Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts Outstanding

The notional amounts and estimated fair values of interest rate derivative contracts are presented in the following table. The Corporation obtains dealer quotations to value its interest rate derivative contracts designated as hedges of cash flows, while the fair values of other interest rate derivative contracts are estimated utilizing internal valuation models with observable market data inputs.

	September 30, 2013					December 31, 2012
	Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value
Derivatives designated as hedges of fair value:
Financial institution counterparties:
Loan/lease interest rate swaps – assets	$	46,939	$	1,023		$	14,748	$	24
Loan/lease interest rate swaps – liabilities	49,396		(4,777		)	84,577		(7,186		)
Derivatives designated as hedges of cash flows:
Financial institution counterparties:
Interest rate swap on junior subordinated deferrable interest debentures	120,000		(1,098		)	120,000		(4,365		)
Non-hedging interest rate derivatives:
Financial institution counterparties:
Loan/lease interest rate swaps – assets	191,770		6,533			—		—
Loan/lease interest rate swaps – liabilities	569,191		(37,462		)	797,311		(60,994		)
Loan/lease interest-rate caps – assets	53,058		1,120			30,000		12
Customer counterparties:
Loan/lease interest rate swaps – assets	569,191		37,406			797,311		60,854
Loan/lease interest rate swaps – liabilities	191,770		(6,533		)	—		—
Loan/lease interest-rate caps – liabilities	53,058		(1,120		)	30,000		(12		)

Schedule of Weighted-Average Rates Paid and Received for Interest Rate Swaps Outstanding

The weighted-average rates paid and received for interest rate swaps outstanding at September 30, 2013 were as follows:

	Weighted-Average
	Interest Rate Paid		Interest Rate Received
Interest rate swaps:
Fair value hedge loan/lease interest rate swaps	2.73	%	0.18	%
Cash flow hedge interest rate swaps on junior subordinated deferrable interest debentures	5.47	%	1.81	%
Non-hedging interest rate swaps – financial institution counterparties	4.36	%	1.81	%
Non-hedging interest rate swaps – customer counterparties	1.81	%	4.36	%

Schedule of Notional Amounts and Estimated Fair Values of Commodity Derivative Positions

The notional amounts and estimated fair values of non-hedging commodity swap and option derivative positions outstanding are presented in the following table. The Corporation obtains dealer quotations and uses internal valuation models with observable market data inputs to value its commodity derivative positions.

		September 30, 2013				December 31, 2012
	Notional Units	Notional Amount	Estimated Fair Value			Notional Amount	Estimated Fair Value
Financial institution counterparties:
Oil – assets	Barrels	588	$	378		464	$	2,188
Oil – liabilities	Barrels	1,250	(3,959		)	402	(1,590		)
Natural gas – assets	MMBTUs	9,035	3,404			120	19
Natural gas – liabilities	MMBTUs	5,130	(730		)	120	(24		)
Customer counterparties:
Oil – assets	Barrels	1,621	4,106			402	1,636
Oil – liabilities	Barrels	217	(354		)	464	(2,139		)
Natural gas – assets	MMBTUs	5,130	730			120	24
Natural gas – liabilities	MMBTUs	9,035	(3,315		)	120	(19		)

Notional Amounts and Fair Values of Open Foreign Currency Forward Contracts

The notional amounts and fair values of open foreign currency forward contracts were as follows:

		September 30, 2013				December 31, 2012
	Notional Currency	Notional Amount	Estimated Fair Value			Notional Amount	Estimated Fair Value
Financial institution counterparties:
Forward contracts – assets (liabilities)	EUR	1,117	$	(2	)	1,093	$	3
Forward contracts – liabilities	CAD	19,026	(346		)	—	—
Customer counterparties:
Forward contracts – assets	CAD	19,001	372			—	—

Schedule of Amounts Related to Interest Rate Derivatives Designated as Hedges of Fair Value

Amounts included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2013			2012			2013			2012
Commercial loan/lease interest rate swaps:
Amount of gain (loss) included in interest income on loans	$	(609	)	$	(632	)	$	(1,841	)	$	(1,947	)
Amount of (gain) loss included in other non-interest expense	11			31			17			48

Schedule of Amounts Related to Interest Rate Derivatives Included in Income Designated as Hedges of Cash Flows

Amounts included in the consolidated statements of income and in other comprehensive income for the period related to interest rate derivatives designated as hedges of cash flows were as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2013			2012			2013			2012
Interest rate swaps/caps/floors on variable-rate loans:
Amount reclassified from accumulated other comprehensive income to interest income on loans	$	9,345		$	9,345		$	28,035		$	28,035
Interest rate swaps on junior subordinated deferrable interest debentures:
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated deferrable interest debentures	1,120			1,063			3,308			3,140
Amount of gain (loss) recognized in other comprehensive income	(15		)	(269		)	(48		)	(760		)

Schedule of Amounts Related to Non-Hedging Interest Rate and Commodity Derivatives

Amounts included in the consolidated statements of income related to non-hedging interest rate, commodity and foreign currency derivative instruments are presented in the table below.

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2013			2012			2013			2012
Non-hedging interest rate derivatives:
Other non-interest income	$	54		$	1,284		$	239		$	2,263
Other non-interest expense	(28		)	(15		)	(83		)	(52		)
Non-hedging commodity derivatives:
Other non-interest income	75			52			331			116
Non-hedging foreign currency derivatives:
Other non-interest income	30			(5		)	103			—