Derivative Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Interest Rate Cap Derivative Summary |
Below is a summary of the interest rate cap derivatives held by the Company as of December 31, 2015: | | | | | | | | | | (Dollars in thousands) | | | | | | | Notional | Accounting | Fair Value as of | Effective Date | Maturity Date | Amount | Treatment | December 31, 2015 | May 3, 2012 | May 3, 2016 | $ | 215,000 |
| Non-Hedge Designated | $ | — |
| August 29, 2012 | August 29, 2016 | 216,500 |
| Cash Flow Hedging | 3 |
| February 22, 2013 | August 22, 2016 | 56,500 |
| Non-Hedge Designated | 2 |
| February 22, 2013 | August 22, 2016 | 43,500 |
| Cash Flow Hedging | 1 |
| March 21, 2013 | March 21, 2017 | 100,000 |
| Non-Hedge Designated | 80 |
| May 16, 2013 | November 16, 2016 | 75,000 |
| Non-Hedge Designated | 14 |
| September 15, 2013 | September 15, 2017 | 50,000 |
| Cash Flow Hedging | 128 |
| September 30, 2013 | September 30, 2017 | 40,000 |
| Cash Flow Hedging | 110 |
| | | $ | 796,500 |
| | $ | 338 |
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Schedule of Fair Value of Derivative Financial Instruments |
The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2015 and December 31, 2014: | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | Fair Value | | Fair Value | (Dollars in thousands) | | December 31, 2015 | | December 31, 2014 | | | December 31, 2015 | | December 31, 2014 | Derivatives designated as hedging instruments under ASC 815: | | | | | | | | | | Interest rate derivatives designated as Cash Flow Hedges | | $ | 242 |
| | $ | 1,390 |
| | | $ | 846 |
| | $ | 1,994 |
| Interest rate derivatives designated as Fair Value Hedges | | 27 |
| | 52 |
| | | 143 |
| | — |
| Total derivatives designated as hedging instruments under ASC 815 | | $ | 269 |
| | $ | 1,442 |
| | | $ | 989 |
| | $ | 1,994 |
| Derivatives not designated as hedging instruments under ASC 815: | | | | | | | | | | Interest rate derivatives | | $ | 42,510 |
| | $ | 36,399 |
| | | $ | 41,469 |
| | $ | 34,927 |
| Interest rate lock commitments | | 7,401 |
| | 10,028 |
| | | 171 |
| | 20 |
| Forward commitments to sell mortgage loans | | 745 |
| | 23 |
| | | 2,275 |
| | 4,239 |
| Foreign exchange contracts | | 373 |
| | 72 |
| | | 115 |
| | — |
| Total derivatives not designated as hedging instruments under ASC 815 | | $ | 51,029 |
| | $ | 46,522 |
| | | $ | 44,030 |
| | $ | 39,186 |
| Total Derivatives | | $ | 51,298 |
| | $ | 47,964 |
| | | $ | 45,019 |
| | $ | 41,180 |
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Schedule of Cash Flow Hedging Instruments |
The table below provides details on each of these cash flow hedges as of December 31, 2015: | | | | | | | | | | (Dollars in thousands) | | December 31, 2015 | Maturity Date | | Notional Amount | | Fair Value Asset (Liability) | Interest Rate Swaps: | | | | | September 2016 | | $ | 50,000 |
| | $ | (548 | ) | October 2016 | | 25,000 |
| | (298 | ) | Total Interest Rate Swaps | | $ | 75,000 |
| | $ | (846 | ) | Interest Rate Caps: | | | | | August 2016 | | $ | 43,500 |
| | $ | 1 |
| August 2016 | | 216,500 |
| | 3 |
| September 2017 | | 50,000 |
| | 128 |
| September 2017 | | 40,000 |
| | 110 |
| Total Interest Rate Caps | | $ | 350,000 |
| | $ | 242 |
| Total Cash Flow Hedges | | $ | 425,000 |
| | $ | (604 | ) |
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Rollforward of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges |
A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows: | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2015 | | 2014 | Unrealized loss at beginning of period | | $ | (4,062 | ) | | $ | (3,971 | ) | Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures | | 2,082 |
| | 1,974 |
| Amount of loss recognized in other comprehensive income | | (1,549 | ) | | (2,065 | ) | Unrealized loss at end of period | | $ | (3,529 | ) | | $ | (4,062 | ) |
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of December 31, 2015 and 2014: | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands)
Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in Income on Derivative | | Amount of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, | | Amount of Gain or (Loss) Recognized in Income on Hedged Item Year Ended December 31, | | Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Year Ended December 31, | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | Interest rate swaps | Trading (losses)/gains, net | | $ | (168 | ) | | (53 | ) | | $ | 152 |
| | 48 |
| | $ | (16 | ) | | (5 | ) |
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Summary Amounts Included in Consolidated Statement of Income Related to Derivatives |
Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: | | | | | | | | | | | | (Dollars in thousands) | | | | December 31, | Derivative | | Location in income statement | | 2015 | | 2014 | Interest rate swaps and caps | | Trading (losses) gains, net | | $ | (454 | ) | | $ | (1,675 | ) | Mortgage banking derivatives | | Mortgage banking revenue | | (299 | ) | | (2,012 | ) | Covered call options | | Fees from covered call options | | 15,364 |
| | 7,859 |
| Foreign exchange contracts | | Trading (losses) gains, net | | 186 |
| | 68 |
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Derivative Asset and Liability Balance Sheet Offsetting [Table Text Block] |
The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | Fair Value | | Fair Value | (Dollars in thousands) | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Gross Amounts Recognized | $ | 42,779 |
| | $ | 37,841 |
| | $ | 42,458 |
| | $ | 36,921 |
| Less: Amounts offset in the Statements of Condition | — |
| | — |
| | — |
| | — |
| Net amount presented in the Statements of Condition | $ | 42,779 |
| | $ | 37,841 |
| | $ | 42,458 |
| | $ | 36,921 |
| Gross amounts not offset in the Statements of Condition | | | | | | | | Offsetting Derivative Positions | $ | (753 | ) | | $ | (2,771 | ) | | $ | (753 | ) | | $ | (2,771 | ) | Collateral Posted (1) | — |
| | — |
| | (41,705 | ) | | (34,150 | ) | Net Credit Exposure | $ | 42,026 |
| | $ | 35,070 |
| | $ | — |
| | $ | — |
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| | (1) | As of December 31, 2015 and 2014, the Company posted collateral of $45.5 million and $43.8 million, respectively which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
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