Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Accumulated Other Comprehensive Income

14. Accumulated Other Comprehensive Income

The Company records unrealized gains and losses on its MBS and its forward purchase commitments securities as described in Note 5 and Note 10.  The Company ceased hedge accounting for its interest rate swaps effective September 30, 2013.  Beginning October 1, 2013, changes in the fair value of interest rate swaps are recorded directly to net income.  The cumulative net unrealized gains and losses on interest rate swaps in AOCI as of September 30, 2013 are being amortized to net income as the hedged forecasted transactions occur.  The following table rolls forward the components of AOCI, including reclassification adjustments, for the three months ended March 31, 2016.  

	Unrealized gain/(loss) on available for sale MBS			Unrealized gain/(loss) on unsettled MBS			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
Accumulated other comprehensive income     (loss) at January 1, 2016	$	98,368		$	(1	)	$	(547	)	$	838		$	98,658
Other comprehensive income (loss) before     reclassification		36,025			54			94			1,582			37,755
Balance Sheet Reclassification:
Amount reclassified to MBS available for sale		-			1			-			(165	)		(164	)
Income Statement Reclassification:
Amounts reclassified to net gain on the sale     of MBS		(4,287	)		-			-			-			(4,287	)
Amounts reclassified to interest expense		-			-			-			1,376			1,376
Net current period other comprehensive     income (loss)		31,738			55			94			2,793			34,680
Accumulated other comprehensive income     (loss) at March 31, 2016	$	130,106		$	54		$	(453	)	$	3,631		$	133,338

The following table rolls forward the components of AOCI, including reclassification adjustments, for the three months ended March 31, 2015.

	Unrealized gain/(loss) on available for sale MBS			Unrealized gain/(loss) on unsettled MBS			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
Accumulated other comprehensive income     (loss) at January 1, 2015	$	232,240		$	42		$	(595	)	$	(25,922	)	$	205,765
Other comprehensive income before     reclassification		90,119			794			129			4,848			95,890
Balance Sheet Reclassification:
Amount reclassified to MBS available for sale		-			(42	)		-			(4,120	)		(4,162	)
Income Statement Reclassification:
Amounts reclassified to net gain on the sale     of MBS		(16,453	)		-			-			-			(16,453	)
Amounts reclassified to interest expense		-			-			-			13,438			13,438
Net current period other comprehensive     income		73,666			752			129			14,166			88,713
Accumulated other comprehensive income     (loss) at March 31, 2015	$	305,906		$	794		$	(466	)	$	(11,756	)	$	294,478