Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2011:

	June 30, 2011
	Notional Amount		Unrealized(1)
(in thousands)			Gain		Loss
Treasury options	$	530,000	$	—	$	3,491
Eurodollar futures		200,000		66		—
Forward commitments to sell loans/mortgage-backed securities		1,039,070		—		2,306
Forward commitments to buy loans/mortgage-backed securities		545,000		—		191
Interest rate lock commitments		521,350		700		—
Total derivatives	$	2,835,420	$	766	$	5,988

(1) Derivatives in a net gain position are recorded as “other assets” and derivatives in a net loss position are recorded as “other liabilities” in the Consolidated Statements of Condition.

Effect of Derivative Instruments on Consolidated Statement of Income and Comprehensive Income

The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated:

	Gain (Loss) Included in Mortgage Banking Income
	For the Three Months Ended June 30,						For the Six Months  Ended June 30,
(in thousands)	2011			2010			2011			2010
Treasury options	$	4,390		$	1,900		$	7,202		$	1,678
Eurodollar futures		(1,718	)		(576	)		(1,310	)		(1,127	)
Forward commitments to buy/sell loans/mortgage-backed securities		1,832			(5,645	)		(16,032	)		(7,974	)
Total gain (loss)	$	4,504		$	(4,321	)	$	(10,140	)	$	(7,423	)