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Derivative financial instruments (Tables)
12 Months Ended
Dec. 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
    Estimated Fair
Value Gain
 
           Fixed     Variable    
     (In thousands)      (In years)                  (In thousands)  

December 31, 2015

            

Fair value hedges:

            

Fixed rate long-term borrowings(a)

   $ 1,400,000         1.7         4.42     1.39   $ 43,892   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

December 31, 2014

            

Fair value hedges:

            

Fixed rate long-term borrowings(a)

   $ 1,400,000         2.7         4.42     1.19   $ 73,251   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

 

(a) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
Notional Amount of Interest Rate Swap Agreements Outstanding Maturity

The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2015 mature as follows:

 

     (In thousands)  

Year ending December 31:

  

2016

   $ 500,000   

2017

     400,000   

2018

     500,000   
  

 

 

 
   $ 1,400,000   
  

 

 

 
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
Fair Value
December 31
    Liability Derivatives
Fair Value
December 31
 
    2015     2014     2015     2014  
    (In thousands)  

Derivatives designated and qualifying as hedging instruments

       

Fair value hedges:

       

Interest rate swap agreements(a)

  $ 43,892      $ 73,251      $      $   

Commitments to sell real estate loans(a)

    1,844        728        656        4,217   
 

 

 

   

 

 

   

 

 

   

 

 

 
    45,736        73,979        656        4,217   

Derivatives not designated and qualifying as hedging instruments

       

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

    10,282        17,396        403        49   

Commitments to sell real estate loans(a)

    533        754        846        4,330   

Trading:

       

Interest rate contracts(b)

    203,517        215,614        153,723        173,513   

Foreign exchange and other option and futures contracts(b)

    8,569        31,112        7,022        29,950   
 

 

 

   

 

 

   

 

 

   

 

 

 
    222,901        264,876        161,994        207,842   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total derivatives

  $ 268,637      $ 338,855      $ 162,650      $ 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 Gain (Loss) Recognized  
    Year Ended
December 31, 2015
    Year Ended
December 31, 2014
    Year Ended
December 31, 2013
 
    Derivative     Hedged
Item
    Derivative     Hedged
Item
    Derivative     Hedged
Item
 
    (In thousands)  

Derivatives in fair value hedging relationships

           

Interest rate swap agreements:

           

Fixed rate long-term borrowings(a)

  $ (29,359   $ 28,719      $ (29,624   $ 28,870      $ (40,304   $ 38,986   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Derivatives not designated as hedging instruments

           

Trading:

           

Interest rate contracts(b)

  $ 10,755        $ 3,398        $ 9,824     

Foreign exchange and other option and futures contracts(b)

    9,337          7,670          8,598     
 

 

 

     

 

 

     

 

 

   

Total

  $ 20,092        $ 11,068        $ 18,422     
 

 

 

     

 

 

     

 

 

   

 

 

(a) Reported as other revenues from operations.

 

(b) Reported as trading account and foreign exchange gains.