DERIVATIVES AND HEDGING (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Designated in Hedge Relationships

As of March 31, 2016 and December 31, 2015, 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, 2016				December 31, 2015				March 31, 2016				December 31, 2015
	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	$	6,641	$	998	$	6,734	$	938	$	6,641	$	998	$	6,734	$	938


⁽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 March 31, 2016 and December 31, 2015, 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, 2016				December 31, 2015				March 31, 2016				December 31, 2015
	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	$	301,673	$	17,961	$	293,937	$	11,046	$	301,673	$	17,961	$	293,937	$	11,046
Mortgage loan commitments	59,760		941		76,146		428		44,467		126		—		—
Forward sales contracts	44,467		126		41,500		43		54,713		291		32,763		50
	$	405,900	$	19,028	$	411,583	$	11,517	$	400,853	$	18,378	$	326,700	$	11,096


⁽¹⁾	Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of those interest rate swaps that were not designated in hedge relationships (with a fair value of $293,000 at March 31, 2016 and $327,000 at December 31, 2015), 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, 2016 and 2015 were as follows (in thousands):



		Three Months Ended March 31,
	Location on Consolidated Statements of Operations	2016			2015
Mortgage loan commitments	Mortgage banking operations	$	563		$	412
Forward sales contracts	Mortgage banking operations	(273		)	(140		)
		$	290		$	272

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 March 31, 2016 and December 31, 2015 (in thousands):



	March 31, 2016
							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	$	18,959	$	—	$	18,959	$	—	$	—		$	18,959
	$	18,959	$	—	$	18,959	$	—	$	—		$	18,959

Derivative liabilities
Interest rate swaps	$	18,959	$	—	$	18,959	$	—	$	(18,938	)	$	21
	$	18,959	$	—	$	18,959	$	—	$	(18,938	)	$	21

	December 31, 2015
							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	$	11,984	$	—	$	11,984	$	—	$	—		$	11,984
	$	11,984	$	—	$	11,984	$	—	$	—		$	11,984

Derivative liabilities
Interest rate swaps	$	11,984	$	—	$	11,984	$	—	$	(11,984	)	$	—
	$	11,984	$	—	$	11,984	$	—	$	(11,984	)	$	—