Derivative Financial Instruments

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments

8. Derivative Financial Instruments

Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates related to originations. Derivative instruments utilized by the Company primarily include interest rate lock commitments (“IRLCs”), loan purchase commitments (“LPCs”), forward Mortgage Backed Securities (“MBS”) purchase commitments, Eurodollar and Treasury futures and interest rate swap agreements.

Associated with the Company’s derivatives are $23 and $6 in collateral deposits on derivative instruments recorded in other assets on the Company’s consolidated balance sheets as of June 30, 2020 and December 31, 2019, respectively. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the consolidated balance sheets.

The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:

		June 30, 2020				Six Months Ended June 30, 2020
Derivative Financial Instruments	Expiration Dates	Outstanding Notional		Fair Value		Recorded Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments	2020	$	1,673	$	81	$	48
Derivative financial instruments
IRLCs	2020	9,227		370		235
LPCs	2020	1,823		18		6
Forward MBS trades	2020	1,239		3		(3)
Eurodollar futures	2020-2021	6		—		—
Total derivative financial instruments - assets		$	12,295	$	391	$	238
Liabilities
Derivative financial instruments
LPCs	2020	$	55	$	—	$	(2)
Forward MBS trades	2020	10,119		50		37
Eurodollar futures	2020-2021	5		—		—
Total derivative financial instruments - liabilities		$	10,179	$	50	$	35

		June 30, 2019				Six Months Ended June 30, 2019
Derivative Financial Instruments	Expiration Dates	Outstanding Notional		Fair Value		Recorded Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments	2019	$	1,659	$	47	$	21
Derivative financial instruments
IRLCs	2019	3,649		110		51
LPCs	2019	1,327		17		15
Forward MBS trades	2019	762		1		(1)
Eurodollar futures	2019-2021	8		—		—
Total derivative financial instruments - assets		$	5,746	$	128	$	65
Liabilities
Derivative financial instruments
IRLCs	2019	$	4	$	—	$	—
LPCs	2019	212		1		1
Forward MBS trades	2019	4,932		30		6
Eurodollar futures	2019-2021	12		—		—
Total derivative financial instruments - liabilities		$	5,160	$	31	$	7