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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income

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

 

     (Loss) Gain Included in Mortgage Banking Income  
     For the Twelve Months Ended December 31,  
(in thousands)    2017      2016      2015  

Treasury options

    $ (262 )     $ (2,795 )     $ (8,222 ) 

Treasury and Eurodollar futures

      55        165        501  

Interest rate swaps

      3,068        (4,561 )       —    

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

      (8,815 )       (4,963 )       5,752  
  

 

 

     

 

 

     

 

 

  

Total (loss) gain

    $ (5,954 )     $ (12,154 )     $ (1,969 ) 
  

 

 

     

 

 

     

 

 

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

The following table presents the effect of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of December 31, 2016:

 

     December 31, 2016  
(in thousands)    Gross Amount
of Recognized
Assets (1)		    Gross Amount
Offset in the
Statement of
Condition		    Net Amount 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

    $20,422    $17,861    $2,561    $ —        $ —        $ 2,561  
                 

 

(1) Included $1.9 million to purchase Treasury options.

The following table presents the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of December 31, 2016:

 

     December 31, 2016  
(in thousands)    Gross Amount
of Recognized
Liabilities		    Gross Amount
Offset in the
Statement of
Condition		    Net Amount 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

    $23,728    $16,588    $7,140    $ —        $ —        $ 7,140