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MORTGAGE BANKING ACTIVITIES (Tables)

12 Months Ended

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
​	​	​	​	​	​	​	​	​	​	​	​
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.

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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

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2022

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Notional

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Notional

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December 31, (in thousands)

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Amount

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Fair Value

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Amount

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Fair Value

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Included in Mortgage loans held for sale:

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Mortgage loans held for sale, at fair value

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$

3,168

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$

3,227

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$

1,265

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$

1,302

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Included in other assets:

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Rate lock loan commitments

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$

9,275

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$

243

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$

4,118

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$

2

Mandatory forward contracts

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—

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—

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—

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—

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Included in other liabilities:

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Mandatory forward contracts

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$

9,092

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$

61

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$

4,009

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$

67

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