Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value and Notional Amount of Derivative Financial Instruments

The following table presents the fair value and notional amount of our derivative financial instruments at December 31, 2024 and 2023.

Table 12.1 – Fair Value and Notional Amount of Derivative Financial Instruments

	December 31, 2024				December 31, 2023
	Fair Value		Notional Amount		Fair Value		Notional Amount
(In Thousands)
Assets - Risk Management Derivatives
Interest rate swaps	$	—	$	—	$	1,742	$	50,000
TBAs	—		—		952		385,000
Interest rate futures	16,446		712,500		—		—
Swaptions	23,738		8,245,000		—		—
Assets - Other Derivatives
LPCs and IRLCs	5,819		919,888		11,518		216,194
Total Assets (1)	$	46,003	$	9,877,388	$	14,212	$	651,194
Liabilities - Risk Management Derivatives
TBAs	$	(16,249)	$	1,350,000	$	(27,020)	$	1,405,000
Interest rate futures	(6,915)		830,500		(3,394)		141,500
Liabilities - Other Derivatives
Loan purchase commitments	(496)		157,985		(3,414)		430,983
Total Liabilities (1)	$	(23,660)	$	2,338,485	$	(33,828)	$	1,977,483
Total Derivative Financial Instruments, Net (1)	$	22,343	$	12,215,873	$	(19,616)	$	2,628,677

(1)     For the purpose of this presentation, derivative assets and liabilities are presented on a gross and a net basis.

Schedule of Market Valuation (Losses) Gains on Derivatives

The following table presents the market valuation gains and losses on our derivatives for the years ended December 31, 2024 and 2023.

Table 12.2 – Market Valuation (Losses) Gains on Derivatives

	Year Ended		Year Ended
(In Thousands)	December 31, 2024		December 31, 2023
Risk Management Derivatives (1)	$	(29,694)	$	(20,303)
LPCs and IRLCs (2)	9,571		22,600
Market Valuation (Losses) Gains on Derivatives	$	(20,123)	$	2,297

(1)Market valuation gains (losses) on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking operations are recorded in Mortgage banking activities, net and market valuation gains (losses) on all other derivatives are recorded in Investment fair value changes, net on our consolidated statements of income.

(2)Market valuation gains (losses) on LPCs and IRLCs are recorded in Mortgage banking activities, net on our consolidated statements of income.