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MORTGAGE BANKING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2023
Mortgage Banking Activities [Abstract] |
Residential Mortgage Loan Production | (As Restated) (As Restated) March 31, 2023 December 31, 2022 Unpaid Principal Unpaid Principal (Dollars in Thousands) Balance/Notional Fair Value Balance/Notional Fair Value Residential Mortgage Loans Held for Sale $ 28,204 $ 28,475 $ 26,274 $ 26,909 Residential Mortgage Loan Commitments ("IRLCs") (1) 51,984 1,346 36,535 819 Forward Sales Contracts (2) 34,000 (216) 15,500 187 $ 29,605 $ 27,915 (1) Recorded in other assets at fair value (2) Recorded in other liabilities and other assets at fair value at March 31, 2023 and December 31, 2022, respectively
Mortgage banking revenue | (As Restated) Three Months Ended March 31, (Dollars in Thousands) 2023 2022 Net realized gains on sales of mortgage loans $ 1,194 $ 2,140 Net change in unrealized gain on mortgage loans held for sale 457 (900) Net change in the fair value of mortgage loan commitments (IRLCs) 527 (141) Net change in the fair value of forward sales contracts (402) 857 Pair-Offs on net settlement of forward sales contracts (1) 2,255 Mortgage servicing rights additions 191 4 Net origination fees 905 (160) Total mortgage banking revenues $ 2,871 $ 4,055
Summary of mortgage servicing rights | (As Restated) (As Restated) (Dollars in Thousands) March 31, 2023 December 31, 2022 Number of residential mortgage loans serviced for others 1,806 1,769 Outstanding principal balance of residential mortgage loans serviced for others $ 418,150 $ 410,740 Weighted average interest rate 3.95% 3.62% Remaining contractual term (in months) 304 298
Capitalized mortgage servicing rights | (As Restated) Three Months Ended March 31, (Dollars in Thousands) 2023 2022 Beginning balance $ 2,599 $ 3,774 Additions due to loans sold with servicing retained 191 4 Deletions and amortization (99) (368) Sale of servicing rights 101 - Ending balance $ 2,792 $ 3,410
Key unobservable inputs used in determining the fair value of mortgage servicing rights | (As Restated) (As Restated) March 31, 2023 December 31, 2022 Minimum Maximum Minimum Maximum Discount rates 9.51% 12.00% 9.50% 12.00% Annual prepayment speeds 13.45% 21.56% 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. 8,309 $ 60 million warehouse line of credit agreement expiring in December 2023 . Interest is at the SOFR plus 2.25% , to 3.25% . 13,864 Total Warehouse Borrowings $ 22,173

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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 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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