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NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2022
Transfers and Servicing [Abstract] |
Changes in Servicing Assets [Table Text Block] | The changes in MSRs are shown below for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, (In thousands) 2022 2021 2022 2021 Balance at beginning of period $ 30,277 $ 32,335 $ 30,986 $ 33,071 Capitalization of servicing assets 679 1,146 2,637 4,046 Amortization (1,247) (1,817) (3,850) (5,374) Temporary impairment recoveries, net 1 12 65 49 Other (1) (20) 9 (148) (107) Balance at end of period $ 29,690 $ 31,685 $ 29,690 $ 31,685 (1) Mainly represents adjustments related to the repurchase of loans serviced for others.
Changes in Impairment Allowance [Table Text Block] | Changes in the impairment allowance were as follows for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Balance at beginning of period $ 14 $ 165 $ 78 $ 202 Recoveries (1) (12) (65) (49) Balance at end of period $ 13 $ 153 $ 13 $ 153
Components of Net Servicing Income [Table Text Block] | The components of net servicing income, included as part of mortgage banking activities in the consolidated statements of income, are shown below for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Servicing fees $ 2,758 $ 3,213 $ 8,398 $ 9,146 Late charges and prepayment penalties 201 87 614 543 Adjustment for loans repurchased (20) (32) (148) (148) Servicing income, gross 2,939 3,268 8,864 9,541 Amortization and impairment of servicing assets (1,246) (1,764) (3,785) (5,284) Servicing income, net $ 1,693 $ 1,504 $ 5,079 $ 4,257
Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans [Table Text Block] | The Corporation’s MSRs are subject to prepayment and interest rate risks. Key economic assumptions used in determining the fair value at the time of sale of the related mortgages for the indicated periods ranged as follows: Weighted Average Maximum Minimum Nine-Month Period Ended September 30, 2022: Constant prepayment rate: Government-guaranteed mortgage loans 6.6 % 18.3 % 4.8 % Conventional conforming mortgage loans 6.6 % 18.4 % 3.4 % Conventional non-conforming mortgage loans 6.0 % 21.9 % 3.8 % Discount rate: Government-guaranteed mortgage loans 11.8 % 12.0 % 11.5 % Conventional conforming mortgage loans 9.8 % 10.0 % 9.5 % Conventional non-conforming mortgage loans 12.4 % 14.5 % 11.5 % Nine-Month Period Ended September 30, 2021: Constant prepayment rate: Government-guaranteed mortgage loans 6.1 % 17.4 % 3.7 % Conventional conforming mortgage loans 6.2 % 17.4 % 2.8 % Conventional non-conforming mortgage loans - % - % - % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % 10.0 % Conventional non-conforming mortgage loans - % - % - %
Weighted-Averages of Key Economic Assumptions in Valuation Model [Table Text Block] | The weighted averages of the key economic assumptions that the Corporation used in its valuation model and the sensitivity of the current fair value to immediate 10% and 20% adverse changes in those assumptions for mortgage loans as of September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, (Dollars in thousands) 2022 2021 Carrying amount of servicing assets $ 29,690 $ 30,986 Fair value $ 44,621 $ 42,132 Weighted-average expected life (in years) 7.86 7.96 Constant prepayment rate (weighted-average annual rate) 6.45 % 6.55 % Decrease in fair value due to 10% adverse change $ 1,048 $ 1,027 Decrease in fair value due to 20% adverse change $ 2,052 $ 2,011 Discount rate (weighted-average annual rate) 10.68 % 11.17 % Decrease in fair value due to 10% adverse change $ 1,923 $ 1,852 Decrease in fair value due to 20% adverse change $ 3,700 $ 3,561

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- Definition Tabular disclosure of all information related to the key inputs and assumptions used in measuring the fair value of assets obtained or liabilities incurred, as the result of a sale of financial assets, relating to the transferor's continuing involvement, if any, at the time of securitization, asset-backed financing arrangement, or similar transfer (including at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses, including expected static pool losses). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 + Details
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- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + Details
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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128311188&loc=d3e122625-111746 + Details
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