Derivative Financial Instruments

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. Derivative Financial Instruments

Derivative financial instruments are recorded at fair value derived using the valuation techniques described in Note 6. The following table provides the total notional or contractual amounts and related fair values of derivative assets and liabilities not designated as hedging instruments as well as cash collateral (in thousands):

	June 30, 2013						December 31, 2012
			Fair Value						Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Interest rate lock commitments	$	4,190,048	$	61,680	$	19,327	$	35,266	$	949	$	—
Forward sales commitments		7,326,249		163,199		10,113		42,078		—		1,102
Loan purchase commitments		2,172,000		4,504		29,166		—		—		—
Total			$	229,383	$	58,606			$	949	$	1,102
Cash collateral			$	31	$	124,759			$	—	$	—

Derivative positions subject to a master netting arrangement include forward sale commitment assets of $6.5 million, forward sale commitment liabilities of $3.6 million and collateral paid of $2.7 million at June 30, 2013. As a result of the master netting arrangement, the net amount as it relates to these positions is $0.2 million at June 30, 2013.

The following table summarizes the net gains related to derivatives not designated as hedging instruments recognized for the periods indicated (in thousands). These gains are recorded as a component of net gains on sales of loans in the consolidated statements of comprehensive income.

	For the Three  Months Ended June 30, 2013			For the Six  Months Ended June 30, 2013
Gains (losses) on interest rate lock commitments	$	(17,217	)	$	41,404
Gains on forward sales commitments		183,625			179,688
Losses on loan purchase commitments		(24,662	)		(24,662	)
Total	$	141,746		$	196,430