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DERIVATIVES AND HEDGING (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Designated in Hedge Relationships
As of March 31, 2020 and December 31, 2019, 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, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
 
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
$
2,253

 
$
155

 
$
3,567

 
$
220

 
$
2,253

 
$
155

 
$
3,567

 
$
220


(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, 2020 and December 31, 2019, 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, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
 
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
$
404,492

 
$
42,532

 
$
371,957

 
$
14,982

 
$
404,492

 
$
23,125

 
$
371,957

 
$
10,746

Mortgage loan commitments
170,207

 
2,517

 
50,755

 
791

 
51,063

 
2

 
65,855

 
190

Forward sales contracts
81,429

 
808

 
70,895

 
317

 
229,000

 
4,446

 
239,320

 
484

 
$
656,128

 
$
45,857

 
$
493,607

 
$
16,090

 
$
684,555

 
$
27,573

 
$
677,132

 
$
11,420


(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 $959,000 at March 31, 2020 and $347,000 at December 31, 2019), which are included in Loans receivable.
(2) 
Included in Other liabilities on the Consolidated Statements of Financial Condition.

Gains (losses) recognized in income on derivatives not designated in hedge relationships for the three months ended March 31, 2020 and 2019 were as follows (in thousands):
 
Location on Consolidated
Statements of Operations
 
Three Months Ended
March 31,
 
 
2020
 
2019
Mortgage loan commitments
Mortgage banking operations
 
$
1,726

 
$
7

Forward sales contracts
Mortgage banking operations
 
(3,068
)
 
150

 
 
 
$
(1,342
)
 
$
157
Offsetting Assets and Liabilities as of March 31, 2020 and December 31, 2019 (in thousands):
 
March 31, 2020
 
 
 
 
 
 
 
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
$
42,687

 
$
—

 
$
42,687

 
$
—

 
$
—

 
$
42,687

 
$
42,687

 
$
—

 
$
42,687

 
$
—

 
$
—

 
$
42,687

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
42,687

 
$
(19,407
)
 
$
23,280

 
$
—

 
$
(23,285
)
 
$
(5
)
 
$
42,687

 
$
(19,407
)
 
$
23,280

 
$
—

 
$
(23,285
)
 
$
(5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
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
$
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
)