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MORTGAGE BANKING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2021
Mortgage Banking Activities [Abstract] |
Residential Mortgage Loan Production | September 30, 2021 December 31, 2020 Unpaid Principal Unpaid Principal (Dollars in Thousands) Balance/Notional Fair Value Balance/Notional Fair Value Residential Mortgage Loans Held for Sale $ 74,491 $ 77,036 $ 109,831 $ 114,039 Residential Mortgage Loan Commitments ("IRLCs") (1) 87,062 1,717 147,494 4,825 Forward Sales Contracts (2) 102,500 451 158,500 (907) $ 79,204 $ 117,957 (1) Recorded in other assets at fair value (2) Recorded in other assets and other liabilities at fair value at September 30, 2021 and December 31, 2020, respectively
Mortgage banking revenue | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in Thousands) 2021 2020 2021 2020 Net realized gains on sales of mortgage loans $ 12,132 $ 21,423 $ 40,089 $ 39,410 Net change in unrealized gain on mortgage loans held for sale (165) 1,499 (1,663) 3,329 Net change in the fair value of mortgage loan commitments (IRLCs) (806) 691 (3,108) 3,833 Net change in the fair value of forward sales contracts 540 560 1,358 791 Pair-Offs on net settlement of forward sales contracts (636) (3,049) 2,199 (7,445) Mortgage servicing rights additions 205 763 845 2,813 Net origination fees 1,013 1,096 2,905 2,902 Total mortgage banking revenues $ 12,283 $ 22,983 $ 42,625 $ 45,633
Summary of mortgage servicing rights | (Dollars in Thousands) September 30, 2021 December 31, 2020 Number of residential mortgage loans serviced for others 2,028 1,796 Outstanding principal balance of residential mortgage loans serviced for others $ 505,321 $ 456,135 Weighted average interest rate 3.62% 3.64% Remaining contractual term (in months) 316 321
Summary of mortgage servicing rights | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 Beginning balance $ 3,710 $ 2,862 $ 3,452 $ 910 Additions due to loans sold with servicing retained 205 763 845 2,813 Deletions and amortization (351) (277) (983) (375) Valuation allowance reversal - - 250 - Ending balance $ 3,564 $ 3,348 $ 3,564 $ 3,348
Key unobservable inputs used in determining the fair value of mortgage servicing rights | September 30, 2021 December 31, 2020 Minimum Maximum Minimum Maximum Discount rates 11.00% 15.00% 11.00% 15.00% Annual prepayment speeds 13.53% 23.82% 13.08% 23.64% Cost of servicing (per loan) $ 90 $ 110 $ 90 $ 110
Warehouse Line Borrowings | Amounts (Dollars in Thousands) Outstanding $ 25 million warehouse line of credit agreement expiring October 2021 . Interest is at LIBOR plus 2.25% , with a floor rate of 3.50% . A cash pledge deposit of $ 0.1 million is required by the lender. (1) $ 6,526 $ 75 million master repurchase agreement without defined expiration. Interest is at the LIBOR plus 2.24% to 3.00% , with a floor rate of 3.25% . A cash pledge deposit of $ 0.5 million is required by the lender. 21,942 $ 50 million warehouse line of credit agreement expiring in September 2021 . Interest is at the LIBOR plus 2.75% , with a floor rate of 3.25% . (2) 19,376 Total Warehouse Borrowings $ 47,844 (1) The Company does not intend to renew when the warehouse line expires. (2) In October 2021, the warehouse line was renewed through November 30, 2021.

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- Definition Tabular disclosure of residential mortage production, unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values. + References No definition available. + Details
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- Definition Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value. + References No definition available. + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122625-111746 + Details
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