Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Derivative Instruments [Abstract]

The impact of derivative instruments on the consolidated balance sheets at June 30, 2016 and December 31, 2015 is presented below.



	Fair Value of Derivative Assets				Fair Value of Derivative Liabilities
(in thousands)	Location on Consolidated Balance Sheet	June 30, 2016		December 31, 2015	Location on Consolidated Balance Sheet	June 30, 2016	December 31, 2015
Derivatives not designated as hedging instruments:
Interest rate contracts	Other assets	$	36,804	25,580	Other liabilities	37,221	26,030
Mortgage derivatives	Other assets	2,541		1,559	Other liabilities	1,467	—
Visa derivative		—		—	Other liabilities	1,415	1,415
Total derivatives not designated as hedging instruments		$	39,345	27,139		40,103	27,445

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, 2016 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		2016			2015
Interest rate contracts⁽¹⁾	Other non-interest income	33			(124	)
Mortgage derivatives⁽²⁾	Mortgage banking income	(485		)	2,231
Total		$	(452	)	2,107


		Gain (Loss) Recognized in Income
(in thousands)		Three Months Ended June 30,
Derivatives not designated as hedging instruments	Location of Gain (Loss) Recognized in Income	2016			2015
Interest rate contracts⁽¹⁾	Other non-interest income	27			55
Mortgage derivatives⁽²⁾	Mortgage banking income	(335		)	1,128
Total		$	(308	)	1,183

⁽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.