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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments:
| March 31, 2019 |  | December 31, 2018
| Notional Amount |  | Asset (Liability) Fair Value |  | Notional Amount |  | Asset (Liability) Fair Value
| (in thousands)
Interest Rate Locks with Customers |  |  |  |  |  |  |
Positive fair values | $ | 140,030 |  |  | $ | 1,759 |  |  | $ | 101,700 |  |  | $ | 1,148 |
Negative fair values | 2,491 |  |  | (17 | ) |  | 1,646 |  |  | (12 | )
Net interest rate locks with customers |  |  | 1,742 |  |  |  |  | 1,136 |
Forward Commitments |  |  |  |  |  |  |
Positive fair values | 20,627 |  |  | 55 |  |  | 1,540 |  |  | 3 |
Negative fair values | 100,002 |  |  | (1,062 | ) |  | 83,562 |  |  | (1,066 | )
Net forward commitments |  |  | (1,007 | ) |  |  |  | (1,063 | )
Interest Rate Swaps with Customers |  |  |  |  |  |  |
Positive fair values | 2,039,265 |  |  | 66,479 |  |  | 1,185,144 |  |  | 33,258 |
Negative fair values | 661,338 |  |  | (13,473 | ) |  | 1,386,046 |  |  | (30,769 | )
Net interest rate swaps with customers |  |  | 53,006 |  |  |  |  | 2,489 |
Interest Rate Swaps with Dealer Counterparties |  |  |  |  |  |  |
Positive fair values (1) | 661,338 |  |  | 13,406 |  |  | 1,386,046 |  |  | 28,143 |
Negative fair values (1) | 2,039,265 |  |  | (35,533 | ) |  | 1,185,144 |  |  | (16,338 | )
Net interest rate swaps with dealer counterparties |  |  | (22,127 | ) |  |  |  | 11,805 |
Foreign Exchange Contracts with Customers |  |  |  |  |  |  |
Positive fair values | 8,991 |  |  | 225 |  |  | 5,881 |  |  | 105 |
Negative fair values | 3,414 |  |  | (152 | ) |  | 9,690 |  |  | (251 | )
Net foreign exchange contracts with customers |  |  | 73 |  |  |  |  | (146 | )
Foreign Exchange Contracts with Correspondent Banks |  |  |  |  |  |  |
Positive fair values | 4,511 |  |  | 190 |  |  | 9,220 |  |  | 287 |
Negative fair values | 9,524 |  |  | (204 | ) |  | 6,831 |  |  | (130 | )
Net foreign exchange contracts with correspondent banks |  |  | (14 | ) |  |  |  | 157 |
Net derivative fair value asset |  |  | $ | 31,673 |  |  |  |  | $ | 14,378 |
(1) The variation margin posted as collateral on centrally cleared interest rate swaps, which represents the fair value of such swaps, is legally characterized as settlements of the outstanding derivative contracts instead of cash collateral. Accordingly, the fair values of centrally cleared interest rate swaps were offset by variation margins totaling $30.6 million and $14.3 million at March 31, 2019 and December 31, 2018, respectively.
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains (losses) on derivative financial instruments:
| Three months ended March 31
| 2019 |  | 2018
| (in thousands)
Interest rate locks with customers | $ | 606 |  |  | $ | 129 |
Forward commitments | 56 |  |  | 226 |
Interest rate swaps with customers | 50,517 |  |  | (42,642 | )
Interest rate swaps with dealer counterparties (1) | (33,932 | ) |  | 33,814 |
Foreign exchange contracts with customers | 219 |  |  | 7 |
Foreign exchange contracts with correspondent banks | (171 | ) |  | 88 |
Net fair value gains (losses) on derivative financial instruments | $ | 17,295 |  |  | $ | (8,378 | )
(1) Not included are $16.3 million of losses and $8.9 million of gains related to the variation margin settlements for the three months ended March 31, 2019 and 2018, respectively.
Summary of Corporation's Mortgage Loans Held for Sale | 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 the periods shown:
| March 31, 2019 |  | December 31, 2018
| (in thousands)
Cost (1) | $ | 27,054 |  |  | $ | 26,407 |
Fair value | 27,768 |  |  | 27,099 |
(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.
Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
| 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)
March 31, 2019 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 79,885 |  |  | $ | (14,334 | ) |  | $ | — |  |  | $ | 65,551 |
Foreign exchange derivative assets with correspondent banks | 190 |  |  | (190 | ) |  | — |  |  | — |
Total | $ | 80,075 |  |  | $ | (14,524 | ) |  | $ | — |  |  | $ | 65,551 |
Interest rate swap derivative liabilities | $ | 49,006 |  |  | $ | (14,334 | ) |  | $ | (34,672 | ) |  | $ | — |
Foreign exchange derivative liabilities with correspondent banks | 204 |  |  | (190 | ) |  | — |  |  | 14 |
Total | $ | 49,210 |  |  | $ | (14,524 | ) |  | $ | (34,672 | ) |  | $ | 14 |
December 31, 2018 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 61,401 |  |  | $ | (12,955 | ) |  | $ | (23,270 | ) |  | $ | 25,176 |
Foreign exchange derivative assets with correspondent banks | 287 |  |  | (130 | ) |  | — |  |  | 157 |
Total | $ | 61,688 |  |  | $ | (13,085 | ) |  | $ | (23,270 | ) |  | $ | 25,333 |
Interest rate swap derivative liabilities | $ | 47,107 |  |  | $ | (22,786 | ) |  | $ | (22,786 | ) |  | $ | 1,535 |
Foreign exchange derivative liabilities with correspondent banks | 130 |  |  | (130 | ) |  | — |  |  | — |
Total | $ | 47,237 |  |  | $ | (22,916 | ) |  | $ | (22,786 | ) |  | $ | 1,535 |
(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 received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
Summary of Offsetting Derivative Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
| 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)
March 31, 2019 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 79,885 |  |  | $ | (14,334 | ) |  | $ | — |  |  | $ | 65,551 |
Foreign exchange derivative assets with correspondent banks | 190 |  |  | (190 | ) |  | — |  |  | — |
Total | $ | 80,075 |  |  | $ | (14,524 | ) |  | $ | — |  |  | $ | 65,551 |
Interest rate swap derivative liabilities | $ | 49,006 |  |  | $ | (14,334 | ) |  | $ | (34,672 | ) |  | $ | — |
Foreign exchange derivative liabilities with correspondent banks | 204 |  |  | (190 | ) |  | — |  |  | 14 |
Total | $ | 49,210 |  |  | $ | (14,524 | ) |  | $ | (34,672 | ) |  | $ | 14 |
December 31, 2018 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 61,401 |  |  | $ | (12,955 | ) |  | $ | (23,270 | ) |  | $ | 25,176 |
Foreign exchange derivative assets with correspondent banks | 287 |  |  | (130 | ) |  | — |  |  | 157 |
Total | $ | 61,688 |  |  | $ | (13,085 | ) |  | $ | (23,270 | ) |  | $ | 25,333 |
Interest rate swap derivative liabilities | $ | 47,107 |  |  | $ | (22,786 | ) |  | $ | (22,786 | ) |  | $ | 1,535 |
Foreign exchange derivative liabilities with correspondent banks | 130 |  |  | (130 | ) |  | — |  |  | — |
Total | $ | 47,237 |  |  | $ | (22,916 | ) |  | $ | (22,786 | ) |  | $ | 1,535 |
(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 received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

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