Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2012:

	September 30, 2012
	Notional		Unrealized(1)
(in thousands)	Amount		Gain		Loss
Treasury options	$	450,000	$	1,037	$	--
Eurodollar futures		200,000		--		195
Forward commitments to sell loans/mortgage-backed securities		2,577,086		--		46,575
Forward commitments to buy loans/mortgage-backed securities		1,015,000		17,101		--
Interest rate lock commitments		2,266,688		56,079		--
Total derivatives	$	6,508,774	$	74,217	$	46,770

(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 September 30,				For the Nine Months  Ended September 30,
(in thousands)	2012		2011		2012		2011
Treasury options		$      (600)		$  16,031		$    4,198		$  23,234
Eurodollar futures		(283)		(1,412)		(1,516)		(2,722)
Forward commitments to buy/sell loans/mortgage-backed securities		(14,471)		(24,314)		(16,648)		(40,345)
Total gain (loss)		$(15,354)		$  (9,695)		$(13,966)		$(19,833)