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DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional amount and fair value for derivatives | The notional amounts and fair values for derivatives, all of which are economic hedges, are included in other assets or accounts payable and other liabilities on the consolidated balance sheets, consist of the following:
| At December 31, 2023
| Notional amount |  | Fair value derivatives
(in thousands) |  |  | Asset |  | Liability
Forward sale commitments | $ | 87,509 |  |  | $ | 151 |  |  | $ | (288) |
Interest rate lock commitments | 21,790 |  |  | 411 |  |  | — |
Interest rate swaps | 235,521 |  |  | 10,489 |  |  | (10,492) |
Futures | 12,200 |  |  | — |  |  | (3) |
Options | 9,300 |  |  | 132 |  |  | — |
Total derivatives before netting | $ | 366,320 |  |  | $ | 11,183 |  |  | $ | (10,783) |
Netting adjustment/Cash collateral (1) |  |  | (10,119) |  |  | 195 |
Carrying value on consolidated balance sheet |  |  | $ | 1,064 |  |  | $ | (10,588) |
| 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) |
(1) Includes net cash collateral received of $9.9 million and $12.8 million at December 31, 2023 and 2022, respectively.
Schedule of derivative instruments | The following tables present gross fair value and net carrying value information for derivative instruments:
(in thousands) | Gross fair value |  | Netting adjustments/Cash collateral (1) |  | Carrying value |  |  |  |  |  |
At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $ | 11,183 |  |  | $ | (10,119) |  |  | $ | 1,064 |  |  |  |  |  |  |
Derivative liabilities | (10,783) |  |  | 195 |  |  | (10,588) |  |  |  |  |  |  |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $ | 13,763 |  |  | $ | (12,870) |  |  | $ | 893 |  |  |  |  |  |  |
Derivative liabilities | (13,280) |  |  | 101 |  |  | (13,179) |  |  |  |  |  |  |
(1) Includes net cash collateral received of $9.9 million and $12.8 million at December 31, 2023 and 2022, 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) | 2023 |  | 2022 |  | 2021 |  |
Recognized in noninterest income: |  |  |  |  |  |  |
Net gain (loss) on loan origination and sale activities (1) | $ | 804 |  |  | $ | 8,587 |  |  | $ | (6,057) |  |  |
Loan servicing income (loss) (2) | (1,255) |  |  | (11,769) |  |  | (8,238) |  |  |
Other (3) | (3) |  |  | 160 |  |  | 386 |  |  |
(1)Comprised of forward contracts used as an economic hedge of loans held for sale and interest rate lock commitments ("IRLCs") to customers. (2)Comprised of 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 and broker dealer counterparties.

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