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Loan Servicing, Mortgage Origination, and Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2022

Loan Servicing, Mortgage Origination, and Loans Held for Sale

Summary of changes in the fair value of MSRs and its offsetting hedge

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended
(Dollars in thousands)		March 31, 2022			March 31, 2021
Increase in fair value of MSRs	​	$	12,827	​	$	8,076	​
Decay of MSRs	​		(2,230)	​		(4,561)	​
Loss related to derivatives	​	​	(11,838)	​	​	(6,404)	​
Net effect on statements of income	​	$	(1,241)	​	$	(2,889)	​

Schedule of characteristics and sensitivity analysis of the MSR

The characteristics and sensitivity analysis of the MSRs are included in the following table.

​	​	​	​	​	​	​	​	​	​
​	​	March 31,		​	​	December 31,		​	​
(Dollars in thousands)		2022				2021
Composition of residential loans serviced for others	​	​	​	​	​	​	​	​	​
Fixed-rate mortgage loans	​	​	100.0	%	​	​	99.9	%	​
Adjustable-rate mortgage loans	​	​	—	%	​	​	0.1	%	​
Total	​	​	100.0	%	​	​	100.0	%	​
Weighted average life	​	​	8.42	years	​	​	7.35	years	​
Constant Prepayment rate (CPR)	​	​	6.5	%	​	​	8.4	%	​
Weighted average discount rate	​	​	9.4	%	​	​	9.0	%	​
Effect on fair value due to change in interest rates	​	​	​	​	​	​	​	​	​
25 basis point increase	​	$	1,337	​	​	$	3,961	​	​
50 basis point increase	​	​	2,316	​	​	​	7,261	​	​
25 basis point decrease	​	​	(1,934)	​	​	​	(4,371)	​	​
50 basis point decrease	​	​	(4,793)	​	​	​	(8,966)	​	​

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- Definition

Tabular disclosure of changes in the fair value of Mortgage Servicing Rights (MSRs) and its offsetting hedge.

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- Definition

Tabular disclosure related to composition of residential mortgages serviced for others, characteristics and sensitivity analysis of the mortgage servicing rights.

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