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Mortgage Banking (Tables) | 12 Months Ended
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Dec. 31, 2023
Mortgage Banking [Abstract] |
Schedule of Mortgage Banking Operations | The following table presents the Company’s revenue from mortgage banking operations:
(Dollars in thousands) |  |  |  | Years Ended December 31, |  |
Mortgage banking revenue |  |  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  | 2021 |  |
Origination |  |  |  |  |  |  |  |  |  |  | $ | 483 |  |  | $ | 774 |  |  | $ | 1,379 |  |  |
Gain on sale of loans held for sale |  |  |  |  |  |  |  |  |  |  | 3,111 |  |  | 4,889 |  |  | 11,862 |  |  |
Originations of MSRs |  |  |  |  |  |  |  |  |  |  | 708 |  |  | 2,286 |  |  | 5,153 |  |  |
Servicing |  |  |  |  |  |  |  |  |  |  | 3,739 |  |  | 5,643 |  |  | 5,990 |  |  |
Total gross mortgage revenue |  |  |  |  |  |  |  |  |  |  | 8,041 |  |  | 13,592 |  |  | 24,384 |  |  |
MSR valuation adjustments, net (1)(2) |  |  |  |  |  |  |  |  |  |  | (4,089) |  |  | 1,219 |  |  | (2,593) |  |  |
Mortgage HFS and pipeline fair value adjustment |  |  |  |  |  |  |  |  |  |  | (53) |  |  | (1,352) |  |  | (6,897) |  |  |
MSR hedge impact |  |  |  |  |  |  |  |  |  |  | (543) |  |  | (6,737) |  |  | (1,967) |  |  |
Mortgage banking revenue |  |  |  |  |  |  |  |  |  |  | $ | 3,356 |  |  | $ | 6,722 |  |  | $ | 12,927 |  |  |
____________________________ (1)The Company recorded a $1.8 million impairment on the MSR portfolio during the year ended December 31, 2023 in conjunction with the planned sale of the mortgage servicing right asset. (2)The Company recorded a $2.0 million impairment on the held for sale GNMA MSR portfolio during the year ended December 31, 2022.
Schedule of Activity in Mortgages Servicing Rights (MSRs) | Activity in MSRs was as follows:
|  |  |  |  | Years Ended December 31,
(Dollars in thousands) |  |  |  |  |  |  | 2023 |  | 2022 |  |  |  |  |  |  | 2021
Balance at beginning of period |  |  |  |  |  |  | $ | 20,824 |  |  | $ | 16,220 |  |  |  |  |  |  |  | $ | 13,660 |
Servicing acquired in BTH merger |  |  |  |  |  |  | — |  |  | 1,099 |  |  |  |  |  |  |  | — |
Addition of servicing rights |  |  |  |  |  |  | 708 |  |  | 2,286 |  |  |  |  |  |  |  | 5,153 |
Settlement of sale of GNMA MSR |  |  |  |  |  |  | (1,806) |  |  | — |  |  |  |  |  |  |  | — |
Valuation adjustment, net of amortization |  |  |  |  |  |  | (4,089) |  |  | 1,219 |  |  |  |  |  |  |  | (2,593) |
Balance at end of period |  |  |  |  |  |  | $ | 15,637 |  |  | $ | 20,824 |  |  |  |  |  |  |  | $ | 16,220 |

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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-3 + Details
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