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MORTGAGE BANKING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Mortgage Banking |
Activity for Mortgage Loans Held for Sale, at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands) | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 80,884 | ​ | $ | 1,034 | ​ | $ | 3,227 | ​ | $ | 1,302 | ​
Origination of mortgage loans held for sale | ​ |  | 53,703 | ​ |  | 13,948 | ​ |  | 80,749 | ​ |  | 29,890 | ​
Transferred from held for investment to held for sale | ​ | ​ | (2,288) | ​ | ​ | — | ​ | ​ | 67,176 | ​ | ​ | — | ​
Proceeds from the sale of mortgage loans held for sale | ​ |  | (123,693) | ​ |  | (11,483) | ​ |  | (142,466) | ​ |  | (28,113) | ​
Net gain (loss) on mortgage loans held for sale | ​ |  | 1,097 | ​ |  | 539 | ​ |  | 1,017 | ​ |  | 959 | ​
Balance, end of period | ​ | $ | 9,703 | ​ | $ | 4,038 | ​ | $ | 9,703 | ​ | $ | 4,038 | ​
Components of Mortgage Banking Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands) | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain realized on sale of mortgage loans held for sale | ​ | $ | 1,120 | ​ | $ | 357 | ​ | $ | 1,685 | ​ | $ | 605 | ​
Fair value adjustment for correspondent loans reclassified to held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (997) | ​ | ​ | — | ​
Net change in fair value recognized on loans held for sale | ​ |  | (38) | ​ |  | 47 | ​ |  | 107 | ​ |  | 39 | ​
Net change in fair value recognized on rate lock loan commitments | ​ |  | (21) | ​ |  | 93 | ​ |  | 202 | ​ |  | 187 | ​
Net change in fair value recognized on forward contracts | ​ |  | 36 | ​ |  | 42 | ​ |  | 20 | ​ |  | 128 | ​
Net gain (loss) recognized | ​ |  | 1,097 | ​ |  | 539 | ​ |  | 1,017 | ​ |  | 959 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan servicing income | ​ |  | 938 | ​ |  | 852 | ​ |  | 1,754 | ​ |  | 1,722 | ​
Amortization of mortgage servicing rights | ​ |  | (423) | ​ |  | (484) | ​ |  | (849) | ​ |  | (974) | ​
Change in mortgage servicing rights valuation allowance | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Net servicing income recognized | ​ |  | 515 | ​ |  | 368 | ​ |  | 905 | ​ |  | 748 | ​
Total mortgage banking income | ​ | $ | 1,612 | ​ | $ | 907 | ​ | $ | 1,922 | ​ | $ | 1,707 | ​
Activity for capitalized mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(in thousands) | ​ | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 7,103 | ​ | $ | 8,406 | ​ | $ | 7,411 | ​ | $ | 8,769
Additions | ​ |  | 350 | ​ |  | 73 | ​ |  | 468 | ​ |  | 200
Amortized to expense | ​ |  | (423) | ​ |  | (484) | ​ |  | (849) | ​ |  | (974)
Change in valuation allowance | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance, end of period | ​ | $ | 7,030 | ​ | $ | 7,995 | ​ | $ | 7,030 | ​ | $ | 7,995
Schedule of activity in the valuation allowance for capitalized mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands) | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning valuation allowance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Charge during the period | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Ending valuation allowance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Other information relating to mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2024 |  |  | December 31, 2023 | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of mortgage servicing rights portfolio | ​ | $ | 17,001 | ​ | ​ | $ | 16,054 | ​ | ​
Monthly weighted average prepayment rate of unpaid principal balance* | ​ |  | 123 | % | ​ |  | 128 | % | ​
Discount rate | ​ | ​ | 10.21 | % | ​ | ​ | 10.26 | % | ​
Weighted average foreclosure rate | ​ | ​ | 0.12 | % | ​ | ​ | 0.16 | % | ​
Weighted average life in years | ​ |  | 7.60 | ​ | ​ |  | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 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 | ​ | $ | 9,538 | ​ | $ | 9,703 | ​ | $ | 3,168 | ​ | $ | 3,227 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock loan commitments | ​ | $ | 19,903 | ​ | $ | 445 | ​ | $ | 9,275 | ​ | $ | 243 | ​
Mandatory forward contracts | ​ | $ | 24,273 | ​ | $ | 42 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory forward contracts | ​ | $ | — | ​ | $ | — | ​ | $ | 9,092 | ​ | $ | 61 | ​
​

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