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DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended
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Dec. 31, 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 sheets consist of the following:
| At December 31, 2022
| Notional amount |  | Fair value derivatives
(in thousands) |  |  | Asset |  | Liability
Forward sale commitments | $ | 51,252 |  |  | $ | 293 |  |  | $ | (151) |
Interest rate lock commitments | 17,463 |  |  | 141 |  |  | (36) |
Interest rate swaps | 236,533 |  |  | 13,093 |  |  | (13,093) |
Futures | 23,000 |  |  | 18 |  |  | — |
Options | 14,000 |  |  | 218 |  |  | — |
Total derivatives before netting | $ | 342,248 |  |  | $ | 13,763 |  |  | $ | (13,280) |
Netting adjustment/Cash collateral (1) |  |  | (12,870) |  |  | 101 |
Carrying value on consolidated balance sheet |  |  | $ | 893 |  |  | $ | (13,179) |
| 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 | 139,900 |  |  | 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 $12.8 million and paid of $5.3 million at December 31, 2022 and 2021, 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, 2022 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $ | 13,763 |  |  | $ | (12,870) |  |  | $ | 893 |  |  |  |  |  |  |
Derivative liabilities | (13,280) |  |  | 101 |  |  | (13,179) |  |  |  |  |  |  |
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 $12.8 million and paid of $5.3 million at December 31, 2022 and 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 amounts paid to counterparties. Any securities pledged to counterparties as collateral remain on the consolidated balance sheets. At December 31, 2022 and 2021, the Company had liabilities of $12.8 million and zero, respectively, in cash collateral received from counterparties and receivables of $0.03 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:
| Years Ended December 31, |
(in thousands) | 2022 |  | 2021 |  | 2020 |  |
Recognized in noninterest income: |  |  |  |  |  |  |
Net gain (loss) on loan origination and sale activities (1) | $ | 8,587 |  |  | $ | (6,057) |  |  | $ | (7,675) |  |  |
Loan servicing income (loss) (2) | (11,769) |  |  | (8,238) |  |  | 20,820 |  |  |
Other (3) | 160 |  |  | 386 |  |  | (421) |  |  |
(1)Comprised of interest rate lock commitments (" IRLCs") and forward contracts used as economic hedges of single family mortgage LHFS. (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 December 31, 2022 and 2021 were $237 million and $287 million, respectively.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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