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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following table reflects the Company’s derivative positions for the periods indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes:
September 30, 2016
Notional Amount |  | Trade Date |  | Effective Date |  | Maturity Date |  | Receive (Variable) Index |  | Current Rate Received |  | Pay Fixed Swap Rate |  | Fair Value
(Dollars in thousands)
$ | 25,000 |  |  | 16-Feb-06 |  | 28-Dec-06 |  | 28-Dec-16 |  | 3 Month LIBOR |  | 0.85 | % |  | 5.04 | % |  | $ | (255 | )
25,000 |  |  | 16-Feb-06 |  | 28-Dec-06 |  | 28-Dec-16 |  | 3 Month LIBOR |  | 0.85 | % |  | 5.04 | % |  | (255 | )
25,000 |  |  | 9-Dec-08 |  | 10-Dec-08 |  | 10-Dec-18 |  | 3 Month LIBOR |  | 0.85 | % |  | 2.94 | % |  | (1,068 | )
25,000 |  |  | 1-Apr-16 |  | 17-Jan-17 |  | 15-Dec-21 | (1) | 3 Month LIBOR |  | TBD |  |  | 1.36 | % |  | (208 | )
25,000 |  |  | 1-Apr-16 |  | 17-Jan-17 |  | 15-Dec-21 | (1) | 3 Month LIBOR |  | TBD |  |  | 1.36 | % |  | (207 | )
$ | 125,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,993 | )
December 31, 2015
Notional Amount |  | Trade Date |  | Effective Date |  | Maturity Date |  | Receive (Variable) Index |  | Current Rate Received |  | Pay Fixed Swap Rate |  | Fair Value
|  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |
$ | 25,000 |  |  | 16-Feb-06 |  | 28-Dec-06 |  | 28-Dec-16 |  | 3 Month LIBOR |  | 0.51 | % |  | 5.04 | % |  | $ | (1,054 | )
25,000 |  |  | 16-Feb-06 |  | 28-Dec-06 |  | 28-Dec-16 |  | 3 Month LIBOR |  | 0.51 | % |  | 5.04 | % |  | (1,055 | )
25,000 |  |  | 9-Dec-08 |  | 10-Dec-08 |  | 10-Dec-18 |  | 3 Month LIBOR |  | 0.49 | % |  | 2.94 | % |  | (1,164 | )
$ | 75,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,273 | )
(1) In April 2016, the Company entered into two forward starting swaps with notional amounts of $25.0 million each, with the intention of hedging $50.0 million of existing junior subordinated debentures, as the current hedges on this borrowing expire in December 2016.
Summary of customer related derivative positions, not designated as hedging | The following table reflects the Company’s customer related derivative positions for the periods indicated below for those derivatives not designated as hedging:
|  |  | Notional Amount Maturing |  |
| Number of Positions (1) |  | Less than 1 year |  | Less than 2 years |  | Less than 3 years |  | Less than 4 years |  | Thereafter |  | Total |  | Fair Value
| September 30, 2016
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 201 |  |  | $ | 29,006 |  |  | $ | 33,125 |  |  | $ | 79,593 |  |  | $ | 79,123 |  |  | $ | 559,208 |  |  | $ | 780,055 |  |  | $ | 41,390 |
Pay fixed, receive variable | 186 |  |  | $ | 29,006 |  |  | $ | 33,125 |  |  | $ | 79,593 |  |  | $ | 79,123 |  |  | $ | 559,208 |  |  | $ | 780,055 |  |  | $ | (41,357 | )
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buys foreign currency, sells U.S. currency | 24 |  |  | $ | 48,831 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48,831 |  |  | $ | 91 |
Buys U.S. currency, sells foreign currency | 24 |  |  | $ | 48,831 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48,831 |  |  | $ | (66 | )
| December 31, 2015
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 171 |  |  | $ | 37,732 |  |  | $ | 34,424 |  |  | $ | 29,629 |  |  | $ | 77,041 |  |  | $ | 488,110 |  |  | $ | 666,936 |  |  | $ | 22,467 |
Pay fixed, receive variable | 165 |  |  | $ | 37,732 |  |  | $ | 34,424 |  |  | $ | 29,629 |  |  | $ | 77,041 |  |  | $ | 488,110 |  |  | $ | 666,936 |  |  | $ | (22,462 | )
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buys foreign currency, sells U.S. currency | 21 |  |  | $ | 38,416 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38,416 |  |  | $ | (354 | )
Buys U.S. currency, sells foreign currency | 21 |  |  | $ | 38,416 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38,416 |  |  | $ | 382 |
(1) | The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.
Fair value of derivative financial instruments as well as their classification on the balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet at the periods indicated:
| Asset Derivatives |  | Liability Derivatives
|  |  | Fair Value at |  | Fair Value at |  |  |  | Fair Value at |  | Fair Value at
| Balance Sheet Location |  | September 30 2016 |  | December 31 2015 |  | Balance Sheet Location |  | September 30 2016 |  | December 31 2015
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | Other assets |  | $ | — |  |  | $ | — |  |  | Other liabilities |  | $ | 1,993 |  |  | $ | 3,273 |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |
Customer Related Positions |  |  |  |  |  |  |  |  |  |  |
Loan level derivatives | Other assets |  | $ | 41,411 |  |  | $ | 22,470 |  |  | Other liabilities |  | $ | 41,378 |  |  | $ | 22,465 |
Foreign exchange contracts | Other assets |  | 494 |  |  | 602 |  |  | Other liabilities |  | 469 |  |  | 574 |
Mortgage Derivatives |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments | Other assets |  | 488 |  |  | 233 |  |  | Other liabilities |  | — |  |  | — |
Forward sales agreements | Other assets |  | 163 |  |  | — |  |  | Other liabilities |  | — |  |  | 1 |
|  |  | $ | 42,556 |  |  | $ | 23,305 |  |  |  |  | $ | 41,847 |  |  | $ | 23,040 |
Total |  |  | $ | 42,556 |  |  | $ | 23,305 |  |  |  |  | $ | 43,840 |  |  | $ | 26,313 |
Effect of derivative financial instruments included in OCI and current earnings | The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:
| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
| 2016 |  | 2015 |  | 2016 |  | 2015
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |  |  |
Gain in OCI on derivatives (effective portion), net of tax | $ | 674 |  |  | $ | 132 |  |  | $ | 653 |  |  | $ | 596 |
Loss reclassified from OCI into interest expense (effective portion) | $ | (648 | ) |  | $ | (715 | ) |  | $ | (1,949 | ) |  | $ | (2,130 | )
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |  |  |  |  |  |  |
Interest expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other expense | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedges |  |  |  |  |  |  |
Changes in fair value of customer related positions |  |  |  |  |  |  |
Other income | $ | (42 | ) |  | $ | 39 |  |  | $ | 71 |  |  | $ | 56 |
Other expense | (12 | ) |  | — |  |  | (46 | ) |  | (51 | )
Changes in fair value of mortgage derivatives |  |  |  |  |  |  |
Mortgage banking income | 115 |  |  | 174 |  |  | $ | 419 |  |  | 67 |
Total | $ | 61 |  |  | $ | 213 |  |  | $ | 444 |  |  | $ | 72 |

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