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Offsetting Derivative and Other Financial Instruments
 6 Months Ended
Dec. 31, 2018
Offsetting [Abstract]  
Offsetting Derivative and Other Financial Instruments

Note 11: Offsetting Derivative and Other Financial Instruments

 

The Corporation’s derivative transactions are generally governed by International Swaps and Derivatives Association Master Agreements and similar arrangements, which include provisions governing the setoff of assets and liabilities between the parties. When the Corporation has more than one outstanding derivative transaction with a single counterparty, the setoff provisions contained within these agreements generally allow the non-defaulting party the right to reduce its liability to the defaulting party by amounts eligible for setoff, including the collateral received as well as eligible offsetting transactions with that counterparty, irrespective of the currency, place of payment, or booking office. The Corporation’s policy is to present its derivative assets and derivative liabilities on the Condensed Consolidated Statements of Financial Condition on a net basis. The derivative assets and liabilities are comprised of mandatory loan sale commitments, TBA MBS trades and option contracts.

 

The following tables present the gross and net amounts of derivative assets and liabilities and other financial instruments as reported in the Corporation’s Condensed Consolidated Statement of Financial Condition, and the gross amount not offset in the Corporation’s Condensed Consolidated Statement of Financial Condition as of the dates indicated.

  
 

As of December 31, 2018:

 

     Gross  Net          
     Amount  Amount          
     Offset in the  of Assets in  Gross Amount Not Offset in    
     Condensed  the Condensed  the Condensed Consolidated    
  Gross  Consolidated  Consolidated  Statements of Financial Condition    
  Amount of  Statements  Statements     Cash    
  Recognized  of Financial  of Financial  Financial  Collateral  Net 
(In Thousands) Assets  Condition  Condition  Instruments  Received  Amount 
Assets                        
Derivatives $1  $—  $1  $—  $—  $1 
Total $1  $—  $1  $—  $—  $1 

 

     Gross  Net          
     Amount  Amount          
     Offset in the  of Liabilities in  Gross Amount Not Offset in    
     Condensed  the Condensed  the Condensed Consolidated    
  Gross  Consolidated  Consolidated  Statements of Financial Condition    
  Amount of  Statements  Statements     Cash    
  Recognized  of Financial  of Financial  Financial  Collateral  Net 
(In Thousands) Liabilities  Condition  Condition  Instruments  Received  Amount 
Liabilities                        
Derivatives $690  $—  $690  $—  $—  $690 
Total $690  $—  $690  $—  $—  $690 

 

As of June 30, 2018:

 

     Gross  Net          
     Amount  Amount          
     Offset in the  of Assets in  Gross Amount Not Offset in    
     Condensed  the Condensed  the Condensed Consolidated    
  Gross  Consolidated  Consolidated  Statements of Financial Condition    
  Amount of  Statements  Statements     Cash    
  Recognized  of Financial  of Financial  Financial  Collateral  Net 
(In Thousands) Assets  Condition  Condition  Instruments  Received  Amount 
Assets                        
Derivatives $—  $—  $—  $—  $—  $— 
Total $—  $—  $—  $—  $—  $— 
 
     Gross  Net          
     Amount  Amount          
     Offset in the  of Liabilities in  Gross Amount Not Offset in    
     Condensed  the Condensed  the Condensed Consolidated    
  Gross  Consolidated  Consolidated  Statements of Financial Condition    
  Amount of  Statements  Statements     Cash    
  Recognized  of Financial  of Financial  Financial  Collateral  Net 
(In Thousands) Liabilities  Condition  Condition  Instruments  Received  Amount 
Liabilities                        
Derivatives $440  $—  $440  $—  $—  $440 
Total $440  $—  $440  $—  $—  $440