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MORTGAGE BANKING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Mortgage Banking Activities [Abstract] |
Residential Mortgage Loan Production | September 30, 2022 December 31, 2021 Unpaid Principal Unpaid Principal (Dollars in Thousands) Balance/Notional Fair Value Balance/Notional Fair Value Residential Mortgage Loans Held for Sale $ 50,358 $ 50,304 $ 50,733 $ 52,532 Residential Mortgage Loan Commitments ("IRLCs") (1) 65,967 1,373 51,883 1,258 Forward Sales Contracts (2) 19,000 609 48,000 (7) $ 52,286 $ 53,783 (1) Recorded in other assets at fair value (2) Recorded in other assets and other liabilities at fair value at September 30, 2022 and December 31, 2021, respectively
Mortgage banking revenue | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2022 2021 2022 2021 Net realized gains on sales of mortgage loans $ 3,287 $ 12,132 $ 13,222 $ 40,089 Net change in unrealized gain on mortgage loans held for sale (958) (165) (1,853) (1,663) Net change in the fair value of mortgage loan commitments 439 (806) 116 (3,108) Net change in the fair value of forward sales contracts 655 540 616 1,358 Pair-Offs on net settlement of forward sales contracts 637 (636) 4,846 2,199 Mortgage servicing rights additions 1,079 205 3,167 845 Net origination fees 1,977 1,013 5,013 2,905 Total mortgage banking revenues $ 7,116 $ 12,283 $ 25,127 $ 42,625
Summary of mortgage servicing rights | (Dollars in Thousands) September 30, 2022 December 31, 2021 Number of residential mortgage loans serviced for others 2,818 2,106 Outstanding principal balance of residential mortgage loans serviced for others $ 801,046 $ 532,967 Weighted average interest rate 3.92% 3.59% Remaining contractual term (in months) 343 317
Capitalized mortgage servicing rights | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2022 2021 2022 2021 Beginning balance $ 5,086 $ 3,710 $ 3,774 $ 3,452 Additions due to loans sold with servicing retained 1,079 205 3,167 845 Deletions and amortization (470) (351) (1,246) (983) Valuation allowance reversal - - - 250 Ending balance $ 5,695 $ 3,564 $ 5,695 $ 3,564
Key unobservable inputs used in determining the fair value of mortgage servicing rights | September 30, 2022 December 31, 2021 Minimum Maximum Minimum Maximum Discount rates 9.50% 12.00% 11.00% 15.00% Annual prepayment speeds 5.88% 10.71% 11.98% 23.79% Cost of servicing (per loan) $ 85 $ 95 $ 60 $ 73
Warehouse Line Borrowings | Amounts (Dollars in Thousands) Outstanding $ 75 million master repurchase agreement without defined expiration. Interest is at the Prime rate minus 1.00% to plus 1.00% , with a floor rate of 3.25% . A cash pledge deposit of $ 0.5 million is required by the lender. 3,346 $ 75 million warehouse line of credit agreement expiring in November 2022 . Interest is at the SOFR plus 2.25% , to 3.25% . 41,378 Total Warehouse Borrowings $ 44,724

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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 The summary of information related to mortage servicing rights. + 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 information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + 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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