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MORTGAGE BANKING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Mortgage Banking Activities [Abstract] |
Mortgage banking revenue | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 Net realized gains on sales of mortgage loans $ 3,664 $ 1,350 $ 8,499 $ 4,843 Net change in unrealized gain on mortgage loans held for sale 143 (1,223) 312 (1,700) Net change in the fair value of IRLC's (135) (412) 32 39 Net change in the fair value of forward sales contracts (52) 80 212 (5) Pair-Offs on net settlement of forward sales contracts (383) 359 (173) 454 Mortgage servicing rights additions 50 184 292 471 Net origination fees 679 1,501 2,051 3,970 Total mortgage banking revenues $ 3,966 $ 1,839 $ 11,225 $ 8,072
Summary of mortgage servicing rights | (Dollars in Thousands) September 30, 2024 December 31, 2023 Number of residential mortgage loans serviced for others 483 450 Outstanding principal balance of residential mortgage loans serviced for others $ 130,292 $ 108,897 Weighted average interest rate 5.74% 5.37% Remaining contractual term (in months) 350 309
Capitalized mortgage servicing rights | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 Beginning balance $ 965 $ 565 $ 831 $ 2,599 Additions due to loans sold with servicing retained 50 184 292 471 Deletions and amortization (46) (45) (154) (79) Sale of servicing rights - - - (2,287) Ending balance $ 969 $ 704 $ 969 $ 704
Key unobservable inputs used in determining the fair value of mortgage servicing rights | September 30, 2024 December 31, 2023 Minimum Maximum Minimum Maximum Discount rates 9.50% 12.00% 9.50% 12.00% Annual prepayment speeds 9.79% 20.51% 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. $ 1,954 $ 25 million warehouse line of credit agreement expiring in December 2024 . Interest is at the SOFR plus 2.75% , to 3.25% . 5,810 Total Warehouse Borrowings $ 7,764

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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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