DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
As of December 31, 2019 and December 31, 2018, 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, 2019 | | December 31, 2018 | | December 31, 2019 | | December 31, 2018 | | 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 | $ | 3,567 |
| | $ | 220 |
| | $ | 3,973 |
| | $ | 270 |
| | $ | 3,567 |
| | $ | 220 |
| | $ | 3,973 |
| | $ | 270 |
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| | (1) | Included in Loans Receivable on the Consolidated Statements of Financial Condition. |
(2) Included in Other Liabilities on the Consolidated Statements of Financial Condition.
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
As of December 31, 2019 and December 31, 2018, 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, 2019 | | December 31, 2018 | | December 31, 2019 | | December 31, 2018 | | 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 | $ | 371,957 |
| | $ | 14,982 |
| | $ | 272,374 |
| | $ | 2,868 |
| | $ | 371,957 |
| | $ | 10,746 |
| | $ | 272,374 |
| | $ | 2,868 |
| Mortgage loan commitments | 50,755 |
| | 791 |
| | 20,229 |
| | 273 |
| | 65,855 |
| | 190 |
| | 17,763 |
| | 187 |
| Forward sales contracts | 70,895 |
| | 317 |
| | 18,328 |
| | 198 |
| | 239,320 |
| | 484 |
| | 144,250 |
| | 1,467 |
| | $ | 493,607 |
| | $ | 16,090 |
| | $ | 310,931 |
| | $ | 3,339 |
| | $ | 677,132 |
| | $ | 11,420 |
| | $ | 434,387 |
| | $ | 4,522 |
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| | (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 $347,000 at December 31, 2019 and $282,000 at December 31, 2018), 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, 2019, 2018 and 2017 were as follows (in thousands): | | | | | | | | | | | | | | | | | | For the Years Ended December 31 | | Location on Income Statement | | 2019 |
| | 2018 |
| | 2017 |
| Mortgage loan commitments | Mortgage banking operations | | $ | 518 |
| | $ | 47 |
| | $ | 195 |
| Forward sales contracts | Mortgage banking operations | | (693 | ) | | (775 | ) | | (491 | ) | | | | $ | (175 | ) | | $ | (728 | ) | | $ | (296 | ) |
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Offsetting Assets and Liabilities |
The following presents additional information related to the Company's derivative contracts, by type of financial instrument, as of December 31, 2019 and December 31, 2018 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | | | | | | 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 | | Derivative Amount | | Fair Value of Financial Collateral in the Statement of Financial Condition | | Net Amount | Derivative assets | | | | | | | | | | | | Interest rate swaps | $ | 15,242 |
| | $ | (40 | ) | | $ | 15,202 |
| | $ | — |
| | $ | — |
| | $ | 15,202 |
| | $ | 15,242 |
| | $ | (40 | ) | | $ | 15,202 |
| | $ | — |
| | $ | — |
| | $ | 15,202 |
| | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | | | Interest rate swaps | $ | 15,242 |
| | $ | (4,276 | ) | | $ | 10,966 |
| | $ | — |
| | $ | (15,209 | ) | | $ | (4,243 | ) | | $ | 15,242 |
| | $ | (4,276 | ) | | $ | 10,966 |
| | $ | — |
| | $ | (15,209 | ) | | $ | (4,243 | ) | | | | | | | | | | | | | | December 31, 2018 | | | | | | | | 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 | | Derivative Amount | | Fair Value of Financial Collateral in the Statement of Financial Condition | | Net Amount | Derivative assets | | | | | | | | | | | | Interest rate swaps | $ | 5,038 |
| | $ | (1,900 | ) | | $ | 3,138 |
| | $ | — |
| | $ | — |
| | $ | 3,138 |
| | $ | 5,038 |
| | $ | (1,900 | ) | | $ | 3,138 |
| | $ | — |
| | $ | — |
| | $ | 3,138 |
| | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | | | Interest rate swaps | $ | 5,038 |
| | $ | (1,900 | ) | | $ | 3,138 |
| | $ | — |
| | $ | (1,320 | ) | | $ | 1,818 |
| | $ | 5,038 |
| | $ | (1,900 | ) | | $ | 3,138 |
| | $ | — |
| | $ | (1,320 | ) | | $ | 1,818 |
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