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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments |
NOTE J – DERIVATIVE FINANCIAL INSTRUMENTS
The following table presents the notional amounts and fair values of derivative financial instruments as of December 31:
| 2014 |  | 2013
| Notional Amount |  | Asset (Liability) Fair Value |  | Notional Amount |  | Asset (Liability) Fair Value
| (in thousands)
Interest Rate Locks with Customers |  |  |  |  |  |  |
Positive fair values | $ | 89,655 |  |  | $ | 1,391 |  |  | $ | 75,217 |  |  | $ | 867 |
Negative fair values | 301 |  |  | (6 | ) |  | 11,393 |  |  | (59 | )
Net interest rate locks with customers |  |  | 1,385 |  |  |  |  | 808 |
Forward Commitments |  |  |  |  |  |  |
Positive fair values | — |  |  | — |  |  | 87,904 |  |  | 1,263 |
Negative fair values | 93,802 |  |  | (1,164 | ) |  | 2,373 |  |  | (5 | )
Net forward commitments |  |  | (1,164 | ) |  |  |  | 1,258 |
Interest Rate Swaps with Customers |  |  |  |  |  |  |
Positive fair values | 468,080 |  |  | 19,716 |  |  | 111,899 |  |  | 2,105 |
Negative fair values | 25,418 |  |  | (198 | ) |  | 105,673 |  |  | (2,993 | )
Net interest rate swaps with customers |  |  | 19,518 |  |  |  |  | (888 | )
Interest Rate Swaps with Dealer Counterparties |  |  |  |  |  |  |
Positive fair values | 25,418 |  |  | 198 |  |  | 105,673 |  |  | 2,993 |
Negative fair values | 468,080 |  |  | (19,716 | ) |  | 111,899 |  |  | (2,105 | )
Net interest rate swaps with dealer counterparties |  |  | (19,518 | ) |  |  |  | 888 |
Foreign Exchange Contracts with Customers |  |  |  |  |  |  |
Positive fair values | 11,616 |  |  | 810 |  |  | 2,150 |  |  | 24 |
Negative fair values | 5,250 |  |  | (441 | ) |  | 12,775 |  |  | (343 | )
Net foreign exchange contracts with customers |  |  | 369 |  |  |  |  | (319 | )
Foreign Exchange Contracts with Correspondent Banks |  |  |  |  |  |  |
Positive fair values | 5,287 |  |  | 446 |  |  | 17,348 |  |  | 498 |
Negative fair values | 13,572 |  |  | (876 | ) |  | 5,872 |  |  | (48 | )
Net foreign exchange contracts with correspondent banks |  |  | (430 | ) |  |  |  | 450 |
Net derivative fair value asset |  |  | $ | 160 |  |  |  |  | $ | 2,197 |
The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31:
| 2014 |  | 2013 |  | 2012 |  | Statements of Income Classification
| (in thousands) |  |
Interest rate locks with customers | $ | 577 |  |  | $ | (5,949 | ) |  | $ | 2,879 |  |  | Mortgage banking income
Forward commitments | (2,422 | ) |  | 1,466 |  |  | 2,503 |  |  | Mortgage banking income
Interest rate swaps with customers | 20,406 |  |  | (7,978 | ) |  | 4,346 |  |  | Other non-interest expense
Interest rate swaps with counterparties | (20,406 | ) |  | 7,978 |  |  | (4,346 | ) |  | Other non-interest expense
Foreign exchange contracts with customers | 688 |  |  | (108 | ) |  | (1,487 | ) |  | Other service charges and fees
Foreign exchange contracts with correspondent banks | (880 | ) |  | 507 |  |  | 1,648 |  |  | Other service charges and fees
Net fair value (losses) gains on derivative financial instruments | $ | (2,037 | ) |  | $ | (4,084 | ) |  | $ | 5,543 |  |  |
The Corporation has elected to record mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of and for the years ended December 31, 2014 and 2013:
| Cost (1) |  | Fair Value |  | Balance Sheet Classification |  | Fair Value (Loss) Gain |  | Statements of Income Classification
| (in thousands)
December 31, 2014: |  |  |  |  |  |  |  |  |
Mortgage loans held for sale | $ | 17,080 |  |  | $ | 17,522 |  |  | Loans held for sale |  | $ | 263 |  |  | Mortgage banking income
December 31, 2013: |  |  |  |  |  |  |  |  |
Mortgage loans held for sale | 21,172 |  |  | 21,351 |  |  | Loans held for sale |  | (1,975 | ) |  | Mortgage banking income
(1) | Cost basis of mortgage loans held for sale represents the unpaid principal balance.
The fair values of interest rate swap agreements the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets as they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31:
| Gross Amounts |  | Gross Amounts Not Offset |  |
| Recognized |  | on the Consolidated |  |
| on the |  | Balance Sheets |  |
| Consolidated |  | Financial |  | Cash |  | Net
| Balance Sheets |  | Instruments (1) |  | Collateral (2) |  | Amount
| (in thousands)
2014 |  |  |  |  |  |  |
Interest rate swap assets | $ | 19,914 |  |  | $ | (206 | ) |  | $ | — |  |  | $ | 19,708 |
Interest rate swap liabilities | $ | 19,914 |  |  | $ | (206 | ) |  | $ | (19,210 | ) |  | $ | 498 |
2013 |  |  |  |  |  |  |
Interest rate swap assets | $ | 5,098 |  |  | $ | (2,104 | ) |  | $ | — |  |  | $ | 2,994 |
Interest rate swap liabilities | $ | 5,098 |  |  | $ | (2,104 | ) |  | $ | (730 | ) |  | $ | 2,264 |
(1) | For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2) | Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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