Derivative Instruments and Other Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments

Information pertaining to outstanding derivative instruments was as follows:

	Derivative Assets - Fair Value				Derivative Liabilities - Fair Value
(in thousands)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Interest rate contracts	$	18,967	$	3,469	$	—	$	—
Total derivatives designated as hedging instruments	$	18,967	$	3,469	$	—	$	—
Derivatives not designated as hedging instruments:
Interest rate contracts:
Customer swaps - upstream	$	9	$	474	$	5,055	$	191
Customer swaps - downstream	77,934		16,946		1,680		17,812
Foreign exchange contracts	—		18		—		18
Forward sales contracts	420		630		986		750
Written and purchased options	6,755		5,490		3,899		3,310
Other contracts	66		21		179		43
Total derivatives not designated as hedging instruments	$	85,184	$	23,579	$	11,799	$	22,124
Total	$	104,151	$	27,048	$	11,799	$	22,124

	Derivative Assets - Notional Amount				Derivative Liabilities - Notional Amount
(in thousands)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Interest rate contracts	$	800,000	$	408,500	$	108,500	$	—
Total derivatives designated as hedging instruments	$	800,000	$	408,500	$	108,500	$	—
Derivatives not designated as hedging instruments:
Interest rate contracts:
Customer swaps - upstream	$	430,808	$	919,653	$	2,237,542	$	701,257
Customer swaps - downstream	2,237,542		701,257		430,808		919,653
Foreign exchange contracts	—		1,202		—		1,202
Forward sales contracts	44,011		1,140		230,998		143,179
Written and purchased options	268,590		229,333		121,981		140,645
Other contracts	108,008		50,527		183,243		85,623
Total derivatives not designated as hedging instruments	$	3,088,959	$	1,903,112	$	3,204,572	$	1,991,559
Total	$	3,888,959	$	2,311,612	$	3,313,072	$	1,991,559

Offsetting Assets

The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.

	December 31, 2019
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	18,967	$	—		$	—	$	18,967
Interest rate contracts not designated as hedging instruments	77,943		(5,111		)	—		72,832
Written and purchased options	3,871		—			—		3,871
Total derivative assets subject to master netting arrangements	$	100,781	$	(5,111	)	$	—	$	95,670
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	6,735	$	(5,111	)	$	—	$	1,624
Written and purchased options	3,871		—			—		3,871
Total derivative liabilities subject to master netting arrangements	$	10,606	$	(5,111	)	$	—	$	5,495

	December 31, 2018
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	3,469	$	—		$	—	$	3,469
Interest rate contracts not designated as hedging instruments	17,420		(619		)	—		16,801
Written and purchased options	3,285		—			—		3,285
Total derivative assets subject to master netting arrangements	$	24,174	$	(619	)	$	—	$	23,555
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	18,003	$	(619	)	$	—	$	17,384
Written and purchased options	3,285		—			—		3,285
Total derivative liabilities subject to master netting arrangements	$	21,288	$	(619	)	$	—	$	20,669

Offsetting Liabilities

The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.

	December 31, 2019
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	18,967	$	—		$	—	$	18,967
Interest rate contracts not designated as hedging instruments	77,943		(5,111		)	—		72,832
Written and purchased options	3,871		—			—		3,871
Total derivative assets subject to master netting arrangements	$	100,781	$	(5,111	)	$	—	$	95,670
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	6,735	$	(5,111	)	$	—	$	1,624
Written and purchased options	3,871		—			—		3,871
Total derivative liabilities subject to master netting arrangements	$	10,606	$	(5,111	)	$	—	$	5,495

	December 31, 2018
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	3,469	$	—		$	—	$	3,469
Interest rate contracts not designated as hedging instruments	17,420		(619		)	—		16,801
Written and purchased options	3,285		—			—		3,285
Total derivative assets subject to master netting arrangements	$	24,174	$	(619	)	$	—	$	23,555
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	18,003	$	(619	)	$	—	$	17,384
Written and purchased options	3,285		—			—		3,285
Total derivative liabilities subject to master netting arrangements	$	21,288	$	(619	)	$	—	$	20,669

Effect of Derivatives on the Consolidated Financial Statements

At December 31, 2019, 2018, and 2017, and for the years then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements was as follows:

	Amount of Gain (Loss) Recognized in OCI, net of taxes							Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes								Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)		Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)
	Total		Including Component		Excluding Component				Total			Including Component		Excluding Component					Total		Including Component		Excluding Component
(in thousands)	For the Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2019								2019									2019
Interest rate contracts	$	1,078	$	2,340	$	(1,262	)	Interest expense	$	(388	)	$	559	$	(947	)	Interest expense		$	—	$	—	$	—

	2018								2018										2018
Interest rate contracts	$	4,416	$	4,835	$	(419	)	Interest expense	$	(196	)	$	(150	)	$	(46	)	Interest expense	$	—	$	—	$	—

		Amount of Gain (Loss) Recognized in OCI, net of taxes			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes			Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)
(in thousands)	For the Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships		2017				2017				2017
Interest rate contracts		$	(611	)	Interest expense	$	(390	)	Interest expense	$	—

Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of December 31, was as follows:

	Location of Gain (Loss) Recognized in  Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
(in thousands)		2019			2018			2017
Interest rate contracts (1)	Commission income	$	15,071		$	6,962		$	4,750
Foreign exchange contracts	Other income	15			29			43
Forward sales contracts	Mortgage income	(8,909		)	4,064			(4,115		)
Written and purchased options	Mortgage income	677			180			(2,028		)
Other contracts	Other income	(91		)	(24		)	51
Total		$	6,763		$	11,211		$	(1,299	)

^{(1) Includes fees associated with customer interest rate contracts}