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DERIVATIVES AND HEDGING (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of September 30, 2013 and December 31, 2012, 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
 
September 30, 2013
 
December 31, 2012
 
September 30, 2013
 
December 31, 2012
 
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
$
7,500

 
$
1,419

 
$
10,507

 
$
2,163

 
$
7,500

 
$
1,419

 
$
10,507

 
$
2,163


(1) 
Included in Loans Receivable on the Consolidated Statement of Financial Condition.
(2) 
Included in Other Liabilities on the Consolidated
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
As of September 30, 2013 and December 31, 2012, 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
 
September 30, 2013
 
December 31, 2012
 
September 30, 2013
 
December 31, 2012
 
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
$
102,673

 
$
3,196

 
$
100,447

 
$
6,190

 
$
102,673

 
$
3,196

 
$
100,447

 
$
6,190

Mortgage loan commitments
15,277

 
271

 
45,363

 
436

 
14,904

 
223

 
43,686

 
74

Forward sales contracts
14,904

 
223

 
43,686

 
74

 
13,470

 
251

 
41,500

 
121

 
$
132,854

 
$
3,690

 
$
189,496

 
$
6,700

 
$
131,047

 
$
3,670

 
$
185,633

 
$
6,385


(1) 
Included in Other Assets on the Consolidated Statements of Financial Condition.
(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 September 30, 2013 and 2012 were as follows (in thousands):
 
 
 
Three Months Ended
September 30
 
Location on Income Statement
 
2013

 
2012

Mortgage loan commitments
Mortgage banking operations
 
$
651

 
$
891

Forward sales contracts
Mortgage banking operations
 
(952
)
 
(668
)
 
 
 
$
(301
)
 
$
223
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 Statement of Financial Condition as of September 30, 2013 and December 31, 2012 (in thousands):
 
September 30, 2013
 
 
 
 
 
 
 
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
$
4,615

 
$
—

 
$
4,615

 
$
(628
)
 
$
—

 
$
3,987

 
$
4,615

 
$
—

 
$
4,615

 
$
(628
)
 
$
—

 
$
3,987

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
4,615

 
$
—

 
$
4,615

 
$
(628
)
 
$
(3,359
)
 
$
628

 
$
4,615

 
$
—

 
$
4,615

 
$
(628
)
 
$
(3,359
)
 
$
628

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
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
$
8,353

 
$
—

 
$
8,353

 
$
—

 
$
—

 
$
8,353

 
$
8,353

 
$
—

 
$
8,353

 
$
—

 
$
—

 
$
8,353

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
8,353

 
$
—

 
$
8,353

 
$
—

 
$
(8,353
)
 
$
—

 
$
8,353

 
$
—

 
$
8,353

 
$
—

 
$
(8,353
)
 
$
—