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Derivative Fianancial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2013:

 

     December 31, 2013  
(in thousands)    Notional
Amount		      Unrealized (1)  
      Gain      Loss  

Treasury options

    $ 175,000       $ —         $ 548   

Eurodollar futures

      20,000         —           42   

Forward commitments to sell loans/mortgage-backed securities

      522,987         5,155         34   

Forward commitments to buy loans/mortgage-backed securities

      515,000         —           7,388   

Interest rate lock commitments

      231,556         258         —     
  

 

 

     

 

 

     

 

 

  

Total derivatives

    $ 1,464,543       $ 5,413       $ 8,012   
  

 

 

     

 

 

     

 

 

  

 

(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 Twelve Months Ended December 31,  
(in thousands)    2013     2012  

Treasury options

    $ (10,224 )    $ (120 ) 

Eurodollar futures

      (38 )      (1,468 ) 

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

      17,727        3,026   
  

 

 

    

 

 

  

Total gain

    $ 7,465      $ 1,438   
  

 

 

    

 

 

  
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:

 

     December 31, 2013  
(in thousands)    Gross
Amounts of
Recognized
Assets		      Gross Amounts
Offset in the
Statement of
Condition		      Net Amounts of
Assets Presented
in the Statement
of Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Received		     

Derivatives

    $ 6,680       $ 4,848       $ 1,832       $ —         $ —         $ 1,832   
     December 31, 2012  
(in thousands)    Gross
Amounts of
Recognized
Assets		      Gross Amounts
Offset in the
Statement of
Condition		      Net Amounts of
Assets Presented
in the Statement
of Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Received		     

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:

 

     December 31, 2013  
(in thousands)    Gross
Amounts of
Recognized
Liabilities		      Gross Amounts
Offset in the
Statement of
Condition		      Net Amounts of
Liabilities
Presented in the
Statement of
Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Pledged		     

Derivatives

    $ 8,012       $ 7,624       $ 388       $ —         $ —         $ 388   
     December 31, 2012  
(in thousands)    Gross
Amounts of
Recognized
Liabilities		      Gross Amounts
Offset in the
Statement of
Condition		      Net Amounts of
Liabilities
Presented in the
Statement of
Condition		      Gross Amounts Not
Offset in the
Consolidated Statement
of Condition		      Net
Amount		  
            Financial
Instruments		      Cash
Collateral
Pledged		     

Derivatives

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