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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notion Amoutns and Fair Values of Derivative Financial Instruments
The following table presents the notional amounts and fair values of derivative financial instruments as of December 31:
 
2014
 
2013
 
Notional
Amount
 
Asset
(Liability)
Fair Value
 
Notional
Amount
 
Asset
(Liability)
Fair Value
 
(in thousands)
Interest Rate Locks with Customers
 
 
 
 
 
 
 
Positive fair values
$
89,655

 
$
1,391

 
$
75,217

 
$
867

Negative fair values
301

 
(6
)
 
11,393

 
(59
)
Net interest rate locks with customers
 
 
1,385

 
 
 
808

Forward Commitments
 
 
 
 
 
 
 
Positive fair values
—

 
—

 
87,904

 
1,263

Negative fair values
93,802

 
(1,164
)
 
2,373

 
(5
)
Net forward commitments
 
 
(1,164
)
 
 
 
1,258

Interest Rate Swaps with Customers
 
 
 
 
 
 
 
Positive fair values
468,080

 
19,716

 
111,899

 
2,105

Negative fair values
25,418

 
(198
)
 
105,673

 
(2,993
)
Net interest rate swaps with customers
 
 
19,518

 
 
 
(888
)
Interest Rate Swaps with Dealer Counterparties
 
 
 
 
 
 
 
Positive fair values
25,418

 
198

 
105,673

 
2,993

Negative fair values
468,080

 
(19,716
)
 
111,899

 
(2,105
)
Net interest rate swaps with dealer counterparties
 
 
(19,518
)
 
 
 
888

Foreign Exchange Contracts with Customers
 
 
 
 
 
 
 
Positive fair values
11,616

 
810

 
2,150

 
24

Negative fair values
5,250

 
(441
)
 
12,775

 
(343
)
Net foreign exchange contracts with customers
 
 
369

 
 
 
(319
)
Foreign Exchange Contracts with Correspondent Banks
 
 
 
 
 
 
 
Positive fair values
5,287

 
446

 
17,348

 
498

Negative fair values
13,572

 
(876
)
 
5,872

 
(48
)
Net foreign exchange contracts with correspondent banks
 
 
(430
)
 
 
 
450

Net derivative fair value asset
 
 
$
160

 
 
 
$
2,197
Summary of Fair Value Gains and Losses on Derivative Financial Instruments
The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31:
 
2014
 
2013
 
2012
 
Statements of Income Classification
 
(in thousands)
 
 
Interest rate locks with customers
$
577

 
$
(5,949
)
 
$
2,879

 
Mortgage banking income
Forward commitments
(2,422
)
 
1,466

 
2,503

 
Mortgage banking income
Interest rate swaps with customers
20,406

 
(7,978
)
 
4,346

 
Other non-interest expense
Interest rate swaps with counterparties
(20,406
)
 
7,978

 
(4,346
)
 
Other non-interest expense
Foreign exchange contracts with customers
688

 
(108
)
 
(1,487
)
 
Other service charges and fees
Foreign exchange contracts with correspondent banks
(880
)
 
507

 
1,648

 
Other service charges and fees
Net fair value (losses) gains on derivative financial instruments
$
(2,037
)
 
$
(4,084
)
 
$
5,543

 
 
Fair Value, Option, Qualitative Disclosures Related to Election
The Corporation has elected to record mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of and for the years ended December 31, 2014 and 2013:
 
Cost (1)
 
Fair Value
 
Balance Sheet
Classification
 
Fair Value (Loss) Gain
 
Statements of Income Classification
 
(in thousands)
December 31, 2014:
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale
$
17,080

 
$
17,522

 
Loans held for sale
 
$
263

 
Mortgage banking income
December 31, 2013:
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale
21,172

 
21,351

 
Loans held for sale
 
(1,975
)
 
Mortgage banking income
 
(1)
Cost basis of mortgage loans held for sale represents the unpaid principal balance.
Offsetting Assets and Liabilities
The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31:
 
Gross Amounts
 
Gross Amounts Not Offset
 
 
 
Recognized
 
 on the Consolidated
 
 
 
on the
 
Balance Sheets
 
 
 
Consolidated
 
Financial
 
Cash
 
Net
 
Balance Sheets
 
Instruments (1)
 
Collateral (2)
 
Amount
 
(in thousands)
2014
 
 
 
 
 
 
 
Interest rate swap assets
$
19,914

 
$
(206
)
 
$
—

 
$
19,708

 
 
 
 
 
 
 
 
Interest rate swap liabilities
$
19,914

 
$
(206
)
 
$
(19,210
)
 
$
498

 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
Interest rate swap assets
$
5,098

 
$
(2,104
)
 
$
—

 
$
2,994

 
 
 
 
 
 
 
 
Interest rate swap liabilities
$
5,098

 
$
(2,104
)
 
$
(730
)
 
$
2,264


(1)
For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2)
Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers.