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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Summary of Derivative Instruments [Abstract]  
Impact of Derivatives on Balance Sheet
The impact of derivative instruments on the consolidated balance sheets at June 30, 2012 and December 31, 2011 is presented below.
 
Fair Value of Derivative Assets
 
Fair Value of Derivative Liabilities

(in thousands)
Location on Consolidated Balance Sheet
 
June 30, 2012
 
December 31, 2011
 
Location on Consolidated Balance Sheet
 
June 30, 2012
 
December 31, 2011
Derivatives designated as
 hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges
Other assets
 
$
—

 
—

 
Other liabilities
 
$
—

 
—

     Total derivatives
      designated as hedging
      instruments    
 
 
$
—

 
—

 
 
 
$
—

 
—

Derivatives not designated
  as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
Other assets
 
$
74,471

 
83,072

 
Other liabilities
 
$
75,761

 
85,534

Mortgage derivatives
Other assets
 
3,887

 
1,851

 
Other liabilities
 
2,095

 
1,947

Visa derivative
Other assets
 
—

 
—

 
Other liabilities
 
3,050

 
9,093

 Total derivatives not
  designated as hedging
  instruments    
 
 
$
78,358

 
84,923

 
 
 
$
80,906

 
96,574

Total derivatives
 
 
$
78,358

 
84,923

 
 
 
$
80,906

 
96,574

 
 
 
 
 
 
 
 
 
 
 
 
Effect of Cash Flow Hedges on Consolidated Statements of Income
The effect of the amortization of the termination of cash flow hedges on the consolidated statements of operations for the three months ended June 30, 2012 and 2011 is presented below.
 
Amount of Gain
 
Location of
 
Amount of Gain
 
 
 
 
 
(Loss) Recognized
 
Gain (Loss)
 
(Loss) Reclassified
 
Location of
 
Amount of Gain (Loss)
 
in OCI
 
Reclassified
 
from OCI into Income
 
Gain (Loss)
 
Recognized in Income
 
Effective Portion
 
from OCI
 
Effective Portion
 
Recognized
 
Ineffective Portion
 
Three Months Ended June 30,
 
into Income
 
Three Months Ended June 30,
 
in Income
 
Three Months Ended June 30,
 
 
Effective
 
 
Ineffective
 
(in thousands)
2012
 
2011
 
Portion
 
2012
 
2011
 
Portion
 
2012
 
2011
Interest rate contracts
$
(172
)
 
1,417

 
Interest
income
 
$
248

 
1,872

 
Other
non-interest
income
 
$
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The effect of the amortization of the termination of cash flow hedges on the consolidated statements of operations for the six months ended June 30, 2012 and 2011 is presented below.
 
Amount of Gain
 
Location of
 
Amount of Gain
 
 
 
 
 
(Loss) Recognized
 
Gain (Loss)
 
(Loss) Reclassified
 
Location of
 
Amount of Gain (Loss)
 
in OCI
 
Reclassified
 
from OCI into Income
 
Gain (Loss)
 
Recognized in Income
 
Effective Portion
 
from OCI
 
Effective Portion
 
Recognized
 
Ineffective Portion
 
Six Months Ended June 30,
 
into Income
 
Six Months Ended June 30,
 
in Income
 
Six Months Ended June 30,
 
 
Effective
 
 
Ineffective
 
(in thousands)
2012
 
2011
 
Portion
 
2012
 
2011
 
Portion
 
2012
 
2011
Interest rate contracts
$
(811
)
 
101

 
Interest
income
 
$
744

 
4,461

 
Other
non-interest
income
 
$
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of Fair Value Hedges on Consolidated Statements of Income
The effect of fair value hedges on the consolidated statements of operations for the three months ended June 30, 2012 and 2011 is presented below.
 
 
 
 
 
Derivative
 
Hedged Item
 
Location of
 
Amount of Gain (Loss)
 
 
 
Amount of Gain (Loss)
 
Gain (Loss)
 
Recognized in Income on
 
Location of
 
Recognized in Income On
 
Recognized
 
Derivative
 
Gain (Loss)
 
Hedged Item
 
in Income
 
Three Months Ended June 30,
 
Recognized in
 
Three Months Ended June 30,
 
on
 
 
Income on
 
(in thousands)
Derivative
 
2012
 
2011
 
Hedged Item
 
2012
 
2011
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts(1)    
Other non-
interest income
 
$
47

 
(398
)
 
 
 
$
—

 
—

Mortgage derivatives(2)    
Mortgage
banking income
 
119

 
(61
)
 
 
 
—

 
—

Total
 
 
$
166

 
(459
)
 
 
 
$
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions.
(2) Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans.
The effect of fair value hedges on the consolidated statements of operations for the six months ended June 30, 2012 and 2011 is presented below.
 
Derivative
 
Hedged Item
 
Location of
 
Amount of Gain (Loss)
 
 
 
Amount of Gain (Loss)
 
Gain (Loss)
 
Recognized in Income on
 
Location of
 
Recognized in Income On
 
Recognized
 
Derivative
 
Gain (Loss)
 
Hedged Item
 
in Income
 
Six Months Ended June 30,
 
Recognized in
 
Six Months Ended June 30,
 
on
 
 
Income on
 
(in thousands)
Derivative
 
2012
 
2011
 
Hedged Item
 
2012
 
2011
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts(1)    
Other non-
 interest income

 
$
1,172

 
(379
)
 
 
 
$
—

 
—

Mortgage derivatives(2)    
Mortgage
banking income
 
1,888

 
1,272

 
 
 
—

 
—

Total
 
 
$
3,060

 
893

 
 
 
$
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions.
(2) Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans