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MORTGAGE BANKING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2025
MORTGAGE BANKING ACTIVITIES |
Activity for Mortgage Loans HFS, at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | September 30, | ​ | September 30, | ​
(in thousands) | ​ | 2025 |  | 2024 |  | 2025 |  | 2024 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 8,850 | ​ | $ | 9,703 | ​ | $ | 8,312 | ​ | $ | 3,227 | ​
Origination of mortgage loans held for sale | ​ |  | 59,494 | ​ |  | 57,142 | ​ |  | 152,515 | ​ |  | 136,894 | ​
Transferred from held for investment to held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 68,173 | ​
Proceeds from the sale of mortgage loans held for sale | ​ |  | (54,716) | ​ |  | (59,732) | ​ |  | (150,093) | ​ |  | (202,198) | ​
Net gain on mortgage loans held for sale | ​ |  | 1,710 | ​ |  | 1,413 | ​ |  | 4,604 | ​ |  | 2,430 | ​
Balance, end of period | ​ | $ | 15,338 | ​ | $ | 8,526 | ​ | $ | 15,338 | ​ | $ | 8,526 | ​
Components of Mortgage Banking Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended | ​ | ​
​ | ​ | September 30, | ​ | September 30, | ​ | ​
(in thousands) | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain realized on sale of mortgage loans held for sale | ​ | $ | 1,529 | ​ | $ | 1,325 | ​ | $ | 4,166 | ​ | $ | 3,010 | ​ | ​
Fair value adjustment for correspondent loans reclassified to held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (997) | ​ | ​
Net change in fair value recognized on loans held for sale | ​ |  | 376 | ​ |  | 70 | ​ |  | 357 | ​ |  | 177 | ​ | ​
Net change in fair value recognized on rate lock loan commitments | ​ |  | (226) | ​ |  | 90 | ​ |  | 252 | ​ |  | 292 | ​ | ​
Net change in fair value recognized on forward contracts | ​ |  | 31 | ​ |  | (72) | ​ |  | (171) | ​ |  | (52) | ​ | ​
Net gain recognized | ​ |  | 1,710 | ​ |  | 1,413 | ​ |  | 4,604 | ​ |  | 2,430 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan servicing income | ​ |  | 833 | ​ |  | 1,071 | ​ |  | 2,483 | ​ |  | 2,825 | ​ | ​
Amortization of mortgage servicing rights | ​ |  | (479) | ​ |  | (422) | ​ |  | (1,306) | ​ |  | (1,271) | ​ | ​
Net servicing income recognized | ​ |  | 354 | ​ |  | 649 | ​ |  | 1,177 | ​ |  | 1,554 | ​ | ​
Total mortgage banking income | ​ | $ | 2,064 | ​ | $ | 2,062 | ​ | $ | 5,781 | ​ | $ | 3,984 | ​ | ​
Activity for capitalized MSRs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) | ​ | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 6,841 | ​ | $ | 7,030 | ​ | $ | 6,975 | ​ | $ | 7,411
Additions | ​ |  | 436 | ​ |  | 445 | ​ |  | 1,129 | ​ |  | 913
Amortized to expense | ​ |  | (479) | ​ |  | (422) | ​ |  | (1,306) | ​ |  | (1,271)
Balance, end of period | ​ | $ | 6,798 | ​ | $ | 7,053 | ​ | $ | 6,798 | ​ | $ | 7,053
Other information relating to MSRs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of mortgage servicing rights portfolio | ​ | $ | 16,941 | ​ | ​ | $ | 17,159 | ​ | ​
Monthly weighted average prepayment rate of unpaid principal balance* | ​ |  | 134 | % | ​ |  | 125 | % | ​
Discount rate | ​ | ​ | 9.84 | % | ​ | ​ | 10.25 | % | ​
Weighted average foreclosure rate | ​ | ​ | 0.12 | % | ​ | ​ | 0.06 | % | ​
Weighted average life in years | ​ |  | 7.28 | ​ | ​ |  | 7.51 | ​ | ​
* | Rates are applied to individual tranches with similar characteristics.
Schedule of notional amounts and fair values of mortgage loans HFS at fair value and mortgage banking derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 |  | December 31, 2024 | ​
​ | ​ | 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 | ​ | $ | 14,786 | ​ | $ | 15,338 | ​ | $ | 8,117 | ​ | $ | 8,312 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock loan commitments | ​ | $ | 27,438 | ​ | $ | 475 | ​ | $ | 12,592 | ​ | $ | 223 | ​
Mandatory forward contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,776 | ​ | ​ | 70 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory forward contracts | ​ | $ | 37,066 | ​ | $ | 101 | ​ | $ | — | ​ | $ | — | ​
​

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