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DERIVATIVES AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES:
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 sheet, consist of the following: 
At June 30, 2022
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$224,930 $1,058 $(902)
Interest rate lock commitments56,757 737 (415)
Interest rate swaps260,362 9,211 (9,211)
Futures36,800 — (143)
Options26,000 199 — 
Total derivatives before netting$604,849 11,205 (10,671)
Netting adjustment/Cash collateral (1)
(10,035)(93)
Carrying value on consolidated balance sheet$1,170 $(10,764)

At December 31, 2021
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$793,208 $723 $(640)
Interest rate lock commitments115,025 2,487 (3)
Interest rate swaps287,352 4,381 (4,541)
Futures139,900 334 — 
Total derivatives before netting$1,335,485 7,925 (5,184)
Netting adjustment/Cash collateral (1)
1,355 3,921 
Carrying value on consolidated balance sheet$9,280 $(1,263)
(1)    Includes net cash collateral received of $10.1 million and paid of $5.3 million at June 30, 2022 and December 31, 2021, respectively.
The following table presents gross fair value and net carrying value information for derivative instruments:

(in thousands)Gross fair value
Netting adjustments/ Cash collateral (1)
Carrying value
At June 30, 2022
Derivative assets$11,205 $(10,035)$1,170 
Derivative liabilities(10,671)(93)(10,764)
At December 31, 2021
Derivative assets$7,925 $1,355 $9,280 
Derivative liabilities(5,184)3,921 (1,263)

(1) Includes net cash collateral received of $10.1 million and paid of $5.3 million at June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021, the Company had liabilities of $10.2 million and zero, respectively, in cash collateral received from counterparties and receivables of $0.1 million and $5.3 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:

 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)
$2,650 $(7,267)$7,263 $(3,409)
Loan servicing income (loss) (2)
(2,190)5,024 (11,629)(7,567)
Other (3)
1 (35)160 264 
 
(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, US Treasury options and forward contracts used as economic hedges of single family MSRs.
(3)Impact of interest rate swap agreements executed with commercial banking customers.
The notional amount of open interest rate swap agreements executed with commercial banking customers at June 30, 2022 and December 31, 2021 were $260 million and $287 million, respectively.