Derivative Instruments and Other Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments

Information pertaining to outstanding derivative instruments is as follows:

	Derivative Assets - Fair Value				Derivative Liabilities - Fair Value
(in thousands)	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Interest rate contracts	$	6,920	$	3,469	$	—	$	—
Total derivatives designated as hedging instruments	$	6,920	$	3,469	$	—	$	—
Derivatives not designated as hedging instruments:
Interest rate contracts:
Customer swaps - upstream	237		474		1,040		191
Customer swaps - downstream	35,265		16,946		9,766		17,812
Foreign exchange contracts	7		18		7		18
Forward sales contracts	143		630		1,440		750
Written and purchased options	8,488		5,490		4,446		3,310
Other contracts	26		21		57		43
Total derivatives not designated as hedging instruments	$	44,166	$	23,579	$	16,756	$	22,124
Total	$	51,086	$	27,048	$	16,756	$	22,124

	Derivative Assets - Notional Amount				Derivative Liabilities - Notional Amount
(in thousands)	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Interest rate contracts	$	500,000	$	408,500	$	108,500	$	—
Total derivatives designated as hedging instruments	$	500,000	$	408,500	$	108,500	$	—
Derivatives not designated as hedging instruments:
Interest rate contracts:
Customer swaps - upstream	634,998		919,653		1,290,051		701,257
Customer swaps - downstream	1,290,051		701,257		634,998		919,653
Foreign exchange contracts	903		1,202		903		1,202
Forward sales contracts	43,567		1,140		205,278		143,179
Written and purchased options	324,345		229,333		141,430		140,645
Other contracts	50,050		50,527		98,858		85,623
Total derivatives not designated as hedging instruments	$	2,343,914	$	1,903,112	$	2,371,518	$	1,991,559
Total	$	2,843,914	$	2,311,612	$	2,480,018	$	1,991,559

Offsetting Assets

The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.

	March 31, 2019
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	6,920	$	—		$	—	$	6,920
Interest rate contracts not designated as hedging instruments	35,502		(824		)	—		34,678
Written and purchased options	4,406		—			—		4,406
Total derivative assets subject to master netting arrangements	$	46,828	$	(824	)	$	—	$	46,004
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	10,806	$	(824	)	$	—	$	9,982
Written and purchased options	4,406		—			—		4,406
Total derivative liabilities subject to master netting arrangements	$	15,212	$	(824	)	$	—	$	14,388

	December 31, 2018
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	3,469	$	—		$	—	$	3,469
Interest rate contracts not designated as hedging instruments	17,420		(619		)	—		16,801
Written and purchased options	3,285		—			—		3,285
Total derivative assets subject to master netting arrangements	$	24,174	$	(619	)	$	—	$	23,555
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	18,003	$	(619	)	$	—	$	17,384
Written and purchased options	3,285		—			—		3,285
Total derivative liabilities subject to master netting arrangements	$	21,288	$	(619	)	$	—	$	20,669

Offsetting Liabilities

The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.

	March 31, 2019
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	6,920	$	—		$	—	$	6,920
Interest rate contracts not designated as hedging instruments	35,502		(824		)	—		34,678
Written and purchased options	4,406		—			—		4,406
Total derivative assets subject to master netting arrangements	$	46,828	$	(824	)	$	—	$	46,004
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	10,806	$	(824	)	$	—	$	9,982
Written and purchased options	4,406		—			—		4,406
Total derivative liabilities subject to master netting arrangements	$	15,212	$	(824	)	$	—	$	14,388

	December 31, 2018
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet					Net
(in thousands)			Derivatives			Collateral
Derivatives subject to master netting arrangements
Derivative assets
Interest rate contracts designated as hedging instruments	$	3,469	$	—		$	—	$	3,469
Interest rate contracts not designated as hedging instruments	17,420		(619		)	—		16,801
Written and purchased options	3,285		—			—		3,285
Total derivative assets subject to master netting arrangements	$	24,174	$	(619	)	$	—	$	23,555
Derivative liabilities
Interest rate contracts not designated as hedging instruments	$	18,003	$	(619	)	$	—	$	17,384
Written and purchased options	3,285		—			—		3,285
Total derivative liabilities subject to master netting arrangements	$	21,288	$	(619	)	$	—	$	20,669

Effect of Derivatives on the Consolidated Financial Statements

At March 31, 2019 and 2018, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows:

		Amount of Gain (Loss) Recognized in OCI, net of taxes								Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes									Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)		Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)
		Total			Including Component			Excluding Component			Total			Including Component			Excluding Component					Total		Including Component		Excluding Component
(in thousands)		For the Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships		2019									2019										2019
Total	Interest rate contracts	$	(2,185	)	$	(3,098	)	$	913	Interest expense	$	(227	)	$	(69	)	$	(158	)	Interest expense		$	—	$	—	$	—

		Amount of Gain (Loss) Recognized in OCI, net of taxes						Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes								Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)		Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)
		Total		Including Component		Excluding Component			Total			Including Component			Excluding Component				Total		Including Component		Excluding Component
(in thousands)		For the Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships		2018							2018									2018
Total	Interest rate contracts	$	2,549	$	2,549	$	—	Interest expense	$	(116	)	$	(116	)	$	—	Interest expense		$	—	$	—	$	—

Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of March 31, is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		For the Three Months Ended March 31,
(in thousands)		2019			2018
Interest rate contracts (1)	Other income	$	4,181		$	1,049
Foreign exchange contracts	Other income	5			5
Forward sales contracts	Mortgage income	(3,209		)	3,387
Written and purchased options	Mortgage income	1,863			648
Other contracts	Other income	(9		)	(3		)
Total		$	2,831		$	5,086

^{(1) Includes fees associated with customer interest rate contracts.}