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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments
The following table presents a summary of the notional amounts and fair values of derivative financial instruments:
 
September 30, 2019
 
December 31, 2018
 
Notional
Amount
 
Asset
(Liability)
Fair Value
 
Notional
Amount
 
Asset
(Liability)
Fair Value
 
(in thousands)
Interest Rate Locks with Customers
 
 
 
 
 
 
 
Positive fair values
$
179,038

 
$
1,722

 
$
101,700

 
$
1,148

Negative fair values
5,647

 
(33
)
 
1,646

 
(12
)
Forward Commitments
 
 
 
 
 
 
 
Positive fair values
39,874

 
95

 
1,540

 
3

Negative fair values
96,000

 
(254
)
 
83,562

 
(1,066
)
Interest Rate Swaps with Customers
 
 
 
 
 
 
 
Positive fair values
2,947,777

 
193,405

 
1,185,144

 
33,258

Negative fair values
75,840

 
(186
)
 
1,386,046

 
(30,769
)
Interest Rate Swaps with Dealer Counterparties
 
 
 
 
 
 
 
Positive fair values
75,840

 
186

 
1,386,046

 
28,143

Negative fair values
2,947,777

 
(104,544
)
 
1,185,144

 
(16,338
)
Foreign Exchange Contracts with Customers
 
 
 
 
 
 
 
Positive fair values
10,069

 
327

 
5,881

 
105

Negative fair values
1,691

 
(165
)
 
9,690

 
(251
)
Foreign Exchange Contracts with Correspondent Banks
 
 
 
 
 
 
 
Positive fair values
4,329

 
208

 
9,220

 
287

Negative fair values
11,953

 
(315
)
 
6,831

 
(130
)
Summary of Fair Value Gains and Losses on Derivative Financial Instruments
The following table presents a summary of the fair value gains (losses) on derivative financial instruments:
 
Consolidated Statements of Income Category of Gain/ (Loss) Recognized in Income
 
Three months ended September 30
 
Nine months ended September 30
 
 
 
2019
 
2018
 
2019
 
2018
 
 
 
        (in thousands)
Mortgage Banking Derivatives
Mortgage banking income
 
$
843

 
$
441

 
$
1,457

 
$
486

Interest rate swaps
Other expense
 
51

 
18

 
198

 
17

Foreign exchange contracts
Other income
 
10

 
(59
)
 
44

 
(37
)
Net fair value gains on derivative financial instruments
 
$
904

 
$
400

 
$
1,699

 
$
466
Summary of Corporation's Mortgage Loans Held for Sale The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the Consolidated Financial Statements as of the periods shown:
 
September 30,
2019
 
December 31,
2018
 
(in thousands)
Amortized cost
$
33,427

 
$
26,407

Fair value
33,945

 
27,099
Summary of Offsetting Derivative Assets
The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the Consolidated Balance Sheets:
 
Gross Amounts
 
Gross Amounts Not Offset
 
 
 
Recognized
 
 on the Consolidated
 
 
 
on the
 
Balance Sheets
 
 
 
Consolidated
 
Financial
 
Cash
 
Net
 
Balance Sheets
 
Instruments(1)
 
Collateral (2)

 
Amount
 
(in thousands)
September 30, 2019
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
193,701

 
$
(207
)
 
$
—

 
$
193,494

Foreign exchange derivative assets with correspondent banks
196

 
(196
)
 
—

 
—

Total
$
193,897

 
$
(403
)
 
$
—

 
$
193,494

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
104,730

 
$
(207
)
 
$
(104,523
)
 
$
—

Foreign exchange derivative liabilities with correspondent banks
314

 
(196
)
 
—

 
118

Total
$
105,044

 
$
(403
)
 
$
(104,523
)
 
$
118

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
61,401

 
$
(12,955
)
 
$
(23,270
)
 
$
25,176

Foreign exchange derivative assets with correspondent banks
287

 
(130
)
 
—

 
157

Total
$
61,688

 
$
(13,085
)
 
$
(23,270
)
 
$
25,333

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
47,107

 
$
(22,786
)
 
$
(22,786
)
 
$
1,535

Foreign exchange derivative liabilities with correspondent banks
130

 
(130
)
 
—

 
—

Total
$
47,237

 
$
(22,916
)
 
$
(22,786
)
 
$
1,535


(1)
For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2)
Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
Summary of Offsetting Derivative Liabilities
The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the Consolidated Balance Sheets:
 
Gross Amounts
 
Gross Amounts Not Offset
 
 
 
Recognized
 
 on the Consolidated
 
 
 
on the
 
Balance Sheets
 
 
 
Consolidated
 
Financial
 
Cash
 
Net
 
Balance Sheets
 
Instruments(1)
 
Collateral (2)

 
Amount
 
(in thousands)
September 30, 2019
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
193,701

 
$
(207
)
 
$
—

 
$
193,494

Foreign exchange derivative assets with correspondent banks
196

 
(196
)
 
—

 
—

Total
$
193,897

 
$
(403
)
 
$
—

 
$
193,494

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
104,730

 
$
(207
)
 
$
(104,523
)
 
$
—

Foreign exchange derivative liabilities with correspondent banks
314

 
(196
)
 
—

 
118

Total
$
105,044

 
$
(403
)
 
$
(104,523
)
 
$
118

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
61,401

 
$
(12,955
)
 
$
(23,270
)
 
$
25,176

Foreign exchange derivative assets with correspondent banks
287

 
(130
)
 
—

 
157

Total
$
61,688

 
$
(13,085
)
 
$
(23,270
)
 
$
25,333

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
47,107

 
$
(22,786
)
 
$
(22,786
)
 
$
1,535

Foreign exchange derivative liabilities with correspondent banks
130

 
(130
)
 
—

 
—

Total
$
47,237

 
$
(22,916
)
 
$
(22,786
)
 
$
1,535


(1)
For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2)
Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.