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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments
The following table presents a summary of the notional amounts and fair values of derivative financial instruments:
 
March 31, 2020
 
December 31, 2019
 
Notional
Amount
 
Asset
(Liability)
Fair Value
 
Notional
Amount
 
Asset
(Liability)
Fair Value
 
(in thousands)
Interest Rate Locks with Customers
 
 
 
 
 
 
 
Positive fair values
$
315,084

 
$
5,990

 
$
132,260

 
$
1,123

Negative fair values
4,968

 
(57
)
 
9,783

 
(53
)
Forward Commitments
 
 
 
 
 
 
 
Positive fair values
—

 
—

 
75,000

 
63

Negative fair values
341,680

 
(4,131
)
 
180,000

 
(371
)
Interest Rate Swaps with Customers
 
 
 
 
 
 
 
Positive fair values
3,457,081

 
368,172

 
2,903,489

 
143,484

Negative fair values
(12,288
)
 
(6
)
 
376,705

 
(695
)
Interest Rate Swaps with Dealer Counterparties
 
 
 
 
 
 
 
Positive fair values
12,288

 
6

 
376,705

 
695

Negative fair values
3,457,081

 
(180,576
)
 
2,903,489

 
(75,327
)
Foreign Exchange Contracts with Customers
 
 
 
 
 
 
 
Positive fair values
12,331

 
359

 
3,373

 
38

Negative fair values
2,985

 
(125
)
 
7,283

 
(154
)
Foreign Exchange Contracts with Correspondent Banks
 
 
 
 
 
 
 
Positive fair values
5,290

 
168

 
9,028

 
192

Negative fair values
11,393

 
(252
)
 
4,976

 
(45
)
Summary of Fair Value Gains and Losses on Derivative Financial Instruments
The following table presents a summary of the fair value gains (losses) on derivative financial instruments:
 
Consolidated Statements of Income Classification
 
Three months ended March 31
 
 
 
2020
 
2019
 
 
 
        (in thousands)
Mortgage banking derivatives (1)
Mortgage banking
 
$
1,040

 
$
662

Interest rate swaps
Other expense
 
72

 
(149
)
Foreign exchange contracts
Other income
 
119

 
48

Net fair value gains on derivative financial instruments
 
$
1,231

 
$
561


(1) Includes interest rate locks with customers and forward commitments.
Summary of Corporation's Mortgage Loans Held for Sale 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 the periods shown:
 
March 31,
2020
 
December 31,
2019
 
(in thousands)
Amortized cost (1)
$
39,480

 
$
37,396

Fair value
40,645

 
37,828
Summary of Offsetting Derivative Assets
The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
 
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)
March 31, 2020
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
368,178

 
$
(6
)
 
$
—

 
$
368,172

Foreign exchange derivative assets with correspondent banks
168

 
(168
)
 
—

 
—

Total
$
368,346

 
$
(174
)
 
$
—

 
$
368,172

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
180,582

 
$
(6
)
 
$
(180,576
)
 
$
—

Foreign exchange derivative liabilities with correspondent banks
252

 
(168
)
 
—

 
84

Total
$
180,834

 
$
(174
)
 
$
(180,576
)
 
$
84

 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
144,179

 
$
(757
)
 
$
—

 
$
143,422

Foreign exchange derivative assets with correspondent banks
192

 
(45
)
 
—

 
147

Total
$
144,371

 
$
(802
)
 
$
—

 
$
143,569

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
76,022

 
$
(757
)
 
$
(75,265
)
 
$
—

Foreign exchange derivative liabilities with correspondent banks
45

 
(45
)
 
—

 
—

Total
$
76,067

 
$
(802
)
 
$
(75,265
)
 
$
—


(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 received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
Summary of Offsetting Derivative 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:
 
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)
March 31, 2020
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
368,178

 
$
(6
)
 
$
—

 
$
368,172

Foreign exchange derivative assets with correspondent banks
168

 
(168
)
 
—

 
—

Total
$
368,346

 
$
(174
)
 
$
—

 
$
368,172

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
180,582

 
$
(6
)
 
$
(180,576
)
 
$
—

Foreign exchange derivative liabilities with correspondent banks
252

 
(168
)
 
—

 
84

Total
$
180,834

 
$
(174
)
 
$
(180,576
)
 
$
84

 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
Interest rate swap derivative assets
$
144,179

 
$
(757
)
 
$
—

 
$
143,422

Foreign exchange derivative assets with correspondent banks
192

 
(45
)
 
—

 
147

Total
$
144,371

 
$
(802
)
 
$
—

 
$
143,569

 
 
 
 
 
 
 
 
Interest rate swap derivative liabilities
$
76,022

 
$
(757
)
 
$
(75,265
)
 
$
—

Foreign exchange derivative liabilities with correspondent banks
45

 
(45
)
 
—

 
—

Total
$
76,067

 
$
(802
)
 
$
(75,265
)
 
$
—


(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 received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.