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DERIVATIVES AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Designated in Hedge Relationships
As of June 30, 2015 and December 31, 2014, 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
 
June 30, 2015
 
December 31, 2014
 
June 30, 2015
 
December 31, 2014
 
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
$
6,914

 
$
1,052

 
$
7,089

 
$
1,165

 
$
6,914

 
$
1,052

 
$
7,089

 
$
1,165


(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 Derivatives Not Designated in Hedge Relationships
As of June 30, 2015 and December 31, 2014, 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
 
June 30, 2015
 
December 31, 2014
 
June 30, 2015
 
December 31, 2014
 
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
$
144,947

 
$
5,575

 
$
134,512

 
$
5,125

 
$
144,947

 
$
5,575

 
$
134,512

 
$
5,125

Mortgage loan commitments
43,230

 
311

 
29,311

 
317

 
24,678

 
148

 
—

 
—

Forward sales contracts
67,552

 
444

 
—

 
—

 
—

 
—

 
33,174

 
198

 
$
255,729

 
$
6,330

 
$
163,823

 
$
5,442

 
$
169,625

 
$
5,723

 
$
167,686

 
$
5,323


(1) 
Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of those interest rate swaps from prior to 2009 that were not designated in hedge relationships (with a fair value of $416,000 at June 30, 2015 and $558,000 at December 31, 2014), 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 and six months ended June 30, 2015 and 2014 were as follows (in thousands):
 
 
 
Three Months Ended
June 30
 
Six Months Ended
June 30
 
Location on
Statement of Operations
 
2015

 
2014

 
2015

 
2014

Mortgage loan commitments
Mortgage banking operations
 
$
(379
)
 
$
321

 
$
33

 
$
391

Forward sales contracts
Mortgage banking operations
 
595

 
(199
)
 
455

 
(265
)
 
 
 
$
216

 
$
122

 
$
488

 
$
126
Offsetting Assets and Liabilities
The following table illustrates the potential effect of the Company's derivative master netting arrangements, by type of financial instrument, on the Company's Consolidated Statements of Financial Condition as of June 30, 2015 and December 31, 2014 (in thousands):
 
June 30, 2015
 
 
 
 
 
 
 
Gross Amounts of Financial Instruments Not Offset in the Statement 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
$
6,627

 
$
—

 
$
6,627

 
$
(7
)
 
$
—

 
$
6,620

 
$
6,627

 
$
—

 
$
6,627

 
$
(7
)
 
$
—

 
$
6,620

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
6,627

 
$
—

 
$
6,627

 
$
(7
)
 
$
(6,614
)
 
$
6

 
$
6,627

 
$
—

 
$
6,627

 
$
(7
)
 
$
(6,614
)
 
$
6

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
Gross Amounts of Financial Instruments Not Offset in the Statement 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
$
6,290

 
$
—

 
$
6,290

 
$
(6
)
 
$
—

 
$
6,284

 
$
6,290

 
$
—

 
$
6,290

 
$
(6
)
 
$
—

 
$
6,284

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
6,290

 
$
—

 
$
6,290

 
$
(6
)
 
$
(6,279
)
 
$
5

 
$
6,290

 
$
—

 
$
6,290

 
$
(6
)
 
$
(6,279
)
 
$
5