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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2013
Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2013:

 

     June 30, 2013  
     Notional      Unrealized (1)  
(in thousands)    Amount      Gain      Loss  

Treasury options

    $ 225,000       $ 131       $ 767   

Forward commitments to sell loans/mortgage-backed securities

      1,406,940         50,581         702   

Forward commitments to buy loans/mortgage-backed securities

      630,000         --         24,622   

Interest rate lock commitments

      716,110         --         6,653   
  

 

 

     

 

 

     

 

 

  

Total derivatives

    $ 2,978,050       $ 50,712       $ 32,744   
  

 

 

     

 

 

     

 

 

  

 

(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 Statements 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)    2013      2012      2013      2012  

Treasury options

      $(3,368)          $11,601          $(6,956)          $4,798     

Eurodollar futures

      (11)           (1,158)          4           (1,233)    

Forward commitments to buy/sell loans/mortgage-backed securities

      21,905           (9,733)          30,884           (2,177)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total gain

      $  18,526           $     710           $ 23,932           $1,388     
  

 

 

     

 

 

     

 

 

     

 

 

  
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition

The following tables present the effect the master netting arrangements have on the presentation of the derivative assets in the Consolidated Statements of Financial Condition as of the dates indicated:

 

     June 30, 2013
                    Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		     
(in thousands)    Gross
Amounts of
Recognized
Assets		    Gross Amounts
Offset in the
Statement of
Financial
Condition		    Net Amounts of
Assets Presented
in the Statement
of Financial
Condition		    Financial
Instruments		    Cash
Collateral
Received		    Net
Amount

Derivatives

          $52,056          $35,988          $16,068          $--          $--          $16,068  
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

     December 31, 2012
                    Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		     
(in thousands)    Gross
Amounts of
Recognized
Assets		    Gross Amounts
Offset in the
Statement of
Financial
Condition		    Net Amounts of
Assets Presented
in the Statement
of Financial
Condition		    Financial
Instruments		    Cash
Collateral
Received		    Net
Amount

Derivatives

          $30,295          $4,730          $25,565          $--          $41          $25,524  
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

The following tables present the effect the master netting arrangements have on the presentation of the derivative liabilities in the Consolidated Statements of Financial Condition as of the dates indicated:

 

     June 30, 2013
                    Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		     
(in thousands)    Gross
Amounts of
Recognized
Liabilities		    Gross Amounts
Offset in the
Statement of
Financial
Condition		    Net Amounts of
Liabilities
Presented in the
Statement of
Financial
Condition		    Financial
Instruments		    Cash
Collateral
Pledged		    Net
Amount

Derivatives

       $ 32,744         $ 25,810           $6,934         $ --         $ --         $ 6,934  
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
     December 31, 2012
                    Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		     
(in thousands)    Gross
Amounts of
Recognized
Liabilities		    Gross Amounts
Offset in the
Statement of
Financial
Condition		    Net Amounts of
Liabilities
Presented in the
Statement of
Financial
Condition		    Financial
Instruments		    Cash
Collateral
Pledged		    Net
Amount

Derivatives

       $ 8,111         $ 4,730         $ 3,381         $ --         $ 2,795         $ 586