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Derivative financial instruments (Tables)
3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Information About Interest Rate Swap Agreements

Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows:

 

     Notional
amount
     Average
maturity
     Weighted-
average rate
 
         Fixed     Variable  
     (in thousands)      (in years)               

March 31, 2015

          

Fair value hedges:

          

Fixed rate long-term borrowings (a)

   $ 1,400,000         2.4         4.42     1.22
  

 

 

    

 

 

    

 

 

   

 

 

 

December 31, 2014

Fair value hedges:

Fixed rate long-term borrowings (a)

$ 1,400,000      2.7      4.42   1.19
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
Information About Fair Values of Derivative Instruments in Consolidated Balance Sheet

Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows:

 

     Asset derivatives      Liability derivatives  
     Fair value      Fair value  
     March 31,
2015
     December 31,
2014
     March 31,
2015
     December 31,
2014
 
     (in thousands)  

Derivatives designated and qualifying as hedging instruments

           

Fair value hedges:

           

Interest rate swap agreements (a)

   $ 72,855         73,251       $ —           —     

Commitments to sell real estate loans (a)

     662         728         3,529         4,217   
  

 

 

    

 

 

    

 

 

    

 

 

 
  73,517      73,979      3,529      4,217   

Derivatives not designated and qualifying as hedging instruments

Mortgage-related commitments to originate real estate loans for sale (a)

  26,295      17,396      65      49   

Commitments to sell real estate loans (a)

  1,571      754      8,552      4,330   

Trading:

Interest rate contracts (b)

  246,819      215,614      204,484      173,513   

Foreign exchange and other option and futures contracts (b)

  37,957      31,112      35,684      29,950   
  

 

 

    

 

 

    

 

 

    

 

 

 
  312,642      264,876      248,785      207,842   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total derivatives

$ 386,159      338,855    $ 252,314      212,059   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities.
(b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities.
Information About Fair Values of Derivative Instruments in Consolidated Statement of Income
Amount of unrealized gain (loss) recognized  
     Three months ended
March 31, 2015
     Three months ended
March 31, 2014
 
     Derivative      Hedged item      Derivative      Hedged item  
     (in thousands)  

Derivatives in fair value hedging relationships

           

Interest rate swap agreements:

           

Fixed rate long-term borrowings (a)

   $ (396      161       $ (8,160      7,920   
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivatives not designated as hedging instruments

Trading:

Interest rate contracts (b)

$ 660    $ (302

Foreign exchange and other option and futures contracts (b)

  (167   (5,030
  

 

 

       

 

 

    

Total

$ 493    $ (5,332
  

 

 

       

 

 

    

 

(a) Reported as other revenues from operations.
(b) Reported as trading account and foreign exchange gains.