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DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$87,912 $237 $(402)
Interest rate lock commitments16,757 175 (49)
Interest rate swaps222,917 10,250 (10,250)
Futures5,200 1 — 
Options5,800 3 — 
Total derivatives before netting$338,586 10,666 (10,701)
Netting adjustment/Cash collateral (1)
(10,388)219 
Carrying value on consolidated balance sheet$278 $(10,482)

At December 31, 2023
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$87,509 $151 $(288)
Interest rate lock commitments21,790 411 — 
Interest rate swaps235,521 10,489 (10,492)
Futures12,200 — (3)
Options9,300 132 — 
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)
(1)    Includes net cash collateral received of $10.2 million and $9.9 million at December 31, 2024 and 2023, 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, 2024
Derivative assets$10,666 $(10,388)$278 
Derivative liabilities(10,701)219 (10,482)
At December 31, 2023
Derivative assets $11,183 $(10,119)$1,064 
Derivative liabilities (10,783)195 (10,588)
(1)    Includes net cash collateral received of $10.2 million and $9.9 million at December 31, 2024 and 2023, 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)20242023
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)
$224 $804 
Loan servicing income (loss) (2)
(1,230)(1,255)
        Other (3)
3 (3)
(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.