DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
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| Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities |
The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the balance sheet. | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | December 31, 2017 | | Notional | | Fair Value | | Notional | | Fair Value | (in thousands) | Amount | | Asset | | Liability | | Amount | | Asset | | Liability | Gross Derivatives | | | | | | | | | | | | Subject to master netting arrangements: | | | | | | | | | | | | Interest rate contracts – designated | $ | 705,000 |
| | $ | — |
| | $ | 3,662 |
| | $ | 705,000 |
| | $ | 228 |
| | $ | 1,982 |
| Interest rate swaps – not designated | 2,422,236 |
| | 3,481 |
| | 9,117 |
| | 2,245,442 |
| | 1,169 |
| | 11,599 |
| Equity contracts – not designated | 1,180 |
| | 26 |
| | — |
| | 1,180 |
| | 51 |
| | — |
| Total subject to master netting arrangements | 3,128,416 |
| | 3,507 |
| | 12,779 |
| | 2,951,622 |
| | 1,448 |
| | 13,581 |
| Not subject to master netting arrangements: | | | | | | | | | | | | Interest rate swaps – not designated | 2,422,236 |
| | 15,176 |
| | 38,787 |
| | 2,245,442 |
| | 27,233 |
| | 15,303 |
| Interest rate lock commitments – not designated | 78,368 |
| | 1,380 |
| | 5 |
| | 88,107 |
| | 1,594 |
| | 5 |
| Forward delivery commitments – not designated | 94,996 |
| | 209 |
| | 231 |
| | 106,572 |
| | 233 |
| | 148 |
| Credit risk contracts – not designated | 206,747 |
| | 20 |
| | 64 |
| | 235,196 |
| | 39 |
| | 109 |
| Equity contracts – not designated | 1,180 |
| | — |
| | 26 |
| | 1,180 |
| | — |
| | 51 |
| Total not subject to master netting arrangements | 2,803,527 |
| | 16,785 |
| | 39,113 |
| | 2,676,497 |
| | 29,099 |
| | 15,616 |
| Total | $ | 5,931,943 |
| | $ | 20,292 |
| | $ | 51,892 |
| | $ | 5,628,119 |
| | $ | 30,547 |
| | $ | 29,197 |
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| Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) |
The following table shows amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2018:
| | | | | | | | | (in thousands) | Total | | Net of Tax | Reclassified from AOCI to interest income | $ | 93 |
| | $ | 73 |
| Reclassified from AOCI to interest expense | (129 | ) | | (102 | ) |
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| Effect of Derivative Financial Instruments on Income Statement |
The following table presents the effect of certain derivative financial instruments on the income statement:
| | | | | | | | | | | | | | Three Months Ended
March 31, | (in thousands) | Income Statement Location | | 2018 | | 2017 | Interest Rate Contracts | Interest income - loans and leases | | $ | 93 |
| | $ | 506 |
| Interest Rate Contracts | Interest expense – short-term borrowings | | (129 | ) | | 148 |
| Interest Rate Swaps | Other income | | (160 | ) | | (219 | ) | Credit Risk Contracts | Other income | | 27 |
| | 19 |
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| Designated as Hedging Instrument [Member] |
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| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
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| Summary of Key Data Related to Interest Rate |
Following is a summary of key data related to interest rate contracts:
| | | | | | | | | (in thousands) | March 31,
2018 | | December 31,
2017 | Notional amount | $ | 705,000 |
| | $ | 705,000 |
| Fair value included in other assets | — |
| | 228 |
| Fair value included in other liabilities | 3,662 |
| | 1,982 |
|
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| Not Designated as Hedging Instrument [Member] |
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| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
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| Summary of Key Data Related to Interest Rate |
Following is a summary of key data related to interest rate swaps: | | | | | | | | | (in thousands) | March 31,
2018 | | December 31,
2017 | Notional amount | $ | 4,844,472 |
| | $ | 4,490,884 |
| Fair value included in other assets | 18,657 |
| | 28,402 |
| Fair value included in other liabilities | 47,904 |
| | 26,902 |
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| Counter Party [Member] |
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| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
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| Derivative Assets |
The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the balance sheets to the net amounts that would result in the event of offset: | | | | | | | | | | | | | | | | | | | Amount Not Offset in the Balance Sheet | | | (in thousands) | Net Amount Presented in the Balance Sheet | | Financial Instruments | | Cash Collateral | | Net Amount | March 31, 2018 | | | | | | | | Derivative Assets | | | | | | | | Interest rate contracts: | | | | | | | | Designated | $ | — |
| | $ | — |
| | — |
| | $ | — |
| Not designated | 3,481 |
| | 3,451 |
| | — |
| | 30 |
| Equity contracts – not designated | 26 |
| | 26 |
| | — |
| | — |
| Total | $ | 3,507 |
| | $ | 3,477 |
| | — |
| | $ | 30 |
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| | | | | | | | | | | | | | | | | December 31, 2017 | | | | | | | | Derivative Assets | | | | | | | | Interest rate contracts: | | | | | | | | Designated | $ | 228 |
| | $ | 228 |
| | $ | — |
| | $ | — |
| Not designated | 1,169 |
| | 1,169 |
| | — |
| | — |
| Equity contracts – not designated | 51 |
| | 51 |
| | — |
| | — |
| Total | $ | 1,448 |
| | $ | 1,448 |
| | $ | — |
| | $ | — |
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| Derivative Liabilities |
The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the balance sheets to the net amounts that would result in the event of offset: | | | | | | | | | | | | | | | | | | | Amount Not Offset in the Balance Sheet | | | (in thousands) | Net Amount Presented in the Balance Sheet | | Financial Instruments | | Cash Collateral | | Net Amount | March 31, 2018 | | | | | | | | Derivative Liabilities | | | | | | | | Interest rate contracts: | | | | | | | | Designated | $ | 3,662 |
| | $ | 3,662 |
| | — |
| | $ | — |
| Not designated | 9,117 |
| | 8,592 |
| | — |
| | 525 |
| Total | $ | 12,779 |
| | $ | 12,254 |
| | — |
| | $ | 525 |
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| | | | | | | | | | | | | | | | | December 31, 2017 | | | | | | | | Derivative Liabilities | | | | | | | | Interest rate contracts: | | | | | | | | Designated | $ | 1,982 |
| | $ | 1,982 |
| | $ | — |
| | $ | — |
| Not designated | 11,599 |
| | 10,940 |
| | — |
| | 659 |
| Total | $ | 13,581 |
| | $ | 12,922 |
| | $ | — |
| | $ | 659 |
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