Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	44,114	$	25,000	$	145	$	1,225,000	$	11,855	$	300,000	$	3,153
Not designated as hedging instruments:
Interest rate derivatives (1)	4,642,373		341,275		4,505,792		17,212		4,869,139		133,455		4,090,522		9,732
Mortgage banking derivatives (2)	105,605		2,717		—		—		27,873		329		57,000		110
Other (3)	111,089		333		351,288		890		76,544		398		275,279		818
Total not designated as hedging instruments	4,859,067		344,325		4,857,080		18,102		4,973,556		134,182		4,422,801		10,660
Gross derivative instruments, before netting	$	6,009,067	388,439		$	4,882,080	18,247		$	6,198,556	146,037		$	4,722,801	13,813
Less: Master netting agreements			12,390				12,390				4,779				4,779
Cash collateral			32,159				5,085				8,100				1,871
Total derivative instruments, after netting			$	343,890			$	772			$	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 $60.1 million and $1.1 billion for asset derivatives and $3.4 billion and $2.6 billion for liability derivatives at September 30, 2020 and December 31, 2019, respectively. The related fair values approximate zero.

(2)Notional amounts related to residential loans exclude approved floating rate commitments of $10.8 million at September 30, 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 $95.4 million and $65.7 million for asset derivatives and $317.8 million and $223.4 million for liability derivatives at September 30, 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 September 30, 2020
(In thousands)	Gross Amount		Offset Amount		Net Amount on Balance Sheet		Amounts Not Offset		Net Amounts
Asset derivatives	$	44,549	$	44,549	$	—	$	196	$	196
Liability derivatives	17,568		17,475		93		1,041		1,134
	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 tables present the income statement effect of derivatives designated as hedges and additional information related to a fair value hedging adjustment:

	Recognized In	Three months ended September 30,				Nine months ended September 30,
(In thousands)	Net Interest Income	2020		2019		2020		2019
Fair value hedges: (1)
Recognized on derivatives	Long-term debt	$	—	$	10,624	$	30,693	$	26,436
Recognized on hedged items	Long-term debt	—		(10,624)		(30,693)		(26,436)
Net recognized on fair value hedges		$	—	$	—	$	—	$	—
Cash flow hedges:
Interest rate derivatives	Long-term debt	$	1,152	$	1,095	$	3,501	$	3,028
Interest rate derivatives	Interest and fees on loans and leases	(2,657)		515		(3,754)		527
Net recognized on cash flow hedges		$	(1,505)	$	1,610	$	(253)	$	3,555

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 September 30, 2020		At December 31, 2019		At September 30, 2020		At December 31, 2019
Long-term debt	$	345,502	$	317,486	$	45,502	$	17,486

(1)The Company has de-designated its fair value hedging relationship on the long-term debt, which resulted in a $48.2 million basis adjustment that is being amortized over the remaining life of the notes through interest expense.

Other Derivatives Not Designated For Hedge Accounting

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

	Recognized In	Three months ended September 30,				Nine months ended September 30,
(In thousands)	Non-interest Income	2020		2019		2020		2019
Interest rate derivatives	Other income	$	3,824	$	784	$	7,227	$	5,906
Mortgage banking derivatives	Mortgage banking activities	872		347		2,498		96
Other	Other income	(1,229)		1,679		(332)		1,603
Total not designated as hedging instruments		$	3,467	$	2,810	$	9,393	$	7,605