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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative financial instruments | 8. Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates related to originations. Derivative instruments utilized by the Company primarily include interest rate lock commitments (“IRLCs”), loan purchase commitments (“LPCs”), forward Mortgage Backed Securities (“MBS”) purchase commitments, Eurodollar and Treasury futures and interest rate swap agreements. The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:
|  |  | September 30, 2020 |  |  |  | Nine Months Ended September 30, 2020
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  |  |  | Gains/(Losses)
Assets |  |  |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |  |  |
Loan sale commitments | 2020 |  | $ | 1,908 |  |  | $ | 75 |  |  |  |  | $ | 43 |
Derivative financial instruments |  |  |  |  |  |  |  |  |
IRLCs | 2020-2021 |  | 10,967 |  |  | 414 |  |  |  |  | 279 |
LPCs | 2020 |  | 5,217 |  |  | 38 |  |  |  |  | 26 |
Forward MBS trades | 2020-2021 |  | 11,452 |  |  | 23 |  |  |  |  | 17 |
Total derivative financial instruments - assets |  |  | $ | 27,636 |  |  | $ | 475 |  |  |  |  | $ | 322 |
Liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |  |  |
IRLCs | 2020 |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | — |
LPCs | 2020 |  | 598 |  |  | 2 |  |  |  |  | (1) |
Forward MBS trades | 2020-2021 |  | 15,974 |  |  | 42 |  |  |  |  | 30 |
Total derivative financial instruments - liabilities |  |  | $ | 16,574 |  |  | $ | 44 |  |  |  |  | $ | 29 |
|  |  | September 30, 2019 |  | Nine Months Ended September 30, 2019
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2019 |  | $ | 1,508 |  |  | $ | 35 |  |  | $ | 9 |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2019 |  | 4,964 |  |  | 144 |  |  | 84 |
LPCs | 2019 |  | 1,397 |  |  | 18 |  |  | 17 |
Forward MBS trades | 2019 |  | 3,054 |  |  | 8 |  |  | 6 |
Eurodollar futures | 2019-2021 |  | 6 |  |  | — |  |  | — |
Total derivative financial instruments - assets |  |  | $ | 9,421 |  |  | $ | 170 |  |  | $ | 107 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2019 |  | $ | 15 |  |  | $ | — |  |  | $ | — |
LPCs | 2019 |  | 547 |  |  | 3 |  |  | 3 |
Forward MBS trades | 2019 |  | 5,667 |  |  | 16 |  |  | (8) |
Eurodollar futures | 2019-2021 |  | 8 |  |  | — |  |  | — |
Total derivative financial instruments - liabilities |  |  | $ | 6,237 |  |  | $ | 19 |  |  | $ | (5) |
Associated with the Company’s derivatives are $14 and $6 in collateral deposits on derivative instruments recorded in other assets in the Company’s consolidated balance sheets as of September 30, 2020 and December 31, 2019, respectively. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the consolidated balance sheets.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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