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Derivatives and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2017
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:
June 30, 2017
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 |  |  | 9-Dec-08 |  | 10-Dec-08 |  | 10-Dec-18 |  | 3 Month LIBOR |  | 1.23 | % |  | 2.94 | % |  | $ | (522 | )
25,000 |  |  | 1-Apr-16 |  | 17-Jan-17 |  | 15-Dec-21 |  | 3 Month LIBOR |  | 1.25 | % |  | 1.36 | % |  | 555 |
25,000 |  |  | 1-Apr-16 |  | 17-Jan-17 |  | 15-Dec-21 |  | 3 Month LIBOR |  | 1.25 | % |  | 1.36 | % |  | 545 |
$ | 75,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 578 |
December 31, 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 |  |  | 9-Dec-08 |  | 10-Dec-08 |  | 10-Dec-18 |  | 3 Month LIBOR |  | 0.95 | % |  | 2.94 | % |  | $ | (740 | )
25,000 |  |  | 1-Apr-16 |  | 17-Jan-17 |  | 15-Dec-21 |  | 3 Month LIBOR |  | N/A |  |  | 1.36 | % |  | 689 |
25,000 |  |  | 1-Apr-16 |  | 17-Jan-17 |  | 15-Dec-21 |  | 3 Month LIBOR |  | N/A |  |  | 1.36 | % |  | 675 |
$ | 75,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 624 |
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
| June 30, 2017
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 235 |  |  | $ | 31,311 |  |  | $ | 57,570 |  |  | $ | 71,039 |  |  | $ | 194,784 |  |  | $ | 560,115 |  |  | $ | 914,819 |  |  | $ | 12,239 |
Pay fixed, receive variable | 220 |  |  | $ | 31,311 |  |  | $ | 57,570 |  |  | $ | 71,039 |  |  | $ | 194,784 |  |  | $ | 560,115 |  |  | $ | 914,819 |  |  | $ | (12,242 | )
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buys foreign currency, sells U.S. currency | 24 |  |  | $ | 43,032 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43,032 |  |  | $ | 1,862 |
Buys U.S. currency, sells foreign currency | 24 |  |  | $ | 43,032 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43,032 |  |  | $ | (1,845 | )
| December 31, 2016
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 222 |  |  | $ | 30,245 |  |  | $ | 21,708 |  |  | $ | 63,771 |  |  | $ | 165,783 |  |  | $ | 567,897 |  |  | $ | 849,404 |  |  | $ | 12,005 |
Pay fixed, receive variable | 207 |  |  | $ | 30,245 |  |  | $ | 21,708 |  |  | $ | 63,771 |  |  | $ | 165,783 |  |  | $ | 567,897 |  |  | $ | 849,404 |  |  | $ | (12,008 | )
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buys foreign currency, sells U.S. currency | 33 |  |  | $ | 45,711 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45,711 |  |  | $ | (2,250 | )
Buys U.S. currency, sells foreign currency | 33 |  |  | $ | 45,711 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45,711 |  |  | $ | 2,277 |
(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 |  | June 30 2017 |  | December 31 2016 |  | Balance Sheet Location |  | June 30 2017 |  | December 31 2016
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | Other assets |  | $ | 1,100 |  |  | $ | 1,364 |  |  | Other liabilities |  | $ | 522 |  |  | $ | 740 |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |
Customer Related Positions |  |  |  |  |  |  |  |  |  |  |
Loan level derivatives | Other assets |  | $ | 17,968 |  |  | $ | 18,629 |  |  | Other liabilities |  | $ | 17,971 |  |  | $ | 18,632 |
Foreign exchange contracts | Other assets |  | 1,862 |  |  | 2,338 |  |  | Other liabilities |  | 1,845 |  |  | 2,311 |
Mortgage Derivatives |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments | Other assets |  | 347 |  |  | 430 |  |  | Other liabilities |  | — |  |  | — |
Forward sales agreements | Other assets |  | — |  |  | — |  |  | Other liabilities |  | 46 |  |  | 233 |
|  |  | $ | 20,177 |  |  | $ | 21,397 |  |  |  |  | $ | 19,862 |  |  | $ | 21,176 |
Total |  |  | $ | 21,277 |  |  | $ | 22,761 |  |  |  |  | $ | 20,384 |  |  | $ | 21,916 |
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 |  | Six Months Ended
| June 30 |  | June 30
| 2017 |  | 2016 |  | 2017 |  | 2016
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |  |  |
Loss in OCI on derivatives (effective portion), net of tax | $ | (190 | ) |  | $ | (144 | ) |  | $ | (101 | ) |  | $ | (21 | )
Loss reclassified from OCI into interest expense (effective portion) | $ | (80 | ) |  | $ | (640 | ) |  | $ | (173 | ) |  | $ | (1,301 | )
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 | $ | 7 |  |  | $ | 41 |  |  | $ | — |  |  | $ | 113 |
Other expense | (4 | ) |  | (18 | ) |  | (10 | ) |  | (34 | )
Changes in fair value of mortgage derivatives |  |  |  |  |  |  |
Mortgage banking income | 54 |  |  | 190 |  |  | $ | 104 |  |  | 304 |
Total | $ | 57 |  |  | $ | 213 |  |  | $ | 94 |  |  | $ | 383 |

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