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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Aggregate Fair Value and Notional Amount of Derivative Financial Instruments

The following table presents the fair value and notional amount of derivative financial instruments held by us at December 31, 2014 and 2013.

 

     December 31, 2014      December 31, 2013  

(In Thousands)

    Fair
Value		     Notional
Amount		      Fair
Value		     Notional
Amount		  

Assets - Cash Flow Hedges

          

Interest rate swaps

      —          —           —          —     

Assets - Risk Management Derivatives

          

Interest rate swaps

    $ —        $ —         $ 5,972      $ 268,000   

TBAs

      6,654        1,074,000         1,138        241,000   

Futures

      —          —           —          —     

Swaptions

      7,006        575,000         595        340,000   

Credit default index swaps

      1,597        50,000         —          —     

Assets - Other Derivatives

          

Loan purchase commitments

      1,160        288,467         —          360   

Loan forward sale commitments

      —          —           81        10,000   
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Assets

 $ 16,417    $ 1,987,467    $ 7,786    $ 859,360   
  

 

 

    

 

 

     

 

 

    

 

 

  

Liabilities - Cash Flow Hedges

Interest rate swaps

 $ (46,845 )  $ 139,500    $ (16,519 )  $ 139,500   

Liabilities - Risk Management Derivatives

Interest rate swaps

   (1,328 )    206,000      (80 )    50,500   

TBAs

   (9,506 )    1,110,000      (661 )    235,000   

Futures

   (372 )    90,000      (528 )    162,000   

Liabilities - Other Derivatives

Loan purchase commitments

   (41 )    27,324      (379 )    42,562   

Loan forward sale commitments

   (239 )    102,793      —        —     
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Liabilities

 $ (58,331 )  $ 1,675,617    $ (18,167 )  $ 629,562   
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative Financial Instruments, Net

 $ (41,914 )  $ 3,663,084    $ (10,381 )  $ 1,488,922   
  

 

 

    

 

 

     

 

 

    

 

 

  
Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges

The following table illustrates the impact on interest expense of our interest rate agreements accounted for as cash flow hedges for the years ended December 31, 2014, 2013, and 2012.

Impact on Interest Expense of Our Interest Rate Agreements Accounted for as Cash Flow Hedges

 

     Year Ended December 31,  

(In Thousands)

    2014     2013     2012  

Net interest expense on cash interest rate agreements

    $ (5,951 )    $ (5,889 )    $ (5,805 ) 

Realized expense due to ineffective portion of cash flow hedges

      —          —          (34 ) 

Realized net losses reclassified from other comprehensive income

      (164 )      (281 )      (14,820 ) 
  

 

 

    

 

 

    

 

 

  

Total Interest Expense

 $ (6,115 )  $ (6,170 )  $ (20,659 )