Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table presents the notional amounts and fair values of derivative positions:


	At March 31, 2020															At December 31, 2019
	Asset Derivatives						Liability Derivatives						Asset Derivatives					Liability Derivatives
(In thousands)	Notional Amounts		Fair Value		Notional Amounts		Fair Value		Notional Amounts		Fair Value			Notional Amounts		Fair Value
Designated as hedging instruments:
Interest rate derivatives ⁽¹⁾	$	1,150,000	$	45,910	$	75,000	$	417	$	1,225,000	$	11,855		$	300,000	$	3,153
Not designated as hedging instruments:
Interest rate derivatives ⁽¹⁾	4,483,609		352,782		4,475,948		17,017		4,869,139		133,455			4,090,522		9,732
Mortgage banking derivatives ⁽²⁾	79,265		1,401		5,000		189		27,873		329			57,000		110
Other ⁽³⁾	105,109		1,071		253,134		1,180		76,544		398			275,279		818
Total not designated as hedging instruments	4,667,983		355,254		4,734,082		18,386		4,973,556		134,182			4,422,801		10,660
Gross derivative instruments, before netting	$	5,817,983	401,164		$	4,809,082	18,803		$	6,198,556	146,037			$	4,722,801	13,813
Less: Master netting agreements			12,212				12,212				4,779					4,779
Cash collateral			33,730				5,437				8,100					1,871
Total derivative instruments, after netting			$	355,222			$	1,154			$	133,158				$	7,163

(1)Balances related to Chicago Mercantile Exchange (CME) are presented as a single unit of account. In accordance with its rule book, CME legally characterizes variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through CME include $10.0 million and $1.1 billion for asset derivatives and $3.5 billion and $2.6 billion for liability derivatives at March 31, 2020 and December 31, 2019, respectively. The related fair values approximate zero.

(2)Notional amounts related to residential loan commitments do not include approved floating rate commitments of $9.8 million, at March 31, 2020.

(3)Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements (RPAs). Notional amounts of RPAs include $78.1 million and $65.7 million for asset derivatives and $208.4 million and $223.4 million for liability derivatives at March 31, 2020 and December 31, 2019, respectively, that have insignificant related fair values.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements:


	At March 31, 2020
(In thousands)	Gross Amount		Offset Amount		Net Amount on Balance Sheet		Amounts Not Offset		Net Amounts
Asset derivatives	$	46,762	45,942		$	820	$	143	$	963
Liability derivatives	18,012		17,649		363		—		363

	At December 31, 2019
(In thousands)	Gross Amount		Offset Amount		Net Amount on Balance Sheet		Amounts Not Offset		Net Amounts
Asset derivatives	$	13,012	$	12,879	$	133	$	299	$	432
Liability derivatives	6,710		6,650		60		329		389

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item and the income statement effect of derivatives designated as cash flow hedges:


	Recognized In	Three months ended March 31,
(In thousands)	Net Interest Income	2020		2019
Fair value hedges:
Recognized on derivatives	Long-term debt	$	20,486	$	1,628
Recognized on hedged items	Long-term debt	(20,486)		(1,628)
Net recognized on fair value hedges		$	—	$	—
Cash flow hedges:
Interest rate derivatives	Long-term debt	$	1,121	$	953
Interest rate derivatives	Interest and fees on loans and leases	740		—
Net recognized on cash flow hedges		$	1,861	$	953

Other Derivatives Not Designated For Hedge Accounting

Additional information related to fair value hedges:


Consolidated Balance Sheet Line Item in Which Hedged Item is Located	Carrying Amount of Hedged Item						Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount ⁽¹⁾
(In thousands)	At March 31 2020		At December 31 2019		At March 31 2020		At December 31 2019
Long-term debt	$	348,179	$	317,486	$	48,179	$	17,486

(1)The Company has de-designated its fair value hedging relationship on the long-term debt. The $48.2 million basis adjustment included in the carrying value will be amortized over the remaining life of the notes.

The following table presents the effect on the income statement for derivatives not designated as hedging instruments:


	Recognized In	Three months ended March 31,
(In thousands)	Non-interest Income	2020				2019
Interest rate derivatives	Other income	$	5,926			$	1,051
Mortgage banking derivatives	Mortgage banking activities	(993)				(408)
Other	Other income	1,911				515
Total not designated as hedging instruments				$	6,844			$	1,158