Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2014:

	September 30, 2014
	Notional		Unrealized(1)
(in thousands)	Amount		Gain		Loss
Treasury options	$	552,500	$	--	$	1,572
Eurodollar futures		125,000		30		--
Treasury futures		25,000		--		51
Forward commitments to sell loans/mortgage-backed securities		602,000		251		1,440
Forward commitments to buy loans/mortgage-backed securities		640,000		1,018		449
Interest rate lock commitments		360,221		2,180		--
Total derivatives	$	2,304,721	$	3,479	$	3,512

(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 Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
(in thousands)	2014			2013			2014			2013
Treasury options	$	(2,580	)	$	(641	)	$	(1,525	)	$	(7,597	)
Treasury/Eurodollar futures		(6	)		--			100			4
Forward commitments to buy/sell    loans/mortgage-backed securities		1,615			(15,070	)		8,148			15,814
Total (loss) gain	$	(971	)	$	(15,711	)	$	6,723		$	8,221

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 had on the presentation of the derivative assets in the Consolidated Statements of Financial Condition as of the dates indicated:

September 30, 2014

Gross Amounts Not

Offset in the

Consolidated Statement

Gross

Gross Amounts

Net Amounts of

of Condition

Amounts of

Offset in the

Assets Presented

Cash

Recognized

Statement of

in the Statement

Financial

Collateral

Net

(in thousands)

Assets

Condition

of Condition

Instruments

Received

Amount

Derivatives

$

6,633

$

2,602

$

4,031

$

--

$

--

$

4,031

December 31, 2013

Gross Amounts Not

Offset in the

Consolidated Statement

Gross

Gross Amounts

Net Amounts of

of Condition

Amounts of

Offset in the

Assets Presented

Cash

Recognized

Statement of

in the Statement

Financial

Collateral

Net

(in thousands)

Assets

Condition

of Condition

Instruments

Received

Amount

Derivatives

$

6,680

$

4,848

$

1,832

$

--

$

--

$

1,832

The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Financial Condition as of the dates indicated:

September 30, 2014

Gross Amounts Not

Offset in the

Net Amounts of

Consolidated Statement

Gross

Gross Amounts

Liabilities

of Condition

Amounts of

Offset in the

Presented in the

Cash

Recognized

Statement of

Statement of

Financial

Collateral

Net

(in thousands)

Liabilities

Condition

Condition

Instruments

Received

Amount

Derivatives

$

3,512

$

3,422

$

90

$

--

$

--

$

90

December 31, 2013

Gross Amounts Not

Offset in the

Net Amounts of

Consolidated Statement

Gross

Gross Amounts

Liabilities

of Condition

Amounts of

Offset in the

Presented in the

Cash

Recognized

Statement of

Statement of

Financial

Collateral

Net

(in thousands)

Liabilities

Condition

Condition

Instruments

Received

Amount

Derivatives

$

8,012

$

7,624

$

388

$

--

$

--

$

388