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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2015:

 

     December 31, 2015  
(in thousands)    Notional
Amount		      Unrealized (1)  
      Gain      Loss  

Treasury options

    $ 245,000       $ 25       $ 1,358   

Treasury futures

      100,000         —           172   

Eurodollar futures

      35,000         —           9   

Forward commitments to sell loans/mortgage-backed securities

      625,000         1,342         696   

Forward commitments to buy loans/mortgage-backed securities

      560,000         —           2,087   

Interest rate lock commitments

      387,638         2,526         —     
  

 

 

     

 

 

     

 

 

  

Total derivatives

    $ 1,952,638       $ 3,893       $ 4,322   
  

 

 

     

 

 

     

 

 

  

 

(1) Derivatives in a net gain position are recorded as “Other assets” and derivatives in a net loss position are recorded as “Other liabilities” in the Consolidated Statements of Condition.
Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive (Loss) Income

The following table sets forth the effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:

 

     (Loss) Gain Included in Mortgage Banking Income  
     For the Twelve Months Ended December 31,  
(in thousands)    2015      2014      2013  

Treasury options

    $ (8,222 )     $ 1,968       $ (10,224 ) 

Treasury and Eurodollar futures

      501         333         (38 ) 

Forward commitments to buy/sell loans/mortgage-backed securities

      5,752         12,009         17,727   
  

 

 

     

 

 

     

 

 

  

Total (loss) gain

    $ (1,969 )     $ 14,310       $ 7,465   
  

 

 

     

 

 

     

 

 

  
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition

The following tables present the effect of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of the dates indicated:

 

     December 31, 2015  
(in thousands)    Gross
Amount of
Recognized
Assets (1)		      Gross Amount
Offset in the
Statement of
Condition		      Net Amount of
Assets Presented
in the Statement
of Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Received		     

Derivatives

    $ 5,743       $ 1,024       $ 4,719       $ —         $ —         $ 4,719   

 

(1) Includes $1.9 million to purchase Treasury options.

 

     December 31, 2014  
(in thousands)    Gross
Amount of
Recognized
Assets (1)		      Gross Amount
Offset in the
Statement of
Condition		      Net Amount of
Assets Presented
in the Statement
of Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Received		     

Derivatives

    $ 15,481       $ 7,198       $ 8,283       $ —         $ —         $ 8,283   

 

(1) Includes $2.6 million to purchase Treasury options.

The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of the dates indicated:

 

     December 31, 2015  
(in thousands)    Gross
Amount of
Recognized
Liabilities		      Gross Amount
Offset in the
Statement of
Condition		      Net Amount of
Liabilities
Presented in the
Statement of
Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Pledged		     

Derivatives

    $   4,322       $ 3,986       $ 336       $ —         $ —         $   336   
     December 31, 2014  
(in thousands)    Gross
Amount of
Recognized
Liabilities		      Gross Amount
Offset in the
Statement of
Condition		      Net Amount of
Liabilities
Presented in the
Statement of
Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Pledged		     

Derivatives

    $   8,208       $ 7,696       $ 512       $ —         $ —         $   512