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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2014
DERIVATIVES  
Notional or contractual Amounts and fair values for derivatives
December 31, 2014
December 31, 2013
Notional
Amount
Fair Value
Notional
Amount
Fair Value
Derivative
Assets (1)
Derivative
Liabilities (1)
Derivative
Assets (1)
Derivative
Liabilities (1)
(In thousands)
Derivatives designated as hedging instruments:
Interest rate swaps on certificates of deposits
$
132,667

$
—

$
9,922

$
135,000

$
—

$
16,906

Total derivatives designated as hedging instruments
$
132,667

$
—

$
9,922

$
135,000

$
—

$
16,906

Derivatives not designated as hedging instruments:
Foreign exchange options
$
85,614

$
6,136

$
—

$
85,614

$
6,290

$
—

Embedded derivative liabilities
47,838

—

3,392

51,505

—

3,655

Interest rate swaps and caps
4,858,391

41,534

41,779

3,834,072

28,078

26,352

Foreign exchange contracts
680,629

8,123

9,171

635,428

6,181

3,349

Total derivatives not designated as hedging instruments
$
5,672,472

$
55,793

$
54,342

$
4,606,619

$
40,549

$
33,356

(1) Derivative assets are included in other assets. Derivative liabilities are included in other liabilities and deposits.
Net gains (losses) recognized in the Income Statement related to derivatives in fair value hedging relationships

Years ended December 31,
2014

2013

2012
(In thousands)
Gains (losses) recorded in interest expense:





  Recognized on interest rate swaps
$
6,885


$
(9,255
)

$
(1,076
)
  Recognized on certificates of deposits
(6,784
)

9,675


4,686

Net amount recognized on fair value hedges (ineffective portion)
$
101


$
420


$
3,610

Net interest expense recognized on interest rate swaps
$
(6,703
)

$
(3,153
)

$
(3,793
)
Net gains (losses) recognized in the Income Statement related to derivatives not designated as hedging instruments
Location in
Consolidated
Statements of Income
Year Ended December 31,
2014
2013
2012
(In thousands)
Derivatives not designated as hedging instruments:
Equity swap agreements
Other operating income
$
—

$
—

$
2

Foreign exchange options
Foreign exchange income
103

653

389

Foreign exchange options with embedded derivatives
Other operating expense
5

23

101

Interest rate swaps and caps
Other operating income
(1,865
)
1,582

592

Foreign exchange contracts
Foreign exchange income
(3,880
)
2,624

(228
)
 
Total net (losses)
$
(5,637
)
$
4,882

$
856

 
Balance sheet offsetting of Derivative assets and liabilities and the respective collateral received or pledged in the form of other finanical instruments, which are generally marketable securities
 

As of December 31, 2014
 

(In thousands)

Gross Amounts
of Recognized
Assets

Gross Amounts
Offset on the
Consolidated
Balance Sheet

Net Amounts of
Assets Presented
on the
Consolidated
Balance Sheet

Gross Amounts Not Offset on the
Consolidated Balance Sheets



Assets




Financial
Instruments


Collateral
Received


Net Amount
Derivatives

$
12,396


$
—


$
12,396


$
(5,725
)
(1) 

$
(3,463
)
(2) 

$
3,208

 














 

Gross Amounts
of Recognized
Liabilities

Gross Amounts
Offset on the
Consolidated
Balance Sheet

Net Amounts of
Liabilities
Presented on the
Consolidated
Balance Sheet

Gross Amounts Not Offset on the
Consolidated Balance Sheets



Liabilities




Financial
Instruments


Collateral 
Posted


Net Amount
Derivatives

$
56,505


$
—


$
56,505


$
(5,725
)
(1) 

$
(49,951
)
(3) 

$
829

 

As of December 31, 2013
 

(In thousands)

Gross Amounts
of Recognized
Assets

Gross Amounts
Offset on the
Consolidated
Balance Sheet

Net Amounts of
Assets Presented
on the
Consolidated
Balance Sheet

Gross Amounts Not Offset on the
Consolidated Balance Sheets



Assets




Financial
Instruments


Collateral
Received


Net Amount
Derivatives

$
16,043


$
—


$
16,043


$
(11,363
)
(1) 

$
(4,680
)
(2) 

$
—
















 

Gross Amounts
of Recognized
Liabilities

Gross Amounts
Offset on the
Consolidated
Balance Sheet

Net Amounts of
Liabilities
Presented on the
Consolidated
Balance Sheet

Gross Amounts Not Offset on the
Consolidated Balance Sheets



Liabilities




Financial
Instruments


Collateral 
Posted


Net Amount
Derivatives

$
33,849


$
—


$
33,849


$
(11,363
)
(1) 

$
(22,486
)
(3) 

$
—

(1)
Represents the netting of derivative receivable and payable balance for the same counterparty under enforceable master netting arrangements if the Company has elected to net.
(2)
Represents cash and securities received against derivative assets with the same counterparty that are subject to enforceable master netting arrangements. Includes approximately $3.5 million of cash collateral received as of December 31, 2014.
(3)
Represents cash and securities pledged against derivative liabilities with the same counterparty that are subject to enforceable master netting arrangements. Includes approximately $12.8 million and $187 thousand of cash collateral posted as of December 31, 2014 and December 31, 2013, respectively.