XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Offsetting of Financial Assets, Liabilities, and Collateral
The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2018 and December 31, 2017.
Table 3.1 – Offsetting of Financial Assets, Liabilities, and Collateral
 
 
Gross Amounts of Recognized Assets (Liabilities)
 
Gross Amounts Offset in Consolidated Balance Sheet
 
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet
 
Gross Amounts Not Offset in Consolidated
Balance Sheet (1)
 
Net Amount
March 31, 2018
(In Thousands)
 
 
 
 
Financial Instruments
 
Cash Collateral (Received) Pledged
 
Assets (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
50,919

 
$
—

 
$
50,919

 
$
(8,850
)
 
$
(12,010
)
 
$
30,059

TBAs
 
8,625

 
—

 
8,625

 
(3,951
)
 
(4,643
)
 
31

Total Assets
 
$
59,544

 
$
—

 
$
59,544

 
$
(12,801
)
 
$
(16,653
)
 
$
30,090

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
(46,513
)
 
$
—

 
$
(46,513
)
 
$
8,850

 
$
37,663

 
$
—

TBAs
 
(5,457
)
 
—

 
(5,457
)
 
3,951

 
263

 
(1,243
)
Futures
 
(357
)
 
—

 
(357
)
 
—

 
357

 
—

Loan warehouse debt
 
(661,782
)
 
—

 
(661,782
)
 
661,782

 
—

 
—

Security repurchase agreements
 
(592,294
)
 
—

 
(592,294
)
 
592,294

 
—

 
—

Total Liabilities
 
$
(1,306,403
)
 
$
—

 
$
(1,306,403
)
 
$
1,266,877

 
$
38,283

 
$
(1,243
)
 
 
Gross Amounts of Recognized Assets (Liabilities)
 
Gross Amounts Offset in Consolidated Balance Sheet
 
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet
 
Gross Amounts Not Offset in Consolidated
Balance Sheet (1)
 
Net Amount
December 31, 2017
(In Thousands)
 
 
 
 
Financial Instruments
 
Cash Collateral (Received) Pledged
 
Assets (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
10,164

 
$
—

 
$
10,164

 
$
(6,196
)
 
$
(42
)
 
$
3,926

TBAs
 
133

 
—

 
133

 
(133
)
 
—

 
—

Futures
 
1

 
—

 
1

 
—

 
—

 
1

Total Assets
 
$
10,298

 
$
—

 
$
10,298

 
$
(6,329
)
 
$
(42
)
 
$
3,927

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
(55,567
)
 
$
—

 
$
(55,567
)
 
$
6,196

 
$
49,371

 
$
—

TBAs
 
(3,808
)
 
—

 
(3,808
)
 
133

 
1,376

 
(2,299
)
Loan warehouse debt
 
(1,039,666
)
 
—

 
(1,039,666
)
 
1,039,666

 
—

 
—

Security repurchase agreements
 
(648,746
)
 
—

 
(648,746
)
 
648,746

 
—

 
—

Total Liabilities
 
$
(1,747,787
)
 
$
—

 
$
(1,747,787
)
 
$
1,694,741

 
$
50,747

 
$
(2,299
)
(1)
Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.
(2)
Interest rate agreements, TBAs, and futures are components of derivatives instruments on our consolidated balance sheets. Loan warehouse debt, which is secured by residential mortgage loans, and security repurchase agreements are components of Short-term debt on our consolidated balance sheets.