XML 75 R54.htm IDEA: XBRL DOCUMENT v3.25.2
Transfers of financial assets and mortgage servicing assets (Tables)
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing of Financial Assets  
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
2,581
$
-
$
2,581
Mortgage-backed securities - FNMA
-
2,553
-
2,553
Total trading account
 
debt securities
$
-
$
5,134
$
-
$
5,134
Mortgage servicing rights
$
-
$
-
$
92
$
92
Total
 
$
-
$
5,134
$
92
$
5,226
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June
 
30, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
2,581
$
-
$
2,581
Mortgage-backed securities - FNMA
-
4,271
-
4,271
Total trading account
 
debt securities
$
-
$
6,852
$
-
$
6,852
Mortgage servicing rights
$
-
$
-
$
135
$
135
Total
 
$
-
$
6,852
$
135
$
6,987
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - FNMA
$
-
$
2,601
$
-
$
2,601
Total trading account
 
debt securities
$
-
$
2,601
$
-
$
2,601
Mortgage servicing rights
$
-
$
-
$
72
$
72
Total
 
$
-
$
2,601
$
72
$
2,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June
 
30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
1,100
$
-
$
1,100
Mortgage-backed securities - FNMA
-
3,706
-
3,706
Total trading account
 
debt securities
$
-
$
4,806
$
-
$
4,806
Mortgage servicing rights
$
-
$
-
$
117
$
117
Total
 
$
-
$
4,806
$
117
$
4,923
Changes in MSRs measured using the fair value method
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential MSRs
(In thousands)
June 30, 2025
June 30, 2024
Fair value at beginning of period
$
108,103
$
118,109
Additions
498
661
Changes due to payments on loans
 
[1]
(4,326)
(4,435)
Reduction due to loan repurchases
(221)
(247)
Changes in fair value due to changes in valuation model inputs
 
or assumptions
(977)
(702)
Fair value at end of period
 
[2]
$
103,077
$
113,386
[1] Represents changes due to collection / realization
 
of expected cash flows over time.
[2] At June 30, 2025, PB had MSRs amounting to $
1.8
 
million (June 30, 2024 - $
1.9
 
million).
Key economic assumptions used in measuring the servicing rights retained at the date of the residential mortgage loan securitizations and whole loan sales by the banking subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
Six months ended
 
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
BPPR
PB
BPPR
PB
BPPR
PB
BPPR
PB
Prepayment speed
5.9
%
5.8
%
6.9
%
6.3
%
6.8
%
6.0
%
6.4
%
6.2
%
Weighted average life (in years)
10.4
8.8
9.2
8.6
9.8
8.8
9.4
8.7
Discount rate (annual rate)
9.5
%
12.9
%
9.8
%
12.9
%
9.7
%
12.9
%
9.6
%
12.7
%
Key economic assumptions used to estimate the fair value of MSRs derived from sales and securitizations of mortgage loans performed by the banking subsidiaries and servicing rights purchased from other financial institutions
Key
 
economic
 
assumptions
 
used
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs
 
derived
 
from
 
sales
 
and
 
securitizations
 
of
 
mortgage
 
loans
performed
 
by
 
the
 
banking
 
subsidiaries
 
and
 
servicing
 
rights
 
purchased
 
from
 
other
 
financial
 
institutions,
 
and
 
the
 
sensitivity
 
to
immediate changes in those assumptions, were as follows
 
as of the end of the periods reported:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated MSRs
Purchased MSRs
June 30,
December 31,
June 30,
December 31,
 
(In thousands)
2025
2024
2025
2024
Fair value of servicing rights
$
33,734
$
34,019
$
69,343
$
74,084
Weighted average life (in years)
6.4
6.4
6.6
6.6
Weighted average prepayment speed (annual
 
rate)
5.6
%
5.8
%
6.9
%
6.9
%
Impact on fair value of 10% adverse change
$
(658)
$
(667)
$
(1,346)
$
(1,448)
Impact on fair value of 20% adverse change
$
(1,289)
$
(1,308)
$
(2,641)
$
(2,840)
Weighted average discount rate (annual rate)
11.3
%
11.4
%
10.9
%
10.8
%
Impact on fair value of 10% adverse change
$
(1,245)
$
(1,267)
$
(2,496)
$
(2,689)
Impact on fair value of 20% adverse change
$
(2,410)
$
(2,451)
$
(4,837)
$
(5,211)