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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2016
Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2016:
|  | September 30, 2016 |
|  | Notional |  |  | Unrealized (1) |
(in thousands) |  | Amount |  |  | Gain |  |  | Loss |
Treasury options |  | $ | 440,000 |  |  | $ | — |  |  | $ | 378 |
Eurodollar futures |  |  | 175,000 |  |  |  | 12 |  |  |  | 46 |
Swaps |  |  | 250,000 |  |  |  | 1,917 |  |  |  | — |
Forward commitments to sell loans/mortgage-backed securities |  |  | 1,255,010 |  |  |  | 56 |  |  |  | 5,175 |
Forward commitments to buy loans/mortgage-backed securities |  |  | 950,010 |  |  |  | 2,886 |  |  |  | — |
Interest rate lock commitments |  |  | 671,702 |  |  |  | 6,934 |  |  |  | — |
Total derivatives |  | $ | 3,741,722 |  |  | $ | 11,805 |  |  | $ | 5,599 |
(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 Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated:
|  | (Loss) Gain Included in Mortgage Banking Income |
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Treasury options |  | $ | (6,245 | ) |  | $ | 2,485 |  |  | $ | 3,619 |  |  | $ | (2,589 | )
Treasury and Eurodollar futures |  |  | 17 |  |  |  | 1,134 |  |  |  | (38 | ) |  |  | 1,495 |
Swaps |  |  | (1,751 | ) |  |  | — |  |  |  | 2,427 |  |  |  | — |
Forward commitments to buy/sell loans/mortgage-backed securities |  |  | 1,768 |  |  |  | 294 |  |  |  | 48 |  |  |  | 4,084 |
Total (loss) gain |  | $ | (6,211 | ) |  | $ | 3,913 |  |  | $ | 6,056 |  |  | $ | 2,990 |
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:
|  | September 30, 2016 |
(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 |  | $ | 14,467 |  |  | $ | 2,864 |  |  | $ | 11,603 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,603 |
(1) | Includes $2.7 million to purchase Treasury options.
|  | 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.
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:
|  | September 30, 2016 |
(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 |  | $ | 5,599 |  |  | $ | 5,386 |  |  | $ | 213 |  |  | $ | — |  |  | $ | — |  |  | $ | 213 |
|  | 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 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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