XML 45 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2017:

 

(in thousands)    Notional
Amount		      Unrealized (1)  
      Gain      Loss  

Treasury options

    $ 225,000      $ —        $ 582  

Eurodollar futures

      25,000        5        3  

Interest rate swaps

      385,000        770        4,056  

Forward commitments to sell loans/mortgage-backed securities

      405,000        737        770  

Forward commitments to buy loans/mortgage-backed securities

      325,000        1,101        502  

Interest rate lock commitments

      267,142        1,027        —    
  

 

 

     

 

 

     

 

 

  

Total derivatives

    $ 1,632,142      $ 3,640      $ 5,913  
  

 

 

     

 

 

     

 

 

  

 

(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:

 

     Gain (Loss) Included in
Mortgage Banking Income		  
     For the Three Months
Ended June 30,		      For the Six Months
Ended June 30,		  
(in thousands)    2017      2016      2017      2016  

Treasury options

    $ (1,080 )     $ 2,633      $ (3,250 )     $ 9,864  

Treasury and Eurodollar futures

      (66 )       (121 )       (73 )       (55 ) 

Interest rate swaps

      2,444        2,682        2,247        4,178  

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

      1,144        (2,589 )       (3,080 )       (1,720 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Total gain/(loss)

    $ 2,442      $ 2,605      $ (4,156 )     $ 12,267  
  

 

 

     

 

 

     

 

 

     

 

 

  

 
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:

 

     June 30, 2017  
(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

    $ 4,779      $ 2,402      $ 2,377      $ —        $ —        $ 2,377  

 

(1) Includes $1.1 million to purchase Treasury options.

 

     December 31, 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

    $ 20,422      $ 17,861      $ 2,561      $ —        $ —        $ 2,561  

 

(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:

 

     June 30, 2017  
(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

    $ 5,913      $ 1,702      $ 4,211      $ —        $ —        $ 4,211  
     December 31, 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

    $ 23,728      $ 16,588      $ 7,140      $ —        $ —        $ 7,140