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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
9. 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 $178 and $6 in collateral deposits on derivative instruments recorded in other assets on the Company’s consolidated balance sheets as of March 31, 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:
 
 
 
March 31, 2020
 
Three Months Ended March 31, 2020
Derivative Financial Instruments
Expiration
Dates
 
Outstanding
Notional
 
Fair
Value
 
Recorded Gains/(Losses)
Assets
 
 
 
 
 
 
 
Mortgage loans held for sale
 
 
 
 
 
 
 
Loan sale commitments
2020
 
$
2,598

 
$
111

 
$
79

Derivative financial instruments
 
 
 
 
 
 
 
IRLCs
2020
 
6,923

 
263

 
128

LPCs
2020
 
834

 
25

 
13

Forward MBS trades
2020
 
886

 
6

 
—

Eurodollar futures
2020-2021
 
6

 
—

 
—

Total derivative financial instruments - assets
 
 
$
8,649

 
$
294

 
$
141

Liabilities
 
 
 
 
 
 
 
Derivative financial instruments
 
 
 
 
 
 
 
IRLCs
2020
 
$
22

 
$
—

 
$
—

LPCs
2020
 
10

 
—

 
(3
)
Forward MBS trades
2020
 
10,229

 
223

 
211

Eurodollar futures
2020-2021
 
6

 
—

 
—

Total derivative financial instruments - liabilities
 
 
$
10,267

 
$
223

 
$
208



 
 
 
March 31, 2019
 
Three Months Ended March 31, 2019
Derivative Financial Instruments
Expiration
Dates
 
Outstanding
Notional
 
Fair
Value
 
Recorded Gains/(Losses)
Assets
 
 
 
 
 
 
 
Mortgage loans held for sale
 
 
 
 
 
 
 
Loan sale commitments
2019
 
$
365

 
$
17

 
$
(9
)
Derivative financial instruments
 
 
 
 
 
 
 
IRLCs
2019
 
2,557

 
69

 
9

LPCs
2019
 
216

 
2

 
1

Forward MBS trades
2019
 
410

 
1

 
(1
)
Eurodollar futures
2019-2021
 
7

 
—

 
—

Total derivative financial instruments - assets
 
 
$
3,190

 
$
72

 
$
9

Liabilities
 
 
 
 
 
 
 
Derivative financial instruments
 
 
 
 
 
 
 
LPCs
2019
 
$
52

 
$
—

 
$
—

Forward MBS trades
2019
 
3,804

 
22

 
(3
)
Eurodollar futures
2019-2021
 
13

 
—

 
—

Total derivative financial instruments - liabilities
 
 
$
3,869

 
$
22

 
$
(3
)