Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Summary of Derivative Instruments [Abstract]

The impact of derivative instruments on the consolidated balance sheets at June 30, 2014 and December 31, 2013 is presented below.



	Fair Value of Derivative Assets				Fair Value of Derivative Liabilities
(in thousands)	Location on Consolidated Balance Sheet	June 30, 2014		December 31, 2013	Location on Consolidated Balance Sheet	June 30, 2014		December 31, 2013
Derivatives not designated as hedging instruments:
Interest rate contracts	Other assets	$	34,476	38,482	Other liabilities	$	35,046	39,436
Mortgage derivatives	Other assets	1,889		1,522	Other liabilities	1,122		—
Visa derivative		—		—	Other liabilities	2,438		2,706
Total derivatives not designated as hedging instruments		$	36,365	40,004		$	38,606	42,142

Effect of Fair Value Hedges on Consolidated Statements of Income

The pre-tax effect of fair value hedges on the consolidated statements of income for the six and three months ended June 30, 2014 and 2013 is presented below.



	Location of Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income
(in thousands)		Six Months Ended June 30,
Derivatives not designated as hedging instruments		2014			2013
Interest rate contracts⁽¹⁾	Other non-interest income	384			(158	)
Mortgage derivatives⁽²⁾	Mortgage banking income	(755		)	4,942
Total		$	(371	)	4,784


	Location of Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income
(in thousands)		Three Months Ended June 30,
Derivatives not designated as hedging instruments		2014			2013
Interest rate contracts⁽¹⁾	Other non-interest income	281			(279	)
Mortgage derivatives⁽²⁾	Mortgage banking income	(435		)	5,030
Total		$	(154	)	4,751

⁽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 to third party investors.