Derivatives And Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amounts and fair values for derivatives

The notional amounts and fair values for derivatives consist of the following.



	At September 30, 2014
	Notional amount		Fair value derivatives
(in thousands)			Asset			Liability

Forward sale commitments	$	1,140,752	$	1,309		$	(3,950	)
Interest rate swaptions	40,000		23			—
Interest rate lock commitments	457,381		14,074			(7		)
Interest rate swaps	514,604		3,499			(4,166		)
Total derivatives before netting	$	2,152,737	18,905			(8,123		)
Netting adjustments			(3,745		)	3,745
Carrying value on consolidated statements of financial condition			$	15,160		$	(4,378	)



	At December 31, 2013
	Notional amount		Fair value derivatives
(in thousands)			Asset			Liability

Forward sale commitments	$	526,382	$	3,630		$	(578	)
Interest rate swaptions	110,000		858			(199		)
Interest rate lock commitments	261,070		6,012			(40		)
Interest rate swaps	508,004		1,088			(9,548		)
Total derivatives before netting	$	1,405,456	11,588			(10,365		)
Netting adjustments			(1,363		)	1,363
Carrying value on consolidated statements of financial condition			$	10,225		$	(9,002	)

Fair Value, Concentration of Risk [Table Text Block]

The following tables present gross and net information about derivative instruments.



	At September 30, 2014
(in thousands)	Gross fair value			Netting adjustments			Carrying value			Cash collateral paid ⁽¹⁾		Securities pledged		Net amount

Derivative assets	$	18,905		$	(3,745	)	$	15,160		$	—	$	—	$	15,160

Derivative liabilities	$	(8,123	)	$	3,745		$	(4,378	)	$	3,557	$	721	$	(100	)



	At December 31, 2013
(in thousands)	Gross fair value			Netting adjustments			Carrying value			Cash collateral paid ⁽¹⁾		Securities pledged		Net amount

Derivative assets	$	11,588		$	(1,363	)	$	10,225		$	—	$	—	$	10,225

Derivative liabilities	$	(10,365	)	$	1,363		$	(9,002	)	$	8,491	$	451	$	(60	)

(1)

Excludes cash collateral of $21.5 million and $18.5 million at September 30, 2014 and December 31, 2013, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both September 30, 2014 and December 31, 2013.

Net gains (losses) recognized on economic hedge derivatives

The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the statement of operations for the periods indicated.



	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2014			2013			2014			2013

Recognized in noninterest income:
Net gain on mortgage loan origination and sale activities ⁽¹⁾	$	(2,868	)	$	(37,017	)	$	(8,882	)	$	(17,368	)
Mortgage servicing income (loss) ⁽²⁾	2,543			3,631			23,381			(12,392		)
	$	(325	)	$	(33,386	)	$	14,499		$	(29,760	)


(1)	Comprised of interest rate lock commitments ("IRLCs") and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale.


(2)	Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family MSRs.

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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