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DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

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, 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.

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, 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.

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)			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.

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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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