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MORTGAGE BANKING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
MORTGAGE BANKING ACTIVITIES |
Activity for Mortgage Loans Held for Sale, at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands) | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 1,034 | ​ | $ | 13,302 | ​ | $ | 1,302 | ​ | $ | 29,393 | ​
Origination of mortgage loans held for sale | ​ |  | 13,948 | ​ |  | 61,489 | ​ |  | 29,890 | ​ |  | 162,150 | ​
Proceeds from the sale of mortgage loans held for sale | ​ |  | (11,483) | ​ |  | (67,759) | ​ |  | (28,113) | ​ |  | (186,971) | ​
Net gain on sale of mortgage loans held for sale | ​ |  | 539 | ​ |  | 1,459 | ​ |  | 959 | ​ |  | 3,919 | ​
Balance, end of period | ​ | $ | 4,038 | ​ | $ | 8,491 | ​ | $ | 4,038 | ​ | $ | 8,491 | ​
Components of Mortgage Banking Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands) | ​ | 2023 |  | 2022 | ​ | 2023 |  | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain realized on sale of mortgage loans held for sale | ​ | $ | 357 | ​ | $ | 2,674 | ​ | $ | 605 | ​ | $ | 5,407 | ​
Net change in fair value recognized on loans held for sale | ​ |  | 47 | ​ |  | 109 | ​ |  | 39 | ​ |  | (597) | ​
Net change in fair value recognized on rate lock loan commitments | ​ |  | 93 | ​ |  | (222) | ​ |  | 187 | ​ |  | (1,184) | ​
Net change in fair value recognized on forward contracts | ​ |  | 42 | ​ |  | (1,102) | ​ |  | 128 | ​ |  | 293 | ​
Net gain recognized | ​ |  | 539 | ​ |  | 1,459 | ​ |  | 959 | ​ |  | 3,919 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan servicing income | ​ |  | 852 | ​ |  | 884 | ​ |  | 1,722 | ​ |  | 1,749 | ​
Amortization of mortgage servicing rights | ​ |  | (484) | ​ |  | (580) | ​ |  | (974) | ​ |  | (1,248) | ​
Change in mortgage servicing rights valuation allowance | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Net servicing income recognized | ​ |  | 368 | ​ |  | 304 | ​ |  | 748 | ​ |  | 501 | ​
Total Mortgage Banking income | ​ | $ | 907 | ​ | $ | 1,763 | ​ | $ | 1,707 | ​ | $ | 4,420 | ​
Activity for capitalized mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(in thousands) | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 8,406 | ​ | $ | 9,502 | ​ | $ | 8,769 | ​ | $ | 9,196
Additions | ​ |  | 73 | ​ |  | 485 | ​ |  | 200 | ​ |  | 1,459
Amortized to expense | ​ |  | (484) | ​ |  | (580) | ​ |  | (974) | ​ |  | (1,248)
Change in valuation allowance | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance, end of period | ​ | $ | 7,995 | ​ | $ | 9,407 | ​ | $ | 7,995 | ​ | $ | 9,407
Schedule of activity in the valuation allowance for capitalized mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands) | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning valuation allowance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Charge during the period | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Ending valuation allowance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Other information relating to mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2023 |  |  | December 31, 2022 | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of mortgage servicing rights portfolio | ​ | $ | 16,955 | ​ | ​ | $ | 17,145 | ​ | ​
Monthly weighted average prepayment rate of unpaid principal balance* | ​ |  | 121 | % | ​ |  | 127 | % | ​
Discount rate | ​ | ​ | 10.29 | % | ​ | ​ | 10.21 | % | ​
Weighted average foreclosure rate | ​ | ​ | 0.07 | % | ​ | ​ | 0.10 | % | ​
Weighted average life in years | ​ |  | 7.68 | ​ | ​ |  | 7.54 | ​ | ​
* | Rates are applied to individual tranches with similar characteristics.
Schedule of notional amounts and fair values of mortgage loans held for sale at fair value and mortgage banking derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 |  | December 31, 2022 | ​
​ | ​ | Notional | ​ | ​ | ​ | ​ | Notional | ​ | ​ | ​ | ​
(in thousands) | ​ | Amount |  | Fair Value | ​ | Amount |  | Fair Value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in Mortgage loans held for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loans held for sale, at fair value | ​ | $ | 3,961 | ​ | $ | 4,038 | ​ | $ | 1,265 | ​ | $ | 1,302 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock loan commitments | ​ | $ | 12,896 | ​ | $ | 189 | ​ | $ | 4,118 | ​ | $ | 2 | ​
Mandatory forward contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory forward contracts | ​ | ​ | 10,057 | ​ | ​ | 61 | ​ | ​ | 4,009 | ​ | ​ | 67 | ​

X
- Definition Tabular disclosure of the location, fair value and notional amounts of derivative instruments (and non derivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References No definition available. + Details
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