Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Instruments and Hedging Activities

Notional Amounts and Recorded Gross Fair Values and Related Gain (Loss) of Derivative Instruments

							Amount of derivative gain (loss) recognized/reclassified
							OCI				Reclassified from AOCI to interest income				Noninterest income						Offset to interest expense
			Fair value				Three months ended		Six months ended		Three months ended		Six months ended		Three months ended			Six months ended			Three months ended		Six months ended
(In thousands)	Notional amount		Other assets		Other liabilities
	June 30, 2011						June 30, 2011				June 30, 2011				June 30, 2011						June 30, 2011
Derivatives designated as hedging instruments under ASC 815
Asset derivatives
Cash flow hedges 1:
Interest rate swaps	$	470,000	$	14,746	$	–	$	1,474	$	1,492	$	8,979	$	21,419
Interest rate floors		95,000		237		–		179		183		889		1,686
Terminated swaps and floors															$	–		$	–
		565,000		14,983		–		1,653		1,675		9,868		23,105		–			–	3
Liability derivatives
Fair value hedges:
Terminated swaps on long-term debt																					$	732	$	1,451
Total derivatives designated as hedging instruments		565,000		14,983		–		1,653		1,675		9,868		23,105		–			–			732		1,451
Derivatives not designated as hedging instruments under ASC 815
Interest rate swaps		148,234		2,571		2,612										(13	)		(76	)
Interest rate swaps for customers 2		2,355,540		59,863		63,460										(205	)		1,327
Energy commodity swaps for customers 2		–		–		–										–			56
Basis swaps		150,000		53		–										62			149
Futures contracts		5,910,000		–		–										5,537			4,778
Options contracts		2,200,000		539		–										(521	)		502
Total return swap		1,159,686		–		5,420										–			–
Total derivatives not designated as hedging instruments		11,923,460		63,026		71,492										4,860			6,736
Total derivatives	$	12,488,460	$	78,009	$	71,492	$	1,653	$	1,675	$	9,868	$	23,105	$	4,860		$	6,736		$	732	$	1,451

							Amount of derivative gain (loss) recognized/reclassified
							OCI					Reclassified from AOCI to interest income				Noninterest income						Offset to interest expense
			Fair value				Three months ended			Six months ended		Three months ended		Six months ended		Three months ended			Six months ended			Three months ended		Six months ended
	Notional amount		Other assets		Other liabilities
	June 30, 2010						June 30, 2010					June 30, 2010				June 30, 2010						June 30, 2010
Derivatives designated as hedging instruments under ASC 815
Asset derivatives
Cash flow hedges 1:
Interest rate swaps	$	545,000	$	35,478	$	–	$	4,910		$	10,057	$	15,848	$	33,551
Interest rate floors		150,000		3,074		–		(293	)		1,388		842		1,648
Terminated swaps and floors																$	2,691		$	6,588
		695,000		38,552		–		4,617			11,445		16,690		35,199		2,691			6,588	3
Liability derivatives
Fair value hedges:
Terminated swaps on long-term debt																						$	710	$	1,689
Total derivatives designated as hedging instruments		695,000		38,552		–		4,617			11,445		16,690		35,199		2,691			6,588			710		1,689
Derivatives not designated as hedging instruments under ASC 815
Interest rate swaps		192,024		3,730		3,836											44			(224	)
Interest rate swaps for customers 2		2,996,307		83,645		89,178											(1,969	)		(3,337	)
Energy commodity swaps for customers 2		19,000		916		909											(76	)		(281	)
Basis swaps		225,000		–		283											(371	)		(113	)
Futures contracts		4,797,000		–		–											574			683
Total derivatives not designated as hedging instruments		8,229,331		88,291		94,206											(1,798	)		(3,272	)
Total derivatives	$	8,924,331	$	126,843	$	94,206	$	4,617		$	11,445	$	16,690	$	35,199	$	893		$	3,316		$	710	$	1,689

Note: These tables are not intended to present at any given time the Company's long/short position with respect to its derivative contracts.

¹  Amounts recognized in OCI and reclassified from accumulated OCI ("AOCI") represent the effective portion of the derivative gain (loss).

²  Amounts include both the customer swaps and the offsetting derivative contracts.

³  Amounts for the six months ended June 30, 2011 and 2010 of $0 and $6,588, respectively, which reflect the acceleration of OCI amounts reclassified to income that related to previously terminated hedges, together with the reclassification amounts of $23,105 and $35,199, or a total of $23,105 and $41,787, respectively, are the amounts of reclassification included in the changes in OCI presented in Note 7.