Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Aggregate 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, 2021 and 2020.

Table 11.1 – Fair Value and Notional Amount of Derivative Financial Instruments

	December 31, 2021				December 31, 2020
	Fair Value		Notional Amount		Fair Value		Notional Amount
(In Thousands)
Assets - Risk Management Derivatives
Interest rate swaps	$	611	$	161,500	$	224	$	42,000
TBAs	2,880		2,440,000		18,260		3,520,000
Interest rate futures	25		9,000		—		—
Swaptions	18,318		1,660,000		19,727		1,585,000
Assets - Other Derivatives
Loan purchase and interest rate lock commitments	4,633		971,631		15,027		2,617,254
Total Assets	$	26,467	$	5,242,131	$	53,238	$	7,764,254
Liabilities - Risk Management Derivatives
Interest rate swaps	(1,251)		283,100		—		—
TBAs	(658)		870,000		(15,495)		3,105,000
Interest rate futures	(905)		62,500		—		—
Liabilities - Other Derivatives
Loan purchase commitments	(503)		404,190		(577)		477,153
Total Liabilities	$	(3,317)	$	1,619,790	$	(16,072)	$	3,582,153
Total Derivative Financial Instruments, Net	$	23,150	$	6,861,921	$	37,166	$	11,346,407

Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges

The following table illustrates the impact on interest expense of our interest rate agreements accounted for as cash flow hedges for the years ended December 31, 2021, 2020, and 2019.

Table 11.2 – Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges

	Years Ended December 31,
(In Thousands)	2021		2020		2019
Net interest expense on cash flows hedges	$	—	$	(860)	$	(2,847)
Realized net losses reclassified from other comprehensive income	(4,127)		(3,188)		—
Total Interest Expense	$	(4,127)	$	(4,048)	$	(2,847)