Derivative Instruments and Other Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

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)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Interest rate contracts	$	41,200	$	18,967	$	11	$	—
Total derivatives designated as hedging instruments	$	41,200	$	18,967	$	11	$	—
Derivatives not designated as hedging instruments:
Interest rate contracts:
Customer swaps - upstream	$	18	$	9	$	10,510	$	5,055
Customer swaps - downstream	222,769		77,934		18		1,680
Forward sales contracts	1,987		420		10,656		986
Written and purchased options	17,364		6,755		1,849		3,899
Other contracts	187		66		754		179
Total derivatives not designated as hedging instruments	$	242,325	$	85,184	$	23,787	$	11,799
Total	$	283,525	$	104,151	$	23,798	$	11,799

	Derivative Assets - Notional Amount				Derivative Liabilities - Notional Amount
(in thousands)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Interest rate contracts	$	800,000	$	800,000	$	108,500	$	108,500
Total derivatives designated as hedging instruments	$	800,000	$	800,000	$	108,500	$	108,500
Derivatives not designated as hedging instruments:
Interest rate contracts:
Customer swaps - upstream	$	48,215	$	430,808	$	2,855,442	$	2,237,542
Customer swaps - downstream	2,855,442		2,237,542		48,215		430,808
Forward sales contracts	196,388		44,011		463,108		230,998
Written and purchased options	699,162		268,590		136,043		121,981
Other contracts	114,755		108,008		251,173		183,243
Total derivatives not designated as hedging instruments	$	3,913,962	$	3,088,959	$	3,753,981	$	3,204,572
Total	$	4,713,962	$	3,888,959	$	3,862,481	$	3,313,072

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.

	March 31, 2020
	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	$	41,200	$	—		$	—	$	41,200
Interest rate contracts not designated as hedging instruments	222,787		(9,490		)	—		213,297
Written and purchased options	1,602		—			—		1,602
Total derivative assets subject to master netting arrangements	$	265,589	$	(9,490	)	$	—	$	256,099
Derivative liabilities
Interest rate contracts designated as hedging instruments	$	11	$	—		$	—	$	11
Interest rate contracts not designated as hedging instruments	10,528		(9,490		)	—		1,038
Written and purchased options	1,602		—			—		1,602
Total derivative liabilities subject to master netting arrangements	$	12,141	$	(9,490	)	$	—	$	2,651

	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

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.

	March 31, 2020
	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	$	41,200	$	—		$	—	$	41,200
Interest rate contracts not designated as hedging instruments	222,787		(9,490		)	—		213,297
Written and purchased options	1,602		—			—		1,602
Total derivative assets subject to master netting arrangements	$	265,589	$	(9,490	)	$	—	$	256,099
Derivative liabilities
Interest rate contracts designated as hedging instruments	$	11	$	—		$	—	$	11
Interest rate contracts not designated as hedging instruments	10,528		(9,490		)	—		1,038
Written and purchased options	1,602		—			—		1,602
Total derivative liabilities subject to master netting arrangements	$	12,141	$	(9,490	)	$	—	$	2,651

	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

Effect of Derivatives on the Consolidated Financial Statements

At March 31, 2020 and 2019, and for the three months 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 Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships		2020										2020										2020
	Interest rate contracts	$	10,441		$	10,628		$	(187	)	Interest expense	$	442		$	707		$	(265	)	Interest expense	$	—	$	—	$	—
		2019										2019										2019
	Interest rate contracts	$	(2,185	)	$	(3,098	)	$	913		Interest expense	$	(227	)	$	(69	)	$	(158	)	Interest expense	$	—	$	—	$	—

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

	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		For the Three Months Ended March 31,
(in thousands)		2020			2019
Interest rate contracts (1)	Commission income	$	3,759		$	4,181
Foreign exchange contracts	Other income	—			5
Forward sales contracts	Mortgage income	(10,910		)	(3,209		)
Written and purchased options	Mortgage income	12,659			1,863
Other contracts	Other income	(454		)	(9		)
Total		$	5,054		$	2,831
(1) Includes fees associated with customer interest rate contracts