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Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
the notional amount and fair value of IRLCs and forward contracts utilized by the Company at September 30, 2016 and December 31, 2015
 
 
September 30, 2016
 
December 31, 2015
 
 
Notional
Amount
 
Fair
Value
 
Notional
Amount
 
Fair
Value
Asset Derivatives
 
 

 
 

 
 

 
 

Derivatives not designated as hedging instruments
 
 

 
 

 
 

 
 

IRLCs
 
$
79,376

 
$
2,032

 
$
28,444

 
$
582

Forward contracts
 

 

 
42,743

 
30

 
 
 
 
 
 
 
 
 
Liability Derivatives
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Forward contracts
 
115,695

 
(465
)
 

 

Schedule of Derivative Instruments in Statements of Income Fair Value
Fair values of derivative financial instruments were estimated using changes in mortgage interest rates from the date the Company entered into the IRLC and the balance sheet date. The following table summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income for the three and nine month periods ended September 30, 2016 and 2015.
 
 
Amount of gain / (loss) recognized in the three months ended
 
Amount of gain / (loss) recognized in the nine months ended
 
 
September 30, 2016
 
September 30, 2015
 
September 30, 2016
 
September 30, 2015
Asset Derivatives
 
 

 
 

 
 

 
 

Derivatives not designated as hedging instruments
 
 

 
 

 
 

 
 

IRLCs
 
$
308

 
$
284

 
$
1,450

 
$
386

 
 
 
 
 
 
 
 
 
Liability Derivatives
 
 

 
 

 
 

 
 

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Forward contracts
 
580

 
(588
)
 
(495
)
 
57