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DERIVATIVES AND HEDGING ACTIVITIES - (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount and Fair Value for Derivatives

The notional amounts and fair values for derivatives, which are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following: 

			At June 30, 2021
			Notional amount						Fair value derivatives
(in thousands)									Asset						Liability
Forward sale commitments			$	828,832					$	1,100					$	(1,069)
Interest rate lock commitments			234,046						5,901						(8)
Interest rate swaps			487,816						9,783						(14,143)
Eurodollar futures			725,000						—						(14)
Total derivatives before netting			$	2,275,694					16,784						(15,234)
Netting adjustment/Cash collateral (1)									(4,197)						14,116
Carrying value on consolidated balance sheet									$	12,587					$	(1,118)

			At December 31, 2020
			Notional amount						Fair value derivatives
(in thousands)									Asset						Liability
Forward sale commitments			$	977,974					$	1,035					$	(3,714)
Interest rate lock commitments			493,873						17,395						(3)
Interest rate swaps			536,969						17,459						(20,511)
Eurodollar futures			314,000						—						(4)
Total derivatives before netting			$	2,322,816					35,889						(24,232)
Netting adjustment/Cash collateral (1)									(8,250)						21,447
Carrying value on consolidated balance sheet									$	27,639					$	(2,785)

(1)    Includes net cash collateral paid of $9.9 million and $13.2 million at June 30, 2021 and December 31, 2020, respectively.

Fair Value, Concentration of Risk

The following tables present gross fair value and net carrying value information about derivative instruments:

(in thousands)			Gross fair value						Netting adjustments/ Cash collateral (1)						Carrying value
At June 30, 2021
Derivative assets			$	16,784					$	(4,197)					$	12,587
Derivative liabilities			(15,234)						14,116						(1,118)
At December 31, 2020
Derivative assets			$	35,889					$	(8,250)					$	27,639
Derivative liabilities			(24,232)						21,447						(2,785)

(1)    Includes net cash collateral paid of $9.9 million and $13.2 million at June 30, 2021 and December 31, 2020, respectively.

Net Gains (Losses) Recognized on Economic Hedge Derivatives

The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:

			Quarter Ended June 30,												Six Months Ended June 30,
(in thousands)			2021						2020						2021						2020
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)			$	(7,267)					$	(747)					$	(3,409)					$	4,393
Loan servicing income (loss) (2)			5,024						2,318						(7,567)						22,239
Other (3)			(35)						(222)						264						(716)

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

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

(3)Comprised of interest rate swaps used as economic hedges of loans held for investment.

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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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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