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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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

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

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
)
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
)
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
)
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

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

 
$

 
$


(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.