		)	—
Foreign exchange	131		—		131		(76		)	(55		)	—
Total derivative liabilities	$	90,475	$	—	$	90,475	$	(79	)	$	(90,396	)	$	—



	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 June 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	1,153		—		1,153		—			—			1,153
Interest rate swaps - non-designated	$	414	$	—	$	414	$	(414	)	$	—		$	—
Foreign exchange	164		—		164		(49		)	(115		)	—
Total derivative assets	$	1,731	$	—	$	1,731	$	(463	)	$	(115	)	$	1,153

Derivative liabilities
Interest rate swaps - designated	$	5,104	$	—	$	5,104	$	—		$	(5,104	)	$	—
Interest rate swaps - non-designated	45,802		—		45,802		(414		)	(45,388		)	—
Foreign exchange	49		—		49		(49		)	—			—
Total derivative liabilities	$	50,955	$	—	$	50,955	$	(463	)	$	(50,492	)	$	—

(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.