To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as single family mortgage LHFS and MSRs, the Company utilizes derivatives as economic hedges. The notional amounts and fair values for derivatives, which are included in other assets or accounts payable and other liabilities on the consolidated balance sheets consist of the following:


	At December 31, 2021
	Notional amount		Fair value derivatives
(in thousands)			Asset		Liability

Forward sale commitments	$	793,208	$	723	$	(640)

Interest rate lock commitments	115,025		2,487		(3)
Interest rate swaps	287,352		4,381		(4,541)
Futures	1,082,000		334		—
Total derivatives before netting	$	2,277,585	7,925		(5,184)
Netting adjustment/Cash collateral (1)			1,355		3,921
Carrying value on consolidated balance sheet			$	9,280	$	(1,263)


	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)
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 $5.3 million and $13.2 million at December 31, 2021 and 2020, respectively.

The Company nets derivative assets and liabilities when a legally enforceable master netting agreement exists between the Company and the derivative counterparty. Derivatives are reported at their respective fair values in the other assets or accounts payable and other liabilities line items on the consolidated balance sheets, with changes in fair value reflected in current period earnings.

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 December 31, 2021
Derivative assets	$	7,925	$	1,355	$	9,280




Derivative liabilities	(5,184)		3,921		(1,263)
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 $5.3 million and $13.2 million at December 31, 2021 and 2020, respectively.

The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties. Receivables related to cash collateral that has been paid to counterparties is included in other assets. Payables related to cash collateral that has been received from counterparties is included in accounts payable and

other liabilities. Interest is owed on amounts received from counterparties and we earn interest on cash paid to counterparties. Any securities pledged to counterparties as collateral remain on the consolidated balance sheets. At December 31, 2021 and 2020, the Company had liabilities of zero and $3.3 million, respectively, in cash collateral received from counterparties and receivables of $5.3 million and $16.5 million, respectively, in cash collateral paid to counterparties.

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:


	Years Ended December 31,
(in thousands)	2021		2020

Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)	$	(6,057)	$	(7,675)
Loan servicing income (loss) (2)	(8,238)		20,820
Other (3)	386		(421)

(1)Comprised of IRLCs and forward contracts used as economic hedges of single family mortgage LHFS.

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