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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swap Agreements and Non-hedging Derivative Assets and Liabilities | Information about interest rate swap agreements and non-hedging derivative assets and liabilities at December 31, 2016 follows:
|  | Notional Amount |  | Weighted Average Maturity |  | Weighted Average Rate |  | Estimated Fair Value Asset (Liability)
December 31, 2016 |  |  |  | Received |  | Contract pay rate |
|  | (In thousands) |  | (In years) |  |  |  |  |  | (In thousands)
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps on FHLBB borrowings |  | 300,000 |  |  | 2.3 |  | 0.63 | % |  | 2.29 | % |  | (6,573 | )
Total cash flow hedges |  | 300,000 |  |  |  |  |  |  |  |  |  |  | (6,573 | )
Economic hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap on tax advantaged economic development bond |  | 11,386 |  |  | 12.9 |  | 0.98 | % |  | 5.09 | % |  | (2,021 | )
Interest rate swaps on loans with commercial loan customers |  | 668,541 |  |  | 6.2 |  | 2.43 | % |  | 4.21 | % |  | (6,752 | )
Reverse interest rate swaps on loans with commercial loan customers |  | 668,541 |  |  | 6.2 |  | 4.21 | % |  | 2.43 | % |  | 7,077 |
Risk participation agreements with dealer banks |  | 83,360 |  |  | 11.6 |  |  |  |  |  | 5 |
Forward sale commitments |  | 259,889 |  |  | 0.2 |  |  |  |  |  |  |  | 722 |
Total economic hedges |  | 1,691,717 |  |  |  |  |  |  |  |  |  |  | (969 | )
Non-hedging derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to lend |  | 208,145 |  |  | 0.2 |  |  |  |  |  |  |  | 4,738 |
Total non-hedging derivatives |  | 208,145 |  |  |  |  |  |  |  |  |  |  | 4,738 |
Total |  | $ | 2,199,862 |  |  |  |  |  |  |  |  |  |  | $ | (2,804 | )
Information about interest rate swap agreements and non-hedging derivative asset and liabilities at December 31, 2015 follows:
|  | Notional Amount |  | Weighted Average Maturity |  | Weighted Average Rate |  | Estimated Fair Value Asset (Liability)
December 31, 2015 |  |  |  | Received |  | Contract pay rate |
|  | (In thousands) |  | (In years) |  |  |  |  |  | (In thousands)
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward-starting interest rate swaps on FHLBB borrowings |  | 300,000 |  |  | 3.3 |  | 0.14 | % |  | 2.29 | % |  | (8,532 | )
Total cash flow hedges |  | 300,000 |  |  |  |  |  |  |  |  |  |  | (8,532 | )
Economic hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap on tax advantaged economic development bond |  | 11,984 |  |  | 13.9 |  | 0.61 | % |  | 5.09 | % |  | (2,450 | )
Interest rate swaps on loans with commercial loan customers |  | 457,392 |  |  | 6.7 |  | 2.18 | % |  | 4.49 | % |  | (17,143 | )
Reverse interest rate swaps on loans with commercial loan customers |  | 457,392 |  |  | 6.7 |  | 4.49 | % |  | 2.18 | % |  | 17,129 |
Risk participation agreements with dealer banks |  | 59,016 |  |  | 15.0 |  |  |  |  |  |  |  | (56 | )
Forward sale commitments |  | 44,840 |  |  | 0.2 |  |  |  |  |  |  |  | 53 |
Total economic hedges |  | 1,030,624 |  |  |  |  |  |  |  |  |  |  | (2,467 | )
Non-hedging derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to lend |  | 36,043 |  |  | 0.2 |  |  |  |  |  |  |  | 323 |
Total non-hedging derivatives |  | 36,043 |  |  |  |  |  |  |  |  |  |  | 323 |
Total |  | $ | 1,366,667 |  |  |  |  |  |  |  |  |  |  | $ | (10,676 | )
Schedule of Amounts Included in the Consolidated Statements of income and in Other Comprehensive Income | Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:
|  | Years Ended December 31,
(In thousands) |  | 2016 |  | 2015
Interest rate swaps on FHLBB borrowings: |  |  |  |  |  |
Unrealized (loss) recognized in accumulated other comprehensive loss |  | $ | (2,023 | ) |  | $ | (5,232 | )
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense |  | (3,981 | ) |  | — |
Net tax effect on items recognized in accumulated other comprehensive income |  | (835 | ) |  | 2,094 |
Other comprehensive income recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects |  | $ | 1,123 |  |  | $ | (3,138 | )
Net interest expense recognized in interest expense on hedged FHLBB borrowings |  | $ | 3,981 |  |  | $ | — |
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-hedging Derivatives | Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows:
|  | Years Ended December 31,
(In thousands) |  | 2016 |  | 2015
Economic hedges |  |  |  |  |  |
Interest rate swap on industrial revenue bond: |  |  |  |  |  |
Unrealized gain (loss) recognized in other non-interest income |  | $ | (75 | ) |  | $ | (344 | )
Interest rate swaps on loans with commercial loan customers: |  |  |  |  |  |
Unrealized gain (loss) recognized in other non-interest income |  | 1,312 |  |  | (4,852 | )
Reverse interest rate swaps on loans with commercial loan customers: |  |  |  |  |  |
Unrealized (loss) gain recognized in other non-interest income |  | (1,312 | ) |  | 4,852 |
Favorable (unfavorable) change in credit valuation adjustment recognized in other non-interest income |  | 338 |  |  | (51 | )
Risk Participation Agreements: |  |  |  |  |  |
Unrealized gain (loss) recognized in other non-interest income |  | (61 | ) |  | (36 | )
Forward Commitments: |  |  |  |  |  |
Unrealized (loss) recognized in other non-interest income |  | (1,176 | ) |  | (247 | )
Realized (loss) gain in other non-interest income |  | (3,705 | ) |  | 45 |
Non-hedging derivatives |  |  |  |  |  |
Interest rate lock commitments: |  |  |  |  |  |
Unrealized gain recognized in other non-interest income |  | $ | 8,373 |  |  | $ | 2,436 |
Realized gain in other non-interest income |  | 3,650 |  |  | 1,899 |
Schedule of Assets Subject to an Enforceable Master Netting Arrangement | The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of December 31, 2016 and December 31, 2015: Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Assets Presented in the Statements of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  |  | Net Amount
As of December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | 49 |  |  | $ | — |  |  | $ | 49 |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |
Commercial counterparties |  | 11,461 |  |  | — |  |  | 11,461 |  |  | — |  |  | — |  |  | 11,461 |
Total |  | $ | 11,510 |  |  | $ | — |  |  | $ | 11,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,510 |
Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Assets Presented in the Statements of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  |  | Net Amount
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | 40 |  |  | $ | — |  |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |
Commercial counterparties |  | 17,129 |  |  | — |  |  | 17,129 |  |  | — |  |  | — |  |  | 17,129 |
Total |  | $ | 17,169 |  |  | $ | — |  |  | $ | 17,169 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,169 |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Liabilities and Derivative Liabilities
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Liabilities Presented in the Statement of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  | Net Amount
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional counterparties |  | $ | (28,220 | ) |  | $ | — |  |  | $ | (28,220 | ) |  | $ | 18,500 |  | $ | 9,720 |  |  | $ | — |
Commercial counterparties |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total |  | $ | (28,220 | ) |  | $ | — |  |  | $ | (28,220 | ) |  | $ | 18,500 |  | $ | 9,720 |  |  | $ | — |
Offsetting of Financial Liabilities and Derivative Liabilities
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Liabilities Presented in the Statement of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  |  | Net Amount
As of December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | (20,077 | ) |  | $ | 4,689 |  |  | $ | (15,388 | ) |  | $ | 14,738 |  |  | $ | 650 |  |  | $ | — |
Commercial counterparties |  | (4,407 | ) |  | 23 |  |  | (4,384 | ) |  | — |  |  | — |  |  | (4,384 | )
Total |  | $ | (24,484 | ) |  | $ | 4,712 |  |  | $ | (19,772 | ) |  | $ | 14,738 |  |  | $ | 650 |  |  | $ | (4,384 | )

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