Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments

Derivative financial instruments are summarized as follows:

		September 30, 2015				December 31, 2014
	Balance Sheet Location	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
		(In thousands)
Derivative assets:
Interest rate lock commitments (1)	Other assets	$	29,275	$	473	$	14,633	$	154
Forward contracts to sell mortgage loans (2)	Other assets	—		—		4,000		2
Interest rate swap contracts	Other assets	37,792		1,833		—		—
Derivative liabilities:
Interest rate lock commitments (1)	Other liabilities	187		1		2,108		14
Forward contracts to sell mortgage loans (2)	Other assets	32,000		380		16,000		174
Interest rate swap contracts	Other liabilities	37,792		1,833		—		—

(1) Interest rate lock commitments include $14.0 million and $7.9 million of commitments not yet approved in the credit underwriting process at September 30, 2015 and December 31, 2014, respectively, yet represent potential interest rate risk exposure to the extent of those mortgage loan applications eventually approved for funding.

(2) The Company, as of the quarter ended September 30, 2015, has elected to offset the fair value of individual forward sale contracts and present a net amount on the Consolidated Balance Sheets in accordance with ASC 815-45 Derivatives and Hedging.

Net Gains (Losses) Related to Derivative Financial Instruments

Net gains (losses) included in the Consolidated Statements of Income related to derivative financial instruments, recognized in net gain on sale of loans, are summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(In thousands)
Interest rate lock commitments	$	473		$	(3	)	$	332		$	153
Unused commitments	—			(15		)	—			(26		)
Forward contracts to sell mortgage loans	(903		)	(130		)	(326		)	(460		)
Total	$	(430	)	$	(148	)	$	6		$	(333	)