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MORTGAGE BANKING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
MORTGAGE BANKING ACTIVITIES |
Activity for Mortgage Loans Held for Sale, at fair value | ​
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December 31, (in thousands) | ​ | ​ | 2024 |  | 2023 |  | 2022 |
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Balance, beginning of period | ​ | ​ | $ | 3,227 | ​ | $ | 1,302 | ​ | $ | 29,393 | ​
Origination of mortgage loans held for sale | ​ | ​ |  | 186,959 | ​ |  | 77,800 | ​ |  | 205,365 | ​
Transferred from held for investment to held for sale | ​ | ​ | ​ | 68,173 | ​ | ​ | — | ​ | ​ | — | ​
Proceeds from the sale of mortgage loans held for sale | ​ | ​ |  | (253,922) | ​ |  | (77,928) | ​ |  | (238,398) | ​
Net gain (loss) on mortgage loans held for sale | ​ | ​ |  | 3,875 | ​ |  | 2,053 | ​ |  | 4,942 | ​
Balance, end of period | ​ | ​ | $ | 8,312 | ​ | $ | 3,227 | ​ | $ | 1,302 | ​
Loans Serviced by Bank | ​
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(in thousands) |  | 2024 | ​ | 2023
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FHLMC | ​ | $ | 830,835 | ​ | $ | 899,444
FNMA | ​ |  | 448,488 | ​ |  | 417,475
FHLB | ​ | ​ | 44,299 | ​ | ​ | —
Total | ​ | $ | 1,323,622 | ​ | $ | 1,316,919
Components of Mortgage Banking Income | ​
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(in thousands) | ​ | ​ | 2024 |  | 2023 |  | 2022
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Net gain realized on sale of mortgage loans held for sale | ​ | ​ | $ | 4,624 | ​ | $ | 1,784 | ​ | $ | 7,164
Fair value adjustment for correspondent loans reclassified to held for sale | ​ | ​ | ​ | (997) | ​ | ​ | — | ​ | ​ | —
Net change in fair value recognized on loans held for sale | ​ | ​ |  | 136 | ​ |  | 22 | ​ |  | (688)
Net change in fair value recognized on rate lock loan commitments | ​ | ​ |  | (20) | ​ |  | 242 | ​ |  | (1,402)
Net change in fair value recognized on forward contracts | ​ | ​ |  | 132 | ​ |  | 5 | ​ |  | (132)
Net gain (loss) recognized | ​ | ​ |  | 3,875 | ​ |  | 2,053 | ​ |  | 4,942
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan servicing income | ​ | ​ |  | 3,290 | ​ |  | 3,370 | ​ |  | 3,518
Amortization of mortgage servicing rights | ​ | ​ |  | (1,727) | ​ |  | (1,881) | ​ |  | (2,264)
Change in mortgage servicing rights valuation allowance | ​ | ​ |  | — | ​ |  | — | ​ |  | —
Net servicing income recognized | ​ | ​ |  | 1,563 | ​ |  | 1,489 | ​ |  | 1,254
Total mortgage banking income | ​ | ​ | $ | 5,438 | ​ | $ | 3,542 | ​ | $ | 6,196
Activity for capitalized mortgage servicing rights | ​
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(in thousands) | ​ | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 7,411 | ​ | $ | 8,770 | ​ | $ | 9,196
Additions | ​ |  | 1,291 | ​ |  | 522 | ​ |  | 1,838
Amortized to expense | ​ |  | (1,727) | ​ |  | (1,881) | ​ |  | (2,264)
Change in valuation allowance | ​ |  | — | ​ |  | — | ​ |  | —
Balance, end of period | ​ | $ | 6,975 | ​ | $ | 7,411 | ​ | $ | 8,770
Schedule of activity in the valuation allowance for capitalized mortgage servicing rights | ​
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(in thousands) | ​ | 2024 |  | 2023 |  | 2022
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Beginning valuation allowance | ​ | $ | — | ​ | $ | — | ​ | $ | —
Charge during the period | ​ |  | — | ​ |  | — | ​ |  | —
Ending valuation allowance | ​ | $ | — | ​ | $ | — | ​ | $ | —
Other information relating to mortgage servicing rights | ​
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December 31, (in thousands) |  |  | 2024 | ​ | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of mortgage servicing rights portfolio | ​ | ​ | $ | 17,159 | ​ | $ | 16,054 | ​
Monthly weighted average prepayment rate of unpaid principal balance* | ​ | ​ |  | 125 | % |  | 128 | %
Discount rate | ​ | ​ | ​ | 10.25 | % | ​ | 10.26 | %
Weighted average foreclosure rate | ​ | ​ | ​ | 0.06 | % | ​ | 0.16 | %
Weighted average life in years | ​ | ​ |  | 4.41 | ​ |  | 7.52 | ​
* 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)
​ | ​ | ​ | ​
2025 | ​ | $ | 936
2026 | ​ |  | 932
2027 | ​ |  | 928
2028 | ​ |  | 912
2029 | ​ |  | 854
2030 | ​ |  | 717
Thereafter | ​ |  | 1,696
Total | ​ | $ | 6,975
Schedule of notional amounts and fair values of mortgage loans held for sale at fair value and mortgage banking derivatives | ​
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​ | ​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | 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 | ​ | ​ | $ | 8,117 | ​ | $ | 8,312 | ​ | $ | 3,168 | ​ | $ | 3,227
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Included in other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock loan commitments | ​ | ​ | $ | 12,592 | ​ | $ | 223 | ​ | $ | 9,275 | ​ | $ | 243
Mandatory forward contracts | ​ | ​ | ​ | 18,776 | ​ | ​ | 70 | ​ | ​ | — | ​ | ​ | —
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Included in other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory forward contracts | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | 9,092 | ​ | $ | 61
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