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DERIVATIVES AND HEDGING (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Designated in Hedge Relationships | As of March 31, 2022 and December 31, 2021, the notional values or contractual amounts and fair values of the Company’s derivatives designated in hedge relationships were as follows (in thousands):
| Asset Derivatives |  | Liability Derivatives
| March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
| Notional/ Contract Amount |  | Fair Value (1) |  | Notional/ Contract Amount |  | Fair Value (1) |  | Notional/ Contract Amount |  | Fair Value (2) |  | Notional/ Contract Amount |  | Fair Value (2)
Interest Rate Swaps used in Cash Flow Hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 400,000 |  |  | $ | 502 |  |  | $ | 400,000 |  |  | $ | 279 |
(1) Included in Loans Receivable on the Consolidated Statements of Financial Condition. (2) Included in Other Liabilities on the Consolidated Statements of Financial Condition.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2022 (in thousands):
| For the Three Months Ended March 31, 2022
| Amount of Gain or (Loss) Recognized in AOCI on Derivative |  | Amount of Gain or (Loss) Recognized in AOCI Included Component |  | Amount of Gain or (Loss) Recognized in AOCI Excluded Component |  | Location of Gain or (Loss) Recognized from AOCI into Income |  | Amount of Gain or (Loss) Reclassified from AOCI into Income |  | Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component |  | Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps | $ | (14,025) |  |  | $ | (14,025) |  |  | $ | — |  |  | Interest Income |  | $ | 751 |  |  | $ | 751 |  |  | $ | — |
Schedule of Derivatives Not Designated in Hedge Relationships | As of March 31, 2022 and December 31, 2021, the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (in thousands):
| Asset Derivatives |  | Liability Derivatives
| March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
| Notional/ Contract Amount |  | Fair Value (1) |  | Notional/ Contract Amount |  | Fair Value (1) |  | Notional/ Contract Amount |  | Fair Value (2) |  | Notional/ Contract Amount |  | Fair Value (2)
Interest rate swaps | $ | 472,640 |  |  | $ | 14,685 |  |  | $ | 551,606 |  |  | $ | 20,826 |  |  | $ | 472,640 |  |  | $ | 18,574 |  |  | $ | 551,606 |  |  | $ | 11,336 |
Risk participation agreements | 1,458 |  |  | — |  |  | — |  |  | — |  |  | 52,729 |  |  | 218 |  |  | — |  |  | — |
Mortgage loan commitments | — |  |  | — |  |  | 87,986 |  |  | 1,467 |  |  | 71,233 |  |  | 142 |  |  | 26,329 |  |  | 66 |
Forward sales contracts | 137,378 |  |  | 3,062 |  |  | 56,086 |  |  | 88 |  |  | — |  |  | — |  |  | 98,500 |  |  | 74 |
| $ | 611,476 |  |  | $ | 17,747 |  |  | $ | 695,678 |  |  | $ | 22,381 |  |  | $ | 596,602 |  |  | $ | 18,934 |  |  | $ | 676,435 |  |  | $ | 11,476 |
(1)Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of certain interest swaps and mortgage loan commitments (with a fair value of $3,000 at March 31, 2022 and $20,000 at December 31, 2021), which are included in Loans Receivable. (2)Included in Other Liabilities on the Consolidated Statements of Financial Condition. Gains (losses) recognized in income on non-designated hedging instruments for the three months ended March 31, 2022 and 2021 were as follows (in thousands):
| Location on Consolidated Statements of Operations |  | Three Months Ended March 31, |  |
|  | 2022 |  | 2021 |  |  |  |
Mortgage loan commitments | Mortgage banking operations |  | $ | (1,532) |  |  | $ | (2,284) |  |  |  |  |
Forward sales contracts | Mortgage banking operations |  | 2,212 |  |  | 3,011 |  |  |  |  |
|  |  | $ | 680 |  |  | $ | 727 |  |  |  |  |
Offsetting Assets and Liabilities | as of March 31, 2022 and December 31, 2021 (in thousands):
| March 31, 2022
|  |  |  |  |  |  | Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition |  |
| Gross Amounts Recognized |  | Amounts offset in the Statement of Financial Condition |  | Net Amounts in the Statement of Financial Condition |  | Netting Adjustment Per Applicable Master Netting Agreements |  | Fair Value of Financial Collateral in the Statement of Financial Condition |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 14,685 |  |  | $ | — |  |  | $ | 14,685 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,685 |
| $ | 14,685 |  |  | $ | — |  |  | $ | 14,685 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,685 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 19,076 |  |  | $ | — |  |  | $ | 19,076 |  |  | $ | — |  |  | $ | (676) |  |  | $ | 18,400 |
| $ | 19,076 |  |  | $ | — |  |  | $ | 19,076 |  |  | $ | — |  |  | $ | (676) |  |  | $ | 18,400 |
| December 31, 2021
|  |  |  |  |  |  | Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition |  |
| Gross Amounts Recognized |  | Amounts offset in the Statement of Financial Condition |  | Net Amounts in the Statement of Financial Condition |  | Netting Adjustment Per Applicable Master Netting Agreements |  | Fair Value of Financial Collateral in the Statement of Financial Condition |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 20,826 |  |  | $ | — |  |  | $ | 20,826 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,826 |
| $ | 20,826 |  |  | $ | — |  |  | $ | 20,826 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,826 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 11,615 |  |  | $ | — |  |  | $ | 11,615 |  |  | $ | — |  |  | $ | (9,669) |  |  | $ | 1,946 |
| $ | 11,615 |  |  | $ | — |  |  | $ | 11,615 |  |  | $ | — |  |  | $ | (9,669) |  |  | $ | 1,946 |

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