Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2017

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:

	March 31, 2017						December 31, 2016
	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	$	655,000	$	603	$	1,494	$	450,000	$	9,256	$	1,171
Interest rate swaps – not designated		1,825,706		792		13,966		1,689,157		12,720		34,046
Equity contracts – not designated		1,180		46		—		1,180		61		—
Total subject to master netting arrangements		2,481,886		1,441		15,460		2,140,337		22,037		35,217
Not subject to master netting arrangements:
Interest rate swaps – not designated		1,825,706		30,263		13,820		1,689,157		32,170		11,866
Interest rate lock commitments – not designated		76,087		1,252		26		—		—		—
Forward delivery commitments – not designated		85,065		20		376		—		—		—
Credit risk contracts – not designated		186,037		15		106		174,538		13		123
Equity contracts – not designated		1,180		—		46		1,180		—		61
Total not subject to master netting arrangements		2,174,075		31,550		14,374		1,864,875		32,183		12,050
Total	$	4,655,961	$	32,991	$	29,834	$	4,005,212	$	54,220	$	47,267

Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI)

The following table shows amounts reclassified from accumulated other comprehensive income (AOCI) for the three months ended March 31, 2017:

(in thousands)	Total		Net of Tax
Reclassified from AOCI to interest income	$	506	$	329
Reclassified from AOCI to interest expense		148		96

Derivative Assets

The following table presents information about derivative assets and derivative liabilities that are subject to enforceable master netting arrangements as well as those not subject to enforceable master netting arrangements:

(in thousands)	Gross Amount		Gross Amounts Offset in the Balance Sheet		Net Amount Presented in the Balance Sheet
March 31, 2017
Derivative Assets
Subject to master netting arrangements:
Interest rate contracts
Designated	$	603		—	$	603
Not designated		792		—		792
Equity contracts – not designated		46		—		46
Not subject to master netting arrangements:
Interest rate contracts – not designated		30,263		—		30,263
Interest rate lock commitments – not designated		1,252		—		1,252
Forward delivery commitments – not designated		20		—		20
Credit risk contracts – not designated		15		—		15
Total derivative assets	$	32,991		—	$	32,991

December 31, 2016
Derivative Assets
Subject to master netting arrangements:
Interest rate contracts
Designated	$	9,256	—	$	9,256
Not designated		12,720	—		12,720
Equity contracts – not designated		61	—		61
Not subject to master netting arrangements:
Interest rate contracts – not designated		32,170	—		32,170
Credit contracts – not designated		13	—		13
Total derivative assets	$	54,220	—	$	54,220

Derivative Liabilities

The following table presents information about derivative assets and derivative liabilities that are subject to enforceable master netting arrangements as well as those not subject to enforceable master netting arrangements:

(in thousands)	Gross Amount	Gross Amounts Offset in the Balance Sheet	Net Amount Presented in the Balance Sheet
March 31, 2017

Derivative Liabilities
Subject to master netting arrangements:
Interest rate contracts
Designated	$	1,494	—	$	1,494
Not designated		13,966	—		13,966
Not subject to master netting arrangements:
Interest rate contracts – not designated		13,820	—		13,820
Interest rate lock commitments – not designated		26	—		26
Forward delivery commitments – not designated		376	—		376
Credit risk contracts – not designated		106	—		106
Equity contracts – not designated		46	—		46
Total derivative liabilities	$	29,834	—	$	29,834

	Gross Amount	Gross Amounts Offset in the Balance Sheet	Net Amount Presented in the Balance Sheet
December 31, 2016

Derivative Liabilities
Subject to master netting arrangements:
Interest rate contracts
Designated	$	1,171	—	$	1,171
Not designated		34,046	—		34,046
Not subject to master netting arrangements:
Interest rate contracts – not designated		11,866	—		11,866
Credit contracts – not designated		123	—		123
Equity contracts – not designated		61	—		61
Total derivative liabilities	$	47,267	—	$	47,267

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	2017			2016
Interest Rate Contracts	Interest income - loans and leases	$	506		$	687
Interest Rate Contracts	Interest expense – short-term borrowings		148			150
Interest Rate Swaps	Other income		(219	)		(41	)
Credit Risk Contracts	Other income		19			(71	)

Interest Rate Contracts [Member]

Summary of Key Data Related to Interest Rate

Following is a summary of key data related to interest rate contracts:

(in thousands)	March 31, 2017		December 31, 2016
Notional amount	$	655,000	$	450,000
Fair value included in other assets		603		9,256
Fair value included in other liabilities		1,494		1,171

Interest Rate Swap [Member]

Summary of Key Data Related to Interest Rate

Following is a summary of key data related to interest rate swaps:

(in thousands)	March 31, 2017		December 31, 2016
Notional amount	$	3,651,412	$	3,378,314
Fair value included in other assets		31,055		44,890
Fair value included in other liabilities		27,786		45,912

Collateral Held By Counterparty [Member]

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, 2017
Derivative Assets
Interest rate contracts:
Designated	$	603	$	603		—	$	—
Not designated		792		680		—		112
Equity contracts – not designated		46		46		—		—
Total	$	1,441	$	1,329		—	$	112

December 31, 2016
Derivative Assets
Interest rate contracts:
Designated	$	9,256	$	843	$	8,413	$	—
Not designated		12,720		474		12,132		114
Equity contracts – not designated		61		61		—		—
Total	$	22,037	$	1,378	$	20,545	$	114

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, 2017

Derivative Liabilities
Interest rate contracts:
Designated	$	1,494	$	1,494	—	$	—
Not designated		13,966		13,208	—		758
Total	$	15,460	$	14,702	—	$	758
December 31, 2016

Derivative Liabilities
Interest rate contracts:
Designated	$	1,171	$	1,171	$	—	$	—
Not designated		34,046		15,490		17,651		905
Total	$	35,217	$	16,661	$	17,651	$	905