Mortgage Banking Activities, Net

3 Months Ended

Mar. 31, 2024

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three months ended March 31, 2024 and 2023.

Table 20.1 – Mortgage Banking Activities


	Three Months Ended March 31,
(In Thousands)	2024		2023
Residential Consumer Mortgage Banking Activities, Net
Changes in fair value of:
Residential consumer loans, at fair value (1)	$	(3,854)	$	6,755
Trading securities (2)	8,511		—
Risk management derivatives (3)	3,089		(3,371)
Other income, net (4)	81		(19)
Total residential consumer mortgage banking activities, net	7,827		3,365

Residential Investor Mortgage Banking Activities, Net:
Changes in fair value of:
Residential investor term loans, at fair value	(296)		12,700
Residential investor bridge loans, at fair value	946		1,119
Risk management derivatives (3)	2,509		(5,096)
Other income, net (5)	3,570		4,583
Total residential investor mortgage banking activities, net	6,729		13,306
Mortgage Banking Activities, Net	$	14,556	$	16,671

(1)For residential consumer loans, includes changes in fair value for associated loan purchase commitments.

(2)For the three months ended March 31, 2024, this represents the fair value changes on trading securities being used as hedges to manage the mark-to-market risks associated with our residential consumer mortgage banking operations. For the three months ended March 31, 2023, we did not utilize trading securities as hedging instruments.

(3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations.

(4)Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net.

(5)Amounts in this line item include other fee income from loan originations.