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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company is a party to various derivative financial instruments that are used in the normal course of business to meet the needs of its clients and as part of its risk management activities. These instruments include interest rate swaps and option contracts and foreign exchange forward contracts. The Company does not enter into derivative financial instruments for trading purposes. Risk Management Instruments. The Company enters into interest rate caps in order to economically hedge changes in fair value of State tax credits held for sale. See Note 8 – Fair Value Measurements for further discussion on the fair value of state tax credits. The notional amount of the derivative instruments used to manage risk was $3.5 million at September 30, 2016 and December 31, 2015, and the fair value was zero in both periods. Client-Related Derivative Instruments. The Company enters into interest rate swaps to allow customers to hedge changes in fair value of certain loans while maintaining a variable rate loan on its own books. The Company also enters into foreign exchange forward contracts with clients, and enters into offsetting foreign exchange forward contracts with established financial institution counterparties. The table below summarizes the notional amounts and fair values of the client-related derivative instruments:
|  | Asset Derivatives (Other Assets) |  | Liability Derivatives (Other Liabilities)
| Notional Amount |  | Fair Value |  | Fair Value
(in thousands) | September 30, 2016 |  | December 31, 2015 |  | September 30, 2016 |  | December 31, 2015 |  | September 30, 2016 |  | December 31, 2015
Non-designated hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | $ | 171,792 |  |  | $ | 153,630 |  |  | $ | 2,099 |  |  | $ | 1,155 |  |  | $ | 2,099 |  |  | $ | 1,155 |
Changes in the fair value of client-related derivative instruments are recognized currently in operations. For the three and nine months ended September 30, 2016 and 2015, the gains and losses offset each other due to the Company's hedging of the client swaps with other bank counterparties.

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