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MORTGAGE BANKING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Mortgage Banking Activities [Abstract] |
Summary of unpaid principal balance of residential mortgage loans | (As Restated) December 31, 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 $ 26,274 $ 26,909 $ 50,773 $ 52,532 Residential Mortgage Loan Commitments (1) 36,535 819 51,883 1,258 Forward Sales Contracts (2) 15,500 187 48,000 (7) $ 27,915 $ 53,783 (1) Recorded in other assets at fair value (2) Recorded in other assets and (other liabilities) at fair value
Mortgage banking revenue | (Dollars in Thousands) (As Restated) 2022 2021 2020 Net realized gain on sales of mortgage loans $ 5,565 $ 49,355 $ 59,709 Net change in unrealized gain on mortgage loans held for sale (1,164) (2,410) 2,926 Net change in the fair value of mortgage loan commitments (439) (3,567) 2,625 Net change in the fair value of forward sales contracts 192 900 284 Pair-Offs on net settlement of forward sales contracts 4,956 2,956 (9,602) Mortgage servicing rights additions 565 1,416 3,448 Net origination fees 2,234 3,775 3,954 Total mortgage banking revenues $ 11,909 $ 52,425 $ 63,344
Summary of mortgage servicing rights | (As Restated) (Dollars in Thousands) 2022 2021 Number of residential mortgage loans serviced for others 1,769 2,106 Outstanding principal balance of residential mortgage loans serviced for others $ 410,740 $ 532,967 Weighted average interest rate 3.62% 3.59% Remaining contractual term (in months) 298 317
Activity in the capitalized mortgage servicing rights | (As Restated) (Dollars in Thousands) 2022 2021 2020 Beginning balance $ 3,774 $ 3,452 $ 910 Additions due to loans sold with servicing retained 565 1,416 3,448 Deletions and amortization (1,291) (1,344) (656) Valuation Allowance reversal - 250 (250) Sale of Servicing Rights (1) (449) - - Ending balance $ 2,599 $ 3,774 $ 3,452 (1) The Company sold an MSR portfolio with an unpaid principal balance of $ 50 million for a sales price of $ 0.6 million, recognizing a $ 0.2 million gain on sale, recorded in other noninterest income on the Consolidated Statement of Income.
Key unobservable inputs used in determining the fair value of mortgage servicing rights | 2022 2021 Minimum Maximum Minimum Maximum Discount rates 9.50% 12.00% 11.00% 15.00% Annual prepayment speeds 12.33% 20.23% 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. $ 9,577 $ 75 million warehouse line of credit agreement expiring in December 2022 . Interest is at the SOFR plus 2.25% to 3.25% . 40,575 $ 50,152

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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 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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
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