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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at March 31, 2019 and December 31, 2018.
|  |  |  | March 31, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  |  |  | Derivative (1) |  |  |  |  |  |  | Derivative (1) |
(in thousands) |  | Type of Hedge |  | Notional or Contractual Amount |  |  | Assets |  |  | Liabilities |  |  | Notional or Contractual Amount |  |  | Assets |  |  | Liabilities |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Cash Flow |  | $ | 975,000 |  |  | $ | 9,765 |  |  | $ | 4,899 |  |  | $ | 875,000 |  |  | $ | 3,954 |  |  | $ | 9,173 |
Interest rate swaps |  | Fair Value |  |  | 388,110 |  |  |  | — |  |  |  | 960 |  |  |  | 483,110 |  |  |  | — |  |  |  | 2,089 |
|  |  |  |  | 1,363,110 |  |  |  | 9,765 |  |  |  | 5,859 |  |  |  | 1,358,110 |  |  |  | 3,954 |  |  |  | 11,262 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (2) |  | N/A |  |  | 1,373,378 |  |  |  | 28,570 |  |  |  | 30,506 |  |  |  | 1,277,404 |  |  |  | 23,670 |  |  |  | 24,669 |
Risk participation agreements |  | N/A |  |  | 169,317 |  |  |  | 10 |  |  |  | 162 |  |  |  | 171,222 |  |  |  | 10 |  |  |  | 131 |
Forward commitments to sell residential mortgage loans |  | N/A |  |  | 82,845 |  |  |  | 21 |  |  |  | 607 |  |  |  | 77,208 |  |  |  | 110 |  |  |  | 664 |
Interest rate-lock commitments on residential mortgage loans |  | N/A |  |  | 69,931 |  |  |  | 493 |  |  |  | 1 |  |  |  | 59,119 |  |  |  | 464 |  |  |  | 67 |
Foreign exchange forward contracts |  | N/A |  |  | 39,029 |  |  |  | 482 |  |  |  | 448 |  |  |  | 37,749 |  |  |  | 751 |  |  |  | 718 |
Visa Class B derivative contract |  | N/A |  |  | 43,753 |  |  |  | — |  |  |  | 6,953 |  |  |  | 43,753 |  |  |  | — |  |  |  | 7,304 |
|  |  |  |  | 1,778,253 |  |  |  | 29,576 |  |  |  | 38,677 |  |  |  | 1,666,455 |  |  |  | 25,005 |  |  |  | 33,553 |
Total derivatives |  |  |  | $ | 3,141,363 |  |  | $ | 39,341 |  |  | $ | 44,536 |  |  | $ | 3,024,565 |  |  | $ | 28,959 |  |  | $ | 44,815 |
Less: netting adjustment (3) |  |  |  |  |  |  |  |  | (13,514 | ) |  |  | (26,407 | ) |  |  |  |  |  |  | (11,979 | ) |  |  | (22,588 | )
Total derivative assets/liabilities |  |  |  |  |  |  |  | $ | 25,827 |  |  | $ | 18,129 |  |  |  |  |  |  | $ | 16,980 |  |  | $ | 22,227 |
(1) | Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets.
(2) | The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions
(3) | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information.
Effects of Derivative Instruments on the Statement of Income |
|  |  |  | Three Months Ended |
|  |  |  | March 31, |
Derivative Instruments: |  | Location of Gain (Loss) Recognized in the Statement of Income: |  | 2019 |  |  | 2018 |
Interest rate swaps - cash flow hedges |  | Interest income |  | $ | (2,016 | ) |  | $ | (618 | )
Interest rate swaps - fair value hedges |  | Interest expense |  |  | (988 | ) |  |  | (126 | )
All other instruments |  | Other noninterest income |  |  | 809 |  |  |  | 1,523 |
Total |  |  |  | $ | (2,195 | ) |  | $ | 779 |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements |
(in thousands) |  |  |  |  |  | Gross Amounts |  |  | Net Amounts |  |  | Gross Amounts Not Offset in the Statement of Income |
Description |  | Gross Amounts Recognized |  |  | Offset in the Statement of Income |  |  | Presented in the Statement of Income |  |  | Financial Instruments |  |  | Cash Collateral |  |  | Net Amount |
As of March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 17,165 |  |  | $ | (15,439 | ) |  | $ | 1,726 |  |  | $ | 1,726 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  | $ | 30,630 |  |  | $ | (26,032 | ) |  | $ | 4,598 |  |  | $ | 1,726 |  |  | $ | 6,986 |  |  | $ | (4,114 | )
(in thousands) |  |  |  |  |  | Gross Amounts |  |  | Net Amounts |  |  | Gross Amounts Not Offset in the Statement of Income |
Description |  | Gross Amounts Recognized |  |  | Offset in the Statement of Income |  |  | Presented in the Statement of Income |  |  | Financial Instruments |  |  | Cash Collateral |  |  | Net Amount |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 16,167 |  |  | $ | (12,842 | ) |  | $ | 3,325 |  |  | $ | 1,846 |  |  | $ | — |  |  | $ | 1,479 |
Derivative Liabilities |  | $ | 23,811 |  |  | $ | (21,651 | ) |  | $ | 2,160 |  |  | $ | 1,846 |  |  | $ | 2,871 |  |  | $ | (2,557 | )

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
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