Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| 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 June 30, 2016: | | | | | | | | | | (Dollars in thousands) | | | | | | | Notional | Accounting | Fair Value as of | Effective Date | Maturity Date | Amount | Treatment | June 30, 2016 | August 29, 2012 | August 29, 2016 | 216,500 |
| Cash Flow Hedging | — |
| February 22, 2013 | August 22, 2016 | 43,500 |
| Cash Flow Hedging | — |
| February 22, 2013 | August 22, 2016 | 56,500 |
| Non-Hedge Designated | — |
| March 21, 2013 | March 21, 2017 | 100,000 |
| Non-Hedge Designated | 2 |
| May 16, 2013 | November 16, 2016 | 75,000 |
| Non-Hedge Designated | — |
| September 15, 2013 | September 15, 2017 | 50,000 |
| Cash Flow Hedging | 6 |
| September 30, 2013 | September 30, 2017 | 40,000 |
| Cash Flow Hedging | 6 |
| | | $ | 581,500 |
| | $ | 14 |
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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 June 30, 2016, December 31, 2015 and June 30, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | Fair Value | | Fair Value | (Dollars in thousands) | June 30, 2016 | | December 31, 2015 | | June 30,
2015 | | June 30, 2016 | | December 31, 2015 | | June 30,
2015 | Derivatives designated as hedging instruments under ASC 815: | | | | | | | | | | | | Interest rate derivatives designated as Cash Flow Hedges | $ | 12 |
| | $ | 242 |
| | $ | 514 |
| | $ | 1,577 |
| | $ | 846 |
| | $ | 1,573 |
| Interest rate derivatives designated as Fair Value Hedges | — |
| | 27 |
| | 39 |
| | 999 |
| | 143 |
| | — |
| Total derivatives designated as hedging instruments under ASC 815 | $ | 12 |
| | $ | 269 |
| | $ | 553 |
| | $ | 2,576 |
| | $ | 989 |
| | $ | 1,573 |
| Derivatives not designated as hedging instruments under ASC 815: | | | | | | | | | | | | Interest rate derivatives | $ | 89,024 |
| | $ | 42,510 |
| | $ | 36,194 |
| | $ | 88,316 |
| | $ | 41,469 |
| | $ | 35,032 |
| Interest rate lock commitments | 11,435 |
| | 7,401 |
| | 11,990 |
| | 2,973 |
| | 171 |
| | — |
| Forward commitments to sell mortgage loans | — |
| | 745 |
| | — |
| | 6,496 |
| | 2,275 |
| | 3,805 |
| Foreign exchange contracts | 581 |
| | 373 |
| | 181 |
| | 551 |
| | 115 |
| | 89 |
| Total derivatives not designated as hedging instruments under ASC 815 | $ | 101,040 |
| | $ | 51,029 |
| | $ | 48,365 |
| | $ | 98,336 |
| | $ | 44,030 |
| | $ | 38,926 |
| Total Derivatives | $ | 101,052 |
| | $ | 51,298 |
| | $ | 48,918 |
| | $ | 100,912 |
| | $ | 45,019 |
| | $ | 40,499 |
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| Schedule Of Cash Flow Hedging Instruments |
The table below provides details on each of these cash flow hedges as of June 30, 2016: | | | | | | | | | | June 30, 2016 | (Dollars in thousands) | Notional | | Fair Value | Maturity Date | Amount | | Asset (Liability) | Interest Rate Swaps: | | | | September 2016 | $ | 50,000 |
| | $ | (170 | ) | October 2016 | 25,000 |
| | (113 | ) | July 2019 | 250,000 |
| | (1,294 | ) | Total Interest Rate Swaps | $ | 325,000 |
| | $ | (1,577 | ) | Interest Rate Caps: | | | | August 2016 | 43,500 |
| | — |
| August 2016 | 216,500 |
| | — |
| September 2017 | 50,000 |
| | 6 |
| September 2017 | 40,000 |
| | 6 |
| Total Interest Rate Caps | $ | 350,000 |
| | $ | 12 |
| Total Cash Flow Hedges | $ | 675,000 |
| | $ | (1,565 | ) |
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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: | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | (Dollars in thousands) | June 30, 2016 | | June 30, 2015 | | June 30, 2016 | | June 30, 2015 | Unrealized loss at beginning of period | $ | (3,051 | ) | | $ | (4,623 | ) | | $ | (3,529 | ) | | $ | (4,062 | ) | Amount reclassified from accumulated other comprehensive loss to interest expense on deposits and junior subordinated debentures | 832 |
| | 475 |
| | 1,555 |
| | 889 |
| Amount of loss recognized in other comprehensive income | (1,355 | ) | | (260 | ) | | (1,600 | ) | | (1,235 | ) | Unrealized loss at end of period | $ | (3,574 | ) | | $ | (4,408 | ) | | $ | (3,574 | ) | | $ | (4,408 | ) |
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| Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk |
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 June 30, 2016 and 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands)
Derivatives in Fair Value Hedging Relationships | Location of Gain/(Loss) Recognized in Income on Derivative | | Amount of Gain/(Loss) Recognized in Income on Derivative Three Months Ended | | Amount of (Loss)/Gain Recognized in Income on Hedged Item Three Months Ended | | Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Three Months Ended | June 30, 2016 | | June 30, 2015 | | June 30, 2016 | | June 30, 2015 | | June 30, 2016 | | June 30, 2015 | Interest rate swaps | Trading (losses) gains, net | | $ | (329 | ) | | $ | 17 |
| | $ | 346 |
| | $ | (15 | ) | | $ | 17 |
| | $ | 2 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands)
Derivatives in Fair Value Hedging Relationships | Location of Gain/(Loss) Recognized in Income on Derivative | | Amount of Gain/(Loss) Recognized in Income on Derivative Six Months Ended | | Amount of (Loss)/Gain Recognized in Income on Hedged Item Six Months Ended | | Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Six Months Ended | June 30, 2016 | | June 30, 2015 | | June 30, 2016 | | June 30, 2015 | | June 30, 2016 | | June 30, 2015 | Interest rate swaps | Trading (losses) gains, net | | $ | (883 | ) | | $ | (15 | ) | | $ | 861 |
| | $ | 13 |
| | $ | (22 | ) | | $ | (2 | ) |
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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 accounting hedge relationships were as follows: | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | Three Months Ended | | Six Months Ended | Derivative | Location in income statement | | June 30, 2016 | | June 30, 2015 | | June 30, 2016 | | June 30, 2015 | Interest rate swaps and caps | Trading (losses) gains, net | | $ | (432 | ) | | $ | 133 |
| | $ | (356 | ) | | $ | (317 | ) | Mortgage banking derivatives | Mortgage banking revenue | | (2,707 | ) | | 299 |
| | (843 | ) | | 2,393 |
| Covered call options | Fees from covered call options | | 4,649 |
| | 4,565 |
| | 6,361 |
| | 8,925 |
| Foreign exchange contracts | Trading (losses) gains, net | | (173 | ) | | 71 |
| | (236 | ) | | 20 |
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| Derivative Asset and Liability Balance Sheet Offsetting |
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) | June 30, 2016 | | December 31, 2015 | | June 30, 2015 | | June 30, 2016 | | December 31, 2015 | | June 30, 2015 | Gross Amounts Recognized | $ | 89,036 |
| | $ | 42,779 |
| | $ | 36,747 |
| | $ | 90,892 |
| | $ | 42,458 |
| | $ | 36,605 |
| Less: Amounts offset in the Statements of Financial Condition | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Net amount presented in the Statements of Financial Condition | $ | 89,036 |
| | $ | 42,779 |
| | $ | 36,747 |
| | $ | 90,892 |
| | $ | 42,458 |
| | $ | 36,605 |
| Gross amounts not offset in the Statements of Financial Condition | | | | | | | | | | | | Offsetting Derivative Positions | (161 | ) | | (753 | ) | | (1,896 | ) | | (161 | ) | | (753 | ) | | (1,896 | ) | Collateral Posted (1) | — |
| | — |
| | — |
| | (90,731 | ) | | (41,705 | ) | | (34,709 | ) | Net Credit Exposure | $ | 88,875 |
| | $ | 42,026 |
| | $ | 34,851 |
| | $ | — |
| | $ | — |
| | $ | — |
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| | (1) | As of June 30, 2016, December 31, 2015 and June 30, 2015, the Company posted collateral of $94.2 million, $45.5 million and $36.0 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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