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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Summary of Derivative Instruments [Abstract]  
Impact of Derivatives on Balance Sheet
The impact of derivative instruments on the consolidated balance sheets at September 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
 
September 30, 2014
 
December 31, 2013
 
Location on Consolidated Balance Sheet
 
September 30, 2014
 
December 31, 2013
Derivatives not designated
  as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
Other assets
 
$
30,184

 
38,482

 
Other liabilities
 
$
30,689

 
39,436

Mortgage derivatives
Other assets
 
1,138

 
1,522

 
Other liabilities
 
320

 
—

Visa derivative
 
 
—

 
—

 
Other liabilities
 
4,021

 
2,706

 Total derivatives not
  designated as hedging
  instruments    
 
 
$
31,322

 
40,004

 
 
 
$
35,030

 
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 nine and three months ended September 30, 2014 and 2013 is presented below.
 
Location of Gain (Loss) Recognized in Income
 
Gain (Loss) Recognized in Income
(in thousands)
 
Nine Months Ended September 30,
Derivatives not designated as hedging instruments
 
2014
 
2013
Interest rate contracts(1)    
Other non-interest income
 
449

 
63

Mortgage derivatives(2)    
Mortgage banking income
 
(704
)
 
(1,865
)
Total
 
 
$
(255
)
 
(1,802
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Location of Gain (Loss) Recognized in Income
 
Gain (Loss) Recognized in Income
(in thousands)
 
Three Months Ended September 30,
Derivatives not designated as hedging instruments
 
2014
 
2013
Interest rate contracts(1)    
Other non-interest income
 
65

 
221

Mortgage derivatives(2)    
Mortgage banking income
 
51

 
(6,806
)
Total
 
 
$
116

 
(6,585
)
 
 
 
 
 
 
(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.