Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes

The following table reflects the Company’s derivative positions for the periods indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:

March 31, 2015
Notional Amount		Trade Date	Effective Date	Maturity Date	Receive (Variable) Index	Current  Rate Received		Pay Fixed Swap Rate		Fair Value
(Dollars in thousands)
$	25,000	16-Feb-06	28-Dec-06	28-Dec-16	3 Month LIBOR	0.27	%	5.04	%	$	(1,908	)
25,000		16-Feb-06	28-Dec-06	28-Dec-16	3 Month LIBOR	0.27	%	5.04	%	(1,908		)
25,000		9-Dec-08	10-Dec-08	10-Dec-18	3 Month LIBOR	0.26	%	2.94	%	(1,554		)
$	75,000									$	(5,370	)
December 31, 2014
Notional Amount		Trade Date	Effective Date	Maturity Date	Receive (Variable) Index	Current  Rate Received		Pay Fixed Swap Rate		Fair Value
				(Dollars in thousands)
$	25,000	16-Feb-06	28-Dec-06	28-Dec-16	3 Month LIBOR	0.24	%	5.04	%	$	(2,093	)
25,000		16-Feb-06	28-Dec-06	28-Dec-16	3 Month LIBOR	0.24	%	5.04	%	(2,094		)
25,000		9-Dec-08	10-Dec-08	10-Dec-18	3 Month LIBOR	0.24	%	2.94	%	(1,383		)
$	75,000									$	(5,570	)

Summary of customer related derivative positions, not designated as hedging

The following table reflects the Company’s customer related derivative positions for the periods indicated below for those derivatives not designated as hedging:

		Notional Amount Maturing
	Number of  Positions (1)	Less than 1 year		Less than 2 years		Less than 3 years		Less than 4 years		Thereafter		Total		Fair Value
	March 31, 2015
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	179	$	88,082	$	48,380	$	41,668	$	36,072	$	418,153	$	632,355	$	23,692
Pay fixed, receive variable	173	$	88,082	$	48,380	$	41,668	$	36,072	$	418,153	$	632,355	$	(23,691	)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	21	$	29,823	$	—	$	—	$	—	$	—	$	29,823	$	4,361
Buys U.S. currency, sells foreign currency	21	$	29,823	$	—	$	—	$	—	$	—	$	29,823	$	(4,333	)
	December 31, 2014
	(Dollars in thousands)
Loan level swaps
Receive fixed, pay variable	174	$	88,147	$	46,854	$	40,958	$	38,108	$	403,208	$	617,275	$	17,840
Pay fixed, receive variable	168	$	88,147	$	46,854	$	40,958	$	38,108	$	403,208	$	617,275	$	(17,837	)
Foreign exchange contracts
Buys foreign currency, sells U.S. currency	23	$	57,112	$	—	$	—	$	—	$	—	$	57,112	$	4,007
Buys U.S. currency, sells foreign currency	23	$	57,112	$	—	$	—	$	—	$	—	$	57,112	$	(3,984	)

(1) The Company may enter

Fair value of derivative financial instruments as well as their classification on the balance sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet at the periods indicated:

	Asset Derivatives					Liability Derivatives
		Fair Value at		Fair Value at			Fair Value at		Fair Value at
	Balance Sheet Location	March 31, 2015		December 31, 2014		Balance Sheet Location	March 31, 2015		December 31, 2014
	(Dollars in thousands)
Derivatives designated as hedges
Interest rate derivatives	Other assets	$	—	$	—	Other liabilities	$	5,370	$	5,570
Derivatives not designated as hedges
Customer Related Positions:
Loan level derivatives	Other assets	$	23,700	$	18,383	Other liabilities	$	23,699	$	18,380
Foreign exchange contracts	Other assets	4,361		4,007		Other liabilities	4,333		3,984
Mortgage Derivatives
Interest rate lock commitments	Other assets	386		295		Other liabilities	—		—
Forward TBA mortgage contracts	Other assets	—		—		Other liabilities	—		16
Forward sales agreements	Other assets	88		3		Other liabilities	—		—
		$	28,535	$	22,688		$	28,032	$	22,380
Total		$	28,535	$	22,688		$	33,402	$	27,950

Effect of derivative financial instruments included in OCI and current earnings

The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:

	Three Months Ended
	March 31
	2015			2014
	(Dollars in thousands)
Derivatives designated as hedges
Gain in OCI on derivatives (effective portion), net of tax	$	82		$	502
Loss reclassified from OCI into interest expense (effective portion)	$	(706	)	$	(1,148	)
Loss recognized in income on derivatives (ineffective portion & amount excluded from effectiveness testing)
Interest expense	$	—		$	—
Other expense	—			—
Total	$	—		$	—
Derivatives not designated as hedges
Changes in fair value of customer related positions
Other income	$	21		$	29
Other expense	(18		)	(1		)
Changes in fair value of mortgage derivatives
Mortgage banking income	192			(40		)
Total	$	195		$	(12	)