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MORTGAGE BANKING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Mortgage Banking Activities [Abstract] |
Residential Mortgage Loan Production | March 31, 2024 December 31, 2023 Unpaid Principal Unpaid Principal (Dollars in Thousands) Balance/Notional Fair Value Balance/Notional Fair Value Residential Mortgage Loans Held for Sale $ 23,848 $ 24,705 $ 27,944 $ 28,211 Residential Mortgage Loan Commitments ("IRLCs") (1) 41,675 727 23,545 523 Forward Sales Contracts (2) 39,500 78 24,500 209 $ 25,510 $ 28,943 (1) Recorded in other assets at fair value (2) Recorded in other liabilities at fair value
Mortgage banking revenue | Three Months Ended March 31, (Dollars in Thousands) 2024 2023 Net realized gains on sales of mortgage loans $ 1,676 $ 1,194 Net change in unrealized gain on mortgage loans held for sale 93 457 Net change in the fair value of mortgage loan commitments 204 527 Net change in the fair value of forward sales contracts 132 (402) Pair-Offs on net settlement of forward sales contracts 58 (1) Mortgage servicing rights additions 150 191 Net origination fees 565 905 Total mortgage banking revenues $ 2,878 $ 2,871
Summary of mortgage servicing rights | (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of residential mortgage loans serviced for others 463 450 Outstanding principal balance of residential mortgage loans serviced for others $ 120,713 $ 108,897 Weighted average interest rate 5.48% 5.37% Remaining contractual term (in months) 349 309
Capitalized mortgage servicing rights | Three Months Ended March 31, (Dollars in Thousands) 2024 2023 Beginning balance $ 831 $ 2,599 Additions due to loans sold with servicing retained 150 191 Deletions and amortization (62) (99) Sale of servicing rights - 101 Ending balance $ 919 $ 2,792
Key unobservable inputs used in determining the fair value of mortgage servicing rights | March 31, 2024 December 31, 2023 Minimum Maximum Minimum Maximum Discount rates 9.50% 12.00% 9.50% 12.00% Annual prepayment speeds 11.27% 19.66% 11.23% 17.79% Cost of servicing (per loan) $ 85 $ 95 $ 85 $ 95
Warehouse Line Borrowings | Amounts (Dollars in Thousands) Outstanding $ 25 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% to 4.25% . A cash pledge deposit of $ 0.1 million is required by the lender. $ 8,409 $ 25 million warehouse line of credit agreement expiring in December 2024 . Interest is at the SOFR plus 2.75% , to 3.25% . - Total Warehouse Borrowings $ 8,409

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + 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 -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-3 + Details
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