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MORTGAGE BANKING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
MORTGAGE BANKING ACTIVITIES |
Activity for Mortgage Loans Held for Sale, at fair value | ​
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December 31, (in thousands) | ​ | 2023 |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 1,302 | ​ | $ | 29,393 | ​ | $ | 46,867 | ​
Origination of mortgage loans held for sale | ​ |  | 77,800 | ​ |  | 205,365 | ​ |  | 680,714 | ​
Proceeds from the sale of mortgage loans held for sale | ​ |  | (77,928) | ​ |  | (238,398) | ​ |  | (717,847) | ​
Net gain on sale of mortgage loans held for sale | ​ |  | 2,053 | ​ |  | 4,942 | ​ |  | 19,659 | ​
Balance, end of period | ​ | $ | 3,227 | ​ | $ | 1,302 | ​ | $ | 29,393 | ​
Loans Serviced by Bank | ​
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December 31, (in thousands) |  | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
FHLMC | ​ | $ | 899,444 | ​ | $ | 966,677
FNMA | ​ | ​ | 417,475 | ​ | ​ | 420,637
Total | ​ | $ | 1,316,919 | ​ | $ | 1,387,314
Components of Mortgage Banking Income | ​
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Years Ended December 31, (in thousands) | ​ | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain realized on sale of mortgage loans held for sale | ​ | $ | 1,784 | ​ | $ | 7,164 | ​ | $ | 23,114
Net change in fair value recognized on loans held for sale | ​ |  | 22 | ​ |  | (688) | ​ |  | (1,361)
Net change in fair value recognized on rate lock loan commitments | ​ |  | 242 | ​ |  | (1,402) | ​ |  | (3,136)
Net change in fair value recognized on forward contracts | ​ |  | 5 | ​ |  | (132) | ​ |  | 1,042
Net gain recognized | ​ |  | 2,053 | ​ |  | 4,942 | ​ |  | 19,659
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan servicing income | ​ |  | 3,370 | ​ |  | 3,518 | ​ |  | 3,288
Amortization of mortgage servicing rights | ​ |  | (1,881) | ​ |  | (2,264) | ​ |  | (3,453)
Change in mortgage servicing rights valuation allowance | ​ |  | — | ​ |  | — | ​ |  | 500
Net servicing income recognized | ​ |  | 1,489 | ​ |  | 1,254 | ​ |  | 335
Total Mortgage Banking income | ​ | $ | 3,542 | ​ | $ | 6,196 | ​ | $ | 19,994
Activity for capitalized mortgage servicing rights | ​
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(in thousands) | ​ | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 8,770 | ​ | $ | 9,196 | ​ | $ | 7,095
Additions | ​ |  | 522 | ​ |  | 1,838 | ​ |  | 5,054
Amortized to expense | ​ |  | (1,881) | ​ |  | (2,264) | ​ |  | (3,453)
Change in valuation allowance | ​ |  | — | ​ |  | — | ​ |  | 500
Balance, end of period | ​ | $ | 7,411 | ​ | $ | 8,770 | ​ | $ | 9,196
Schedule of activity in the valuation allowance for capitalized mortgage servicing rights | ​
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Years Ended December 31, (in thousands) | ​ | ​ | ​ | 2023 |  | 2022 |  | 2021
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Beginning valuation allowance | ​ | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | 500
Charge during the period | ​ | ​ | ​ |  | — | ​ |  | — | ​ |  | (500)
Ending valuation allowance | ​ | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | —
Other information relating to mortgage servicing rights | ​
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December 31, (in thousands) |  | 2023 | ​ | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of mortgage servicing rights portfolio | ​ | $ | 16,054 | ​ | $ | 17,145 | ​
Monthly weighted average prepayment rate of unpaid principal balance* | ​ |  | 128 | % |  | 127 | %
Discount rate | ​ | ​ | 10.26 | % | ​ | 10.21 | %
Weighted average foreclosure rate | ​ | ​ | 0.16 | % | ​ | 0.10 | %
Weighted average life in years | ​ |  | 7.52 | ​ |  | 7.54 | ​
* Rates are applied to individual tranches with similar characteristics. ​
Schedule of estimated future amortization expense of the MSR portfolio (net of the impairment charge) | ​
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Year |  | (in thousands)
​ | ​ | ​ | ​
2024 | ​ | $ | 1,007
2025 | ​ |  | 999
2026 | ​ |  | 996
2027 | ​ |  | 939
2028 | ​ |  | 843
2029 | ​ |  | 717
Thereafter | ​ |  | 1,910
Total | ​ | $ | 7,411
Schedule of notional amounts and fair values of mortgage loans held for sale at fair value and mortgage banking derivatives | ​
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​ | ​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | Notional | ​ | ​ | ​ | ​ | Notional | ​ | ​ | ​
December 31, (in thousands) | ​ | ​ | Amount | ​ | Fair Value | ​ | Amount | ​ | Fair Value
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Included in Mortgage loans held for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loans held for sale, at fair value | ​ | ​ | $ | 3,168 | ​ | $ | 3,227 | ​ | $ | 1,265 | ​ | $ | 1,302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock loan commitments | ​ | ​ | $ | 9,275 | ​ | $ | 243 | ​ | $ | 4,118 | ​ | $ | 2
Mandatory forward contracts | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
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Included in other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory forward contracts | ​ | ​ | $ | 9,092 | ​ | $ | 61 | ​ | $ | 4,009 | ​ | $ | 67
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