XML 32 R27.htm IDEA: XBRL DOCUMENT
v3.20.1

Derivative Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
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, 2020 |  | December 31, 2019
| Notional Amount |  | Asset (Liability) Fair Value |  | Notional Amount |  | Asset (Liability) Fair Value
| (in thousands)
Interest Rate Locks with Customers |  |  |  |  |  |  |
Positive fair values | $ | 315,084 |  |  | $ | 5,990 |  |  | $ | 132,260 |  |  | $ | 1,123 |
Negative fair values | 4,968 |  |  | (57 | ) |  | 9,783 |  |  | (53 | )
Forward Commitments |  |  |  |  |  |  |
Positive fair values | — |  |  | — |  |  | 75,000 |  |  | 63 |
Negative fair values | 341,680 |  |  | (4,131 | ) |  | 180,000 |  |  | (371 | )
Interest Rate Swaps with Customers |  |  |  |  |  |  |
Positive fair values | 3,457,081 |  |  | 368,172 |  |  | 2,903,489 |  |  | 143,484 |
Negative fair values | (12,288 | ) |  | (6 | ) |  | 376,705 |  |  | (695 | )
Interest Rate Swaps with Dealer Counterparties |  |  |  |  |  |  |
Positive fair values | 12,288 |  |  | 6 |  |  | 376,705 |  |  | 695 |
Negative fair values | 3,457,081 |  |  | (180,576 | ) |  | 2,903,489 |  |  | (75,327 | )
Foreign Exchange Contracts with Customers |  |  |  |  |  |  |
Positive fair values | 12,331 |  |  | 359 |  |  | 3,373 |  |  | 38 |
Negative fair values | 2,985 |  |  | (125 | ) |  | 7,283 |  |  | (154 | )
Foreign Exchange Contracts with Correspondent Banks |  |  |  |  |  |  |
Positive fair values | 5,290 |  |  | 168 |  |  | 9,028 |  |  | 192 |
Negative fair values | 11,393 |  |  | (252 | ) |  | 4,976 |  |  | (45 | )
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:
| Consolidated Statements of Income Classification |  | Three months ended March 31
|  |  | 2020 |  | 2019
|  |  | (in thousands)
Mortgage banking derivatives (1) | Mortgage banking |  | $ | 1,040 |  |  | $ | 662 |
Interest rate swaps | Other expense |  | 72 |  |  | (149 | )
Foreign exchange contracts | Other income |  | 119 |  |  | 48 |
Net fair value gains on derivative financial instruments |  | $ | 1,231 |  |  | $ | 561 |
(1) Includes interest rate locks with customers and forward commitments.
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, 2020 |  | December 31, 2019
| (in thousands)
Amortized cost (1) | $ | 39,480 |  |  | $ | 37,396 |
Fair value | 40,645 |  |  | 37,828 |
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, 2020 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 368,178 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 368,172 |
Foreign exchange derivative assets with correspondent banks | 168 |  |  | (168 | ) |  | — |  |  | — |
Total | $ | 368,346 |  |  | $ | (174 | ) |  | $ | — |  |  | $ | 368,172 |
Interest rate swap derivative liabilities | $ | 180,582 |  |  | $ | (6 | ) |  | $ | (180,576 | ) |  | $ | — |
Foreign exchange derivative liabilities with correspondent banks | 252 |  |  | (168 | ) |  | — |  |  | 84 |
Total | $ | 180,834 |  |  | $ | (174 | ) |  | $ | (180,576 | ) |  | $ | 84 |
December 31, 2019 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 144,179 |  |  | $ | (757 | ) |  | $ | — |  |  | $ | 143,422 |
Foreign exchange derivative assets with correspondent banks | 192 |  |  | (45 | ) |  | — |  |  | 147 |
Total | $ | 144,371 |  |  | $ | (802 | ) |  | $ | — |  |  | $ | 143,569 |
Interest rate swap derivative liabilities | $ | 76,022 |  |  | $ | (757 | ) |  | $ | (75,265 | ) |  | $ | — |
Foreign exchange derivative liabilities with correspondent banks | 45 |  |  | (45 | ) |  | — |  |  | — |
Total | $ | 76,067 |  |  | $ | (802 | ) |  | $ | (75,265 | ) |  | $ | — |
(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, 2020 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 368,178 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 368,172 |
Foreign exchange derivative assets with correspondent banks | 168 |  |  | (168 | ) |  | — |  |  | — |
Total | $ | 368,346 |  |  | $ | (174 | ) |  | $ | — |  |  | $ | 368,172 |
Interest rate swap derivative liabilities | $ | 180,582 |  |  | $ | (6 | ) |  | $ | (180,576 | ) |  | $ | — |
Foreign exchange derivative liabilities with correspondent banks | 252 |  |  | (168 | ) |  | — |  |  | 84 |
Total | $ | 180,834 |  |  | $ | (174 | ) |  | $ | (180,576 | ) |  | $ | 84 |
December 31, 2019 |  |  |  |  |  |  |
Interest rate swap derivative assets | $ | 144,179 |  |  | $ | (757 | ) |  | $ | — |  |  | $ | 143,422 |
Foreign exchange derivative assets with correspondent banks | 192 |  |  | (45 | ) |  | — |  |  | 147 |
Total | $ | 144,371 |  |  | $ | (802 | ) |  | $ | — |  |  | $ | 143,569 |
Interest rate swap derivative liabilities | $ | 76,022 |  |  | $ | (757 | ) |  | $ | (75,265 | ) |  | $ | — |
Foreign exchange derivative liabilities with correspondent banks | 45 |  |  | (45 | ) |  | — |  |  | — |
Total | $ | 76,067 |  |  | $ | (802 | ) |  | $ | (75,265 | ) |  | $ | — |
(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.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration