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Mortgage Banking Derivatives | 9 Months Ended
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Sep. 30, 2024
Mortgage Banking [Abstract] |
Mortgage Banking Derivatives | 10. Mortgage Banking Derivatives Commitments to fund certain mortgage loans (interest rate locks, or “IRLs”) to be sold into the secondary market and forward commitments (“Forwards”) for the future delivery of residential mortgage bonds are considered derivatives. The Bank enters into Forwards for the future delivery of residential mortgage bonds when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge accounting relationships. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. The net change in fair market value of IRLs are recorded in other non-interest income. The net change in fair market value and the cost to close Forwards are recorded as hedging activity in non-interest expenses. The net gains (losses) relating to these free-standing derivative instruments used for risk management are summarized below:
|  |  |  | For the nine months ended September 30, |
|  | Revenue Classification |  | 2024 |  |  | 2023 |
IRLs |  | Gain (Loss) on sale of mortgage loans |  | $ | (39 | ) |  | $ | 167 |
Forwards |  | Hedging activity, net |  |  | (581 | ) |  |  | 369 |
Total |  |  |  | $ | (620 | ) |  | $ | 536 |
The following table reflects the amount and market value of mortgage banking derivatives included in the Balance Sheets:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Notional |  |  | Fair |  |  | Notional |  |  | Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
IRLs |  | $ | 17,102 |  |  | $ | 442 |  |  | $ | 28,013 |  |  | $ | 481 |
Forwards |  | $ | 30,500 |  |  | $ | (114 | ) |  | $ | 23,500 |  |  | $ | (297 | )
Total |  | $ | 47,602 |  |  | $ | 328 |  |  | $ | 51,513 |  |  | $ | 184 |

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- Definition The entire disclosure for a mortgage banking entity related to capital requirements imposed by secondary market investors or state imposed regulatory mandates. The disclosure may include: (1) a description of the minimum net worth requirements related to (a) secondary market investors and (b) state-imposed regulatory mandates; (2) actual or possible material effects of noncompliance; (3) whether the entity is in compliance with the regulatory capital requirements, including (a) the entity's required and actual net worth amounts, (b) factors that may significantly affect adequacy of net worth such as potentially volatile components of capital, qualitative factors, or regulatory mandates; and (4) possible affects of noncompliance on amounts and disclosures in the notes to the financial statements. Servicers with net worth requirements from multiple sources may disclose (1) significant servicing covenants with secondary market investors with commonly defined servicing requirements (2) any other secondary market investor where violation of the requirement would have a significant adverse effect and (3) the most restrictive third party agreement, if not included above. The disclosure may also include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-5 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-5 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-3 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-3 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-3 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-4 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-4 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-4 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-4 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-4 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-4 Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 948 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481586/948-10-50-3 + Details
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