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Mortgage Banking Derivatives | 12 Months Ended
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Dec. 31, 2016
Mortgage Banking Derivatives |
Mortgage Banking Derivatives |
Mortgage Banking Derivatives | Note 17: Mortgage Banking Derivatives Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company’s practice to sell mortgage-backed securities (“MBS”) contracts for the future delivery to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These contracts are also derivatives and collectively with the forward commitments for the future delivery of mortgage loans are considered forward contracts. These mortgage banking derivatives are not designated in hedge relationships using the accepted accounting for derivative instruments and hedging activities at December 31 (dollars in thousands):
|  | 2016 |  | 2015 |
Forward contracts: |  |  |  |  |  |  |
Notional amount |  | $ | 19,500 |  | $ | 15,500 |
Fair value |  |  | 176 |  |  | 484 |
Change in fair value |  |  | 190 |  |  | 20 |
Rate lock commitments: |  |  |  |  |  |  |
Notional amount |  | $ | 12,480 |  | $ | 10,973 |
Fair value |  |  | 478 |  |  | 502 |
Change in fair value |  |  | 97 |  |  | 167 |
Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included in net gains on sales of loans. The Company sold $191.4 million in loans to investors receiving proceeds of $197.7 million and resulting in a gain on sale of $6.3 million for the year ended December 31, 2016. Sales to investors included $138.3 million or 72.4% to FNMA and $19.0 million, or 10.0% to FHLMC for the year ended December 31, 2016. No other individual investor was sold more than 10% of the total loans sold. Periodic changes in value of both forward MBS contracts and rate lock commitments are reported in current period earnings as net gain on sale of mortgage loans. Net gain recognized in earnings for the years ended December 31, 2016, 2015 and 2014 were $287,000, $188,000 and $143,000, respectively.

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