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DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of December 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
 
December 31, 2016
 
December 31, 2015
 
December 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
$
5,855

 
$
660

 
$
6,734

 
$
938

 
$
5,855

 
$
660

 
$
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 Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
As of December 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
 
December 31, 2016
 
December 31, 2015
 
December 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
$
309,936

 
$
7,670

 
$
293,937

 
$
11,046

 
$
309,936

 
$
7,670

 
$
293,937

 
$
11,046

Mortgage loan commitments
42,296

 
30

 
76,146

 
428

 
27,191

 
174

 
—

 
—

Forward sales contracts
71,192

 
452

 
41,500

 
43

 
9,715

 
115

 
32,763

 
50

 
$
423,424

 
$
8,152

 
$
411,583

 
$
11,517

 
$
346,842

 
$
7,959

 
$
326,700

 
$
11,096


(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 $822,000 at December 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 years ended December 31, 2016 and 2015 were as follows (in thousands):
 
 
 
For the Year Ended December 31,
 
Location on Income Statement
 
2016

 
2015

Mortgage loan commitments
Mortgage banking operations
 
$
(348
)
 
$
100

Forward sales contracts
Mortgage banking operations
 
296

 
141

 
 
 
$
(52
)
 
$
241
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 December 31, 2016 and December 31, 2015 (in thousands):
 
December 31, 2016
 
 
 
 
 
 
 
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
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
—

 
$
7,968

 
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
—

 
$
7,968

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
(7,557
)
 
$
411

 
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
(7,557
)
 
$
411

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
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
)
 
$
—