Offsetting Derivative and Other Financial Instruments (Notes)

3 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

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 for each type of derivatives. 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 September 30, 2013:

					Net
			Gross		Amount
			Amount		of Assets		Gross Amount Not
			Offset in the		Presented in		Offset in the Condensed
	Gross		Condensed		the Condensed		Statement of Financial Condition
	Amount of		Statement		Statement				Cash
	Recognized		of Financial		of Financial		Financial		Collateral		Net
(In Thousands)	Assets		Condition		Condition		Instruments		Received		Amount
Assets
Derivatives	$	136	$	5	$	131	$	—	$	—	$	131
Total	$	136	$	5	$	131	$	—	$	—	$	131

					Net
			Gross		Amount
			Amount		of Liabilities		Gross Amount Not
			Offset in the		Presented in		Offset in the Condensed
	Gross		Condensed		the Condensed		Statement of Financial Condition
	Amount of		Statement		Statement				Cash
	Recognized		of Financial		of Financial		Financial		Collateral		Net
(In Thousands)	Liabilities		Condition		Condition		Instruments		Pledged		Amount
Liabilities
Derivatives	$	4,497	$	5	$	4,492	$	—	$	—	$	4,492
Total	$	4,497	$	5	$	4,492	$	—	$	—	$	4,492

As of June 30, 2013:

					Net
			Gross		Amount
			Amount		of Assets		Gross Amount Not
			Offset in the		Presented in		Offset in the Condensed
	Gross		Condensed		the Condensed		Statement of Financial Condition
	Amount of		Statement		Statement				Cash
	Recognized		of Financial		of Financial		Financial		Collateral		Net
(In Thousands)	Assets		Condition		Condition		Instruments		Received		Amount
Assets
Derivatives	$	8,246	$	579	$	7,667	$	—	$	—	$	7,667
Total	$	8,246	$	579	$	7,667	$	—	$	—	$	7,667

					Net
			Gross		Amount
			Amount		of Liabilities		Gross Amount Not
			Offset in the		Presented in		Offset in the Condensed
	Gross		Condensed		the Condensed		Statement of Financial Condition
	Amount of		Statement		Statement				Cash
	Recognized		of Financial		of Financial		Financial		Collateral		Net
(In Thousands)	Liabilities		Condition		Condition		Instruments		Pledged		Amount
Liabilities
Derivatives	$	851	$	579	$	272	$	—	$	—	$	272
Total	$	851	$	579	$	272	$	—	$	—	$	272