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MORTGAGE BANKING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
Mortgage Banking Activities [Abstract] |
Mortgage banking revenue | (As Restated) (As Restated) Three Months Ended June 30, Six Months Ended June 30, (Dollars in Thousands) 2023 2022 2023 2022 Net realized gains on sales of mortgage loans $ 2,301 $ 2,099 $ 3,494 $ 4,238 Net change in unrealized gain on mortgage loans held for sale (934) 503 (476) (396) Net change in the fair value of mortgage loan commitments (IRLCs) (75) (183) 452 (324) Net change in the fair value of forward sales contracts 316 (896) (86) (38) Pair-Offs on net settlement of forward sales contracts 96 1,954 95 4,209 Mortgage servicing rights additions 96 320 287 324 Net origination fees 1,563 1,060 2,468 899 Total mortgage banking revenues $ 3,363 $ 4,857 $ 6,234 $ 8,912
Summary of mortgage servicing rights | (As Restated) (As Restated) (Dollars in Thousands) June 30, 2023 December 31, 2022 Number of residential mortgage loans serviced for others 381 1,769 Outstanding principal balance of residential mortgage loans serviced for others $ 86,920 $ 410,740 Weighted average interest rate 4.93% 3.62% Remaining contractual term (in months) 301 298
Capitalized mortgage servicing rights | (As Restated) (As Restated) Three Months Ended June 30, Six Months Ended June 30, (Dollars in Thousands) 2023 2022 2023 2022 Beginning balance $ 2,792 $ 3,410 $ 2,599 $ 3,774 Additions due to loans sold with servicing retained 96 320 287 324 Deletions and amortization (36) (315) (34) (683) Sale of servicing rights (1) (2,287) - (2,287) - Ending balance $ 565 $ 3,415 $ 565 $ 3,415 The Company sold an MSR portfolio with an unpaid principal balance of $ 334 million for a sales price of $ 4.0 million, recognizing a $ 1.38 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 | (As Restated) (As Restated) June 30, 2023 December 31, 2022 Minimum Maximum Minimum Maximum Discount rates 9.51% 12.00% 9.50% 12.00% Annual prepayment speeds 11.26% 17.07% 12.33% 20.23% Cost of servicing (per loan) $ 85 $ 95 $ 85 $ 95
Warehouse Line Borrowings | Amounts (Dollars in Thousands) Outstanding $ 75 million master repurchase agreement without defined expiration. Interest is at the SOFR rate plus 2.00% to 3.00% , with a floor rate of 3.25% . A cash pledge deposit of $ 0.5 million is required by the lender. 11,105 $ 60 million warehouse line of credit agreement expiring in December 2023 . Interest is at the SOFR plus 2.25% , to 3.25% . 16,948 Total Warehouse Borrowings $ 28,053

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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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=128311188&loc=d3e122625-111746 + Details
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