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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | Information about derivative assets and liabilities at June 30, 2019, follows:
|  |  | Weighted |  | Weighted Average Rate |  | Estimated
| Notional |  | Average |  |  |  | Contract |  | Fair Value
| Amount |  | Maturity |  | Received |  | pay rate |  | Asset (Liability)
| (In thousands) |  | (In years) |  |  |  |  |  | (In thousands)
Economic hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap on tax advantaged economic development bond | $ | 9,744 |  |  | 10.4 |  | 2.81 | % |  | 5.09 | % |  | $ | (1,583 | )
Interest rate swaps on loans with commercial loan customers | 1,546,563 |  |  | 6.7 |  | 4.47 | % |  | 3.89 | % |  | 75,114 |
Reverse interest rate swaps on loans with commercial loan customers | 1,546,563 |  |  | 6.7 |  | 3.89 | % |  | 4.47 | % |  | (76,909 | )
Risk participation agreements with dealer banks | 303,793 |  |  | 7.5 |  |  |  |  |  |  |  | 343 |
Forward sale commitments (1) | 544,475 |  |  | 0.2 |  |  |  |  |  |  |  | (1,144 | )
Total economic hedges | 3,951,138 |  |  |  |  |  |  |  |  |  |  | (4,179 | )
Non-hedging derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to lend (1) | 471,456 |  |  | 0.2 |  |  |  |  |  |  |  | 9,005 |
Total non-hedging derivatives | 471,456 |  |  |  |  |  |  |  |  |  |  | 9,005 |
Total | $ | 4,422,594 |  |  |  |  |  |  |  |  |  |  | $ | 4,826 |
(1) Includes the impact of discontinued operations. Information about derivative assets and liabilities at December 31, 2018, follows:
|  |  | Weighted |  | Weighted Average Rate |  | Estimated
| Notional |  | Average |  |  |  | Contract |  | Fair Value
| Amount |  | Maturity |  | Received |  | pay rate |  | Asset (Liability)
| (In thousands) |  | (In years) |  |  |  |  |  | (In thousands)
Economic hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap on tax advantaged economic development bond | $ | 10,090 |  |  | 10.9 |  | 2.72 | % |  | 5.09 | % |  | $ | (1,240 | )
Interest rate swaps on loans with commercial loan customers | 1,346,894 |  |  | 6.7 |  | 4.53 | % |  | 4.04 | % |  | 11,443 |
Reverse interest rate swaps on loans with commercial loan customers | 1,346,894 |  |  | 6.7 |  | 4.04 | % |  | 4.53 | % |  | (11,953 | )
Risk participation agreements with dealer banks | 243,806 |  |  | 5.7 |  |  |  |  |  |  |  | 237 |
Forward sale commitments (1) | 190,807 |  |  | 0.2 |  |  |  |  |  |  |  | (734 | )
Total economic hedges | 3,138,491 |  |  |  |  |  |  |  |  |  |  | (2,247 | )
Non-hedging derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to lend (1) | 165,079 |  |  | 0.2 |  |  |  |  |  |  |  | 3,927 |
Total non-hedging derivatives | 165,079 |  |  |  |  |  |  |  |  |  |  | 3,927 |
Total | $ | 3,303,570 |  |  |  |  |  |  |  |  |  |  | $ | 1,680 |
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:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Economic hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap on industrial revenue bond: |  |  |  |  |  |  |  |  |  |  |
Unrealized (loss)/gain recognized in other non-interest income | $ | (222 | ) |  | $ | 163 |  |  | $ | (343 | ) |  | $ | 474 |
Interest rate swaps on loans with commercial loan customers: |  |  |  |  |  |  |  |  |  |  |
Unrealized (loss)/gain recognized in other non-interest income | 42,967 |  |  | (5,270 | ) |  | 64,956 |  |  | (19,939 | )
(Unfavorable)/Favorable change in credit valuation adjustment recognized in other non-interest income | (1,146 | ) |  | 95 |  |  | (1,283 | ) |  | 332 |
Reverse interest rate swaps on loans with commercial loan customers: |  |  |  |  |  |  |  |  |  |  |
Unrealized gain/(loss) recognized in other non-interest income | (42,967 | ) |  | 5,270 |  |  | (64,956 | ) |  | 19,939 |
Risk participation agreements: |  |  |  |  |  |  |  |  |  |  |
Unrealized gain recognized in other non-interest income | (19 | ) |  | 7 |  |  | 106 |  |  | 23 |
Forward commitments: |  |  |  |  |  |  |  |  |  |  |
Unrealized (loss) recognized in discontinued operations | 108 |  |  | (658 | ) |  | (410 | ) |  | (1,567 | )
Realized gain in discontinued operations | (4,083 | ) |  | 1,077 |  |  | (5,798 | ) |  | 4,999 |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |
Commitments to lend |  |  |  |  |  |  |  |  |  |  |
Unrealized gain recognized in discontinued operations | $ | 2,687 |  |  | $ | 7,285 |  |  | $ | 5,078 |  |  | $ | 13,816 |
Realized gain in discontinued operations | 16,281 |  |  | 2,491 |  |  | 25,713 |  |  | 3,094 |
Schedule of Assets Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts of |  | Gross Amounts Offset in the |  | Net Amounts of Assets Presented in the |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  | Recognized |  | Statements of |  | Statements of |  | Financial |  | Cash |  |
(In thousands) |  | Assets |  | Condition |  | Condition |  | Instruments |  | Collateral Received |  | Net Amount
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional counterparties |  | $ | 9,485 |  |  | $ | (3,592 | ) |  | $ | 5,893 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,893 |
Commercial counterparties |  | 21,345 |  |  | (157 | ) |  | 21,188 |  |  | — |  |  | — |  |  | 21,188 |
Total |  | $ | 30,830 |  |  | $ | (3,749 | ) |  | $ | 27,081 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,081 |
Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts of |  | Gross Amounts Offset in the |  | Net Amounts of Assets Presented in the |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  | Recognized |  | Statements of |  | Statements of |  | Financial |  | Cash |  |
(In thousands) |  | Assets |  | Condition |  | Condition |  | Instruments |  | Collateral Received |  | Net Amount
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional counterparties |  | $ | 543 |  |  | $ | (14 | ) |  | $ | 529 |  |  | $ | — |  |  | $ | — |  |  | $ | 529 |
Commercial counterparties |  | 75,883 |  |  | (33 | ) |  | 75,850 |  |  | — |  |  | — |  |  | 75,850 |
Total |  | $ | 76,426 |  |  | $ | (47 | ) |  | $ | 76,379 |  |  | $ | — |  |  | $ | — |  |  | $ | 76,379 |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Liabilities and Derivative Liabilities
|  | Gross Amounts of |  | Gross Amounts Offset in the |  | Net Amounts of Liabilities Presented in the |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  | Recognized |  | Statements of |  | Statements of |  | Financial |  | Cash |  |
(In thousands) |  | Liabilities |  | Condition |  | Condition |  | Instruments |  | Collateral Pledged |  | Net Amount
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional counterparties |  | $ | (19,949 | ) |  | $ | 1,101 |  |  | $ | (18,848 | ) |  | $ | — |  |  | $ | 25,412 |  |  | $ | 6,564 |
Commercial counterparties |  | (9,932 | ) |  | 187 |  |  | (9,745 | ) |  | — |  |  | — |  |  | (9,745 | )
Total |  | $ | (29,881 | ) |  | $ | 1,288 |  |  | $ | (28,593 | ) |  | $ | — |  |  | $ | 25,412 |  |  | $ | (3,181 | )
Offsetting of Financial Liabilities and Derivative Liabilities
|  | Gross Amounts of |  | Gross Amounts Offset in the |  | Net Amounts of Liabilities Presented in the |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  | Recognized |  | Statements of |  | Statements of |  | Financial |  | Cash |  |
(In thousands) |  | Liabilities |  | Condition |  | Condition |  | Instruments |  | Collateral Pledged |  | Net Amount
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional counterparties |  | $ | (79,767 | ) |  | $ | 996 |  |  | $ | (78,771 | ) |  | $ | 11,992 |  |  | $ | 78,896 |  |  | $ | 12,117 |
Commercial counterparties |  | (740 | ) |  | 5 |  |  | (735 | ) |  | — |  |  | — |  |  | (735 | )
Total |  | $ | (80,507 | ) |  | $ | 1,001 |  |  | $ | (79,506 | ) |  | $ | 11,992 |  |  | $ | 78,896 |  |  | $ | 11,382 |

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