Derivative Instruments and Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule reflecting the amount and fair value of risk management derivatives and mortgage banking and customer initiated derivatives

The following table presents the notional amount and fair value of the Corporation’s derivative instruments held or issued in connection with customer-initiated and mortgage banking activities. 

	March 31, 2018						December 31, 2017
			Fair Value						Fair Value
(Dollars in thousands)	Notional Amount (1)		Gross Derivative Assets (2)		Gross Derivative Liabilities (2)		Notional Amount (1)		Gross Derivative Assets (2)		Gross Derivative Liabilities (2)
Risk management purposes:
Derivatives designated as hedging instruments:
Interest rate swaps	$	620,000	$	14,104	$	—	$	620,000	$	5,899	$	—
Total risk management purposes	620,000		14,104		—		620,000		5,899		—
Customer-initiated and mortgage banking derivatives:
Customer-initiated derivatives	1,615,445		11,619		12,055		1,365,119		9,376		10,139
Forward contracts related to mortgage loans to be delivered for sale	137,066		—		404		115,996		—		34
Interest rate lock commitments	112,938		1,774		—		71,003		1,222		—
Power Equity CD	38,660		1,501		1,501		38,807		2,184		2,184
Total customer-initiated and mortgage banking derivatives	1,904,109		14,894		13,960		1,590,925		12,782		12,357
Total gross derivatives	$	2,524,109	$	28,998	$	13,960	$	2,210,925	$	18,681	$	12,357

⁽¹⁾  Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement.  These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Position.

⁽²⁾  Derivative assets are included within "Interest receivable and other assets" and derivative liabilities are included within "Interest payable and other liabilities" on the Consolidated Statements of Financial Position. Included in the fair value of the derivative assets are credit valuation adjustments for counterparty credit risk totaling $416 thousand at March 31, 2018 and $809 thousand at December 31, 2017.

Schedule reflecting the net gains (losses) relating to derivative instruments related to the changes in fair value

The following table presents the net gains (losses) related to derivative instruments reflecting the changes in fair value.

		Three Months Ended March 31,
(Dollars in thousands)	Location of Gain (Loss)	2018			2017
Forward contracts related to mortgage loans to be delivered for sale	Net gain (loss) on sale of loans and other mortgage banking revenue	$	(370	)	$	(977	)
Interest rate lock commitments	Net gain (loss) on sale of loans and other mortgage banking revenue	552			1,223
Customer-initiated derivatives	Other noninterest income	327			(231		)
Total gain (loss) recognized in income		$	509		$	15

The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to interest rate swaps designated as cash flow hedges for the three months ended March 31, 2018. There were no interest rate swaps designated as cash flow hedges outstanding during the three months ended March 31, 2017.

(Dollars in thousands)	Amount of gain (loss) recognized in other comprehensive income		Amount of gain (loss) reclassified from other comprehensive income to interest income or expense
Three Months Ended March 31, 2018
Interest rate swaps designated as cash flow hedges	$	7,963	$	(242	)

Schedule of the Company's financial instruments eligible for offset, offsetting assets

The tables below present information about the Corporation’s financial instruments that are eligible for offset.

							Gross amounts not offset in the statements of financial position
(Dollars in thousands)	Gross amounts recognized		Gross amounts offset in the statements of financial condition		Net amounts presented in the statements of financial position		Financial instruments		Collateral (received)/posted			Net Amount
March 31, 2018
Offsetting derivative assets
Derivative assets (1)	$	25,698	$	—	$	25,698	$	—	$	(17,243	)	$	8,455
Offsetting derivative liabilities
Derivative liabilities (1)	12,009		—		12,009		—		230			11,779
December 31, 2017
Offsetting derivative assets
Derivative assets (1)	$	15,228	$	—	$	15,228	$	—	$	—		$	15,228
Offsetting derivative liabilities
Derivative liabilities	10,139		—		10,139		—		1,081			9,058

⁽¹⁾  Amount does not include participated, forward contracts, interest rate lock commitments and power equity CDs as these instruments are not subject to master netting or similar arrangements.

Schedule of the Company's financial instruments eligible for offset, offsetting liabilities

The tables below present information about the Corporation’s financial instruments that are eligible for offset.

							Gross amounts not offset in the statements of financial position
(Dollars in thousands)	Gross amounts recognized		Gross amounts offset in the statements of financial condition		Net amounts presented in the statements of financial position		Financial instruments		Collateral (received)/posted			Net Amount
March 31, 2018
Offsetting derivative assets
Derivative assets (1)	$	25,698	$	—	$	25,698	$	—	$	(17,243	)	$	8,455
Offsetting derivative liabilities
Derivative liabilities (1)	12,009		—		12,009		—		230			11,779
December 31, 2017
Offsetting derivative assets
Derivative assets (1)	$	15,228	$	—	$	15,228	$	—	$	—		$	15,228
Offsetting derivative liabilities
Derivative liabilities	10,139		—		10,139		—		1,081			9,058

⁽¹⁾  Amount does not include participated, forward contracts, interest rate lock commitments and power equity CDs as these instruments are not subject to master netting or similar arrangements.