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Offsetting Derivative and Other Financial Instruments
 9 Months Ended
Mar. 31, 2019
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 March 31, 2019:

 

          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   $ 224     $ —     $ 224     $ —     $ —     $ 224  
Total   $ 224     $ —     $ 224     $ —     $ —     $ 224  

 

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