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MORTGAGE BANKING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
MORTGAGE BANKING ACTIVITIES |
Activity for Mortgage Loans Held for Sale, at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |
​ | ​ | March 31, | ​
(in thousands) | ​ | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 3,227 | ​ | $ | 1,302 | ​
Origination of mortgage loans held for sale | ​ |  | 27,046 | ​ |  | 15,942 | ​
Transferred from held for investment to held for sale | ​ | ​ | 69,464 | ​ | ​ | — | ​
Proceeds from the sale of mortgage loans held for sale | ​ |  | (18,773) | ​ |  | (16,630) | ​
Net gain (loss) on mortgage loans held for sale | ​ |  | (80) | ​ |  | 420 | ​
Balance, end of period | ​ | $ | 80,884 | ​ | $ | 1,034 | ​
Components of Mortgage Banking Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | Three Months Ended | ​
​ | ​ | ​ | March 31, | ​
(in thousands) | ​ | ​ | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain realized on sale of mortgage loans held for sale | ​ | ​ | $ | 565 | ​ | $ | 248 | ​
Net loss realized on fair value adjustment for correspondent loans reclassified to held for sale | ​ | ​ | ​ | (997) | ​ | ​ | — | ​
Net change in fair value recognized on loans held for sale | ​ | ​ |  | 145 | ​ |  | (8) | ​
Net change in fair value recognized on rate lock loan commitments | ​ | ​ |  | 223 | ​ |  | 94 | ​
Net change in fair value recognized on forward contracts | ​ | ​ |  | (16) | ​ |  | 86 | ​
Net gain (loss) recognized | ​ | ​ |  | (80) | ​ |  | 420 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan servicing income | ​ | ​ |  | 816 | ​ |  | 870 | ​
Amortization of mortgage servicing rights | ​ | ​ |  | (426) | ​ |  | (490) | ​
Change in mortgage servicing rights valuation allowance | ​ | ​ |  | — | ​ |  | — | ​
Net servicing income recognized | ​ | ​ |  | 390 | ​ |  | 380 | ​
Total mortgage banking income | ​ | ​ | $ | 310 | ​ | $ | 800 | ​
Activity for capitalized mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
(in thousands) |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 7,411 | ​ | $ | 8,769
Additions | ​ |  | 118 | ​ |  | 127
Amortized to expense | ​ |  | (426) | ​ |  | (490)
Change in valuation allowance | ​ |  | — | ​ |  | —
Balance, end of period | ​ | $ | 7,103 | ​ | $ | 8,406
Other information relating to mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | March 31, 2024 |  |  | December 31, 2023 | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of mortgage servicing rights portfolio | ​ | $ | 16,704 | ​ | ​ | $ | 16,054 | ​ | ​
Monthly weighted average prepayment rate of unpaid principal balance* | ​ |  | 124 | % | ​ |  | 128 | % | ​
Discount rate | ​ | ​ | 10.09 | % | ​ | ​ | 10.26 | % | ​
Weighted average foreclosure rate | ​ | ​ | 0.16 | % | ​ | ​ | 0.16 | % | ​
Weighted average life in years | ​ |  | 7.58 | ​ | ​ |  | 7.52 | ​ | ​
* | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 |  | December 31, 2023 | ​
​ | ​ | 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 | ​ | $ | 80,681 | ​ | $ | 80,884 | ​ | $ | 3,168 | ​ | $ | 3,227 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock loan commitments | ​ | $ | 16,380 | ​ | $ | 466 | ​ | $ | 9,275 | ​ | $ | 243 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory forward contracts | ​ | $ | 22,317 | ​ | $ | 77 | ​ | $ | 9,092 | ​ | $ | 61 | ​
​

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