Derivatives (Tables)

9 Months Ended

Sep. 30, 2018

Fair Values of Derivative Financial Instruments





			September 30, 2018					December 31, 2017
				Derivative (1)						Derivative (1)
(in thousands)	Type of Hedge		Notional or Contractual Amount	Assets		Liabilities		Notional or Contractual Amount		Assets		Liabilities
Derivatives designated as hedging instruments:
Interest rate swaps	Cash Flow	$	875,000	$	—	$	23,131	$	875,000	$	—	$	14,020
Interest rate swaps	Fair Value		483,110		—		3,408		483,110		—		2,475
			1,358,110		—		26,539		1,358,110		—		16,495
Derivatives not designated as hedging instruments:
Interest rate swaps (2)	N/A		1,223,626		28,397		28,239		1,144,789		15,408		15,857
Risk participation agreements	N/A		173,066		5		56		119,951		23		109
Forward commitments to sell residential mortgage loans	N/A		79,432		882		330		80,462		1,000		290
Interest rate-lock commitments on residential mortgage loans	N/A		55,502		227		784		53,724		186		782
Foreign exchange forward contracts	N/A		38,742		1,457		1,429		42,260		2,453		2,419
			1,570,368		30,968		30,838		1,441,186		19,070		19,457
Total derivatives		$	2,928,478	$	30,968	$	57,377	$	2,799,296	$	19,070	$	35,952
Less: netting adjustment (3)					(19,557)		(28,586)				(4,913)		(21,563)
Total derivative assets/liabilities				$	11,411	$	28,791			$	14,157	$	14,389

(1)

Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets.

(2)

The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions.

(3)

Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information.

Effects of Derivative Instruments on the Statement of Income


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
Derivative Instruments:	Location of Gain (Loss) Recognized in the Statement of Income:		2018		2017		2018		2017
Interest rate swaps - cash flow hedges	Interest income	$	(1,276)	$	(126)	$	(2,841)	$	(222)
Interest rate swaps - fair value hedges	Interest expense		(725)		176		(1,371)		620
All other instruments	Other noninterest income		1,363		1,339		4,474		4,484
Total		$	(638)	$	1,389	$	262	$	4,882

Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements



(in thousands)			Gross Amounts		Net Amounts		Gross Amounts Not Offset in the Statement of Income
Description	Gross Amounts Recognized		Offset in the Statement of Income		Presented in the Statement of Income		Financial Instruments		Cash Collateral		Net Amount
As of September 30, 2018
Derivative Assets	$	26,648	$	(19,897)	$	6,751	$	309	$	—	$	6,442

Derivative Liabilities	$	26,437	$	(26,128)	$	309	$	309	$	2,263	$	(2,263)



(in thousands)			Gross Amounts		Net Amounts		Gross Amounts Not Offset in the Statement of Income
Description	Gross Amounts Recognized		Offset in the Statement of Income		Presented in the Statement of Income		Financial Instruments		Cash Collateral		Net Amount
As of December 31, 2017
Derivative Assets	$	7,155	$	(5,007)	$	2,148	$	2,148	$	—	$	—

Derivative Liabilities	$	24,015	$	(20,077)	$	3,938	$	2,148	$	4,099	$	(2,309)