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DERIVATIVES AND HEDGING ACTIVITIES - (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021
| Notional amount |  | Fair value derivatives
(in thousands) |  |  | Asset |  | Liability
Forward sale commitments | $ | 651,906 |  |  | $ | 1,419 |  |  | $ | (1,017) |
Interest rate lock commitments | 194,587 |  |  | 4,612 |  |  | (3) |
Interest rate swaps | 399,788 |  |  | 8,772 |  |  | (10,521) |
Eurodollar futures | 355,000 |  |  | — |  |  | (9) |
Total derivatives before netting | $ | 1,601,281 |  |  | 14,803 |  |  | (11,550) |
Netting adjustment/Cash collateral (1) |  |  | (4,348) |  |  | 9,909 |
Carrying value on consolidated balance sheet |  |  | $ | 10,455 |  |  | $ | (1,641) |
| 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 $5.6 million and $13.2 million at September 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 September 30, 2021 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 14,803 |  |  | $ | (4,348) |  |  | $ | 10,455 |  |  |  |  |
Derivative liabilities | (11,550) |  |  | 9,909 |  |  | (1,641) |  |  |  |  |
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 $5.6 million and $13.2 million at September 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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Recognized in noninterest income: |  |  |  |  |  |  |
Net gain (loss) on loan origination and sale activities (1) | $ | (1,165) |  |  | $ | (3,810) |  |  | $ | (4,574) |  |  | $ | 583 |
Loan servicing income (loss) (2) | (293) |  |  | (91) |  |  | (7,860) |  |  | 22,148 |
Other (3) | 41 |  |  | 632 |  |  | 305 |  |  | (84) |
(1)Comprised of IRLCs and forward contracts used as an economic hedge of 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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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13572-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13531-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13587-108611 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13537-108611 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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