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DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 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 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.

Schedule of Derivative Instruments

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.

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:

			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.

(3)Impact of interest rate swap agreements executed with commercial banking customers.

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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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