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Mortgage Banking Activities | 9 Months Ended
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Sep. 30, 2021
Mortgage Banking [Abstract] |
Mortgage Banking Activities | Mortgage Banking Activities The Company’s residential real estate lending business originates mortgage loans for customers and typically sells a majority of the originated loans into the secondary market. For most of the mortgages it sells in the secondary market, the Company hedges its mortgage banking pipeline by entering into forward contracts for the future delivery of mortgage loans to third party investors and entering into IRLCs with potential borrowers to fund specific mortgage loans that will be sold into the secondary market. To facilitate the hedging of the loans, the Company has elected the fair value option for loans originated and intended for sale in the secondary market under mandatory pricing agreements. Changes in the fair value of loans held-for-sale, IRLCs and forward contracts are recorded in the mortgage banking activities line item within noninterest income. Refer to Note 13 for further information on derivative financial instruments. During the three months ended September 30, 2021 and 2020, the Company originated mortgage loans held-for-sale of $198.3 million and $216.0 million, respectively, and sold $186.1 million and $203.7 million of mortgage loans, respectively, into the secondary market. During the nine months ended September 30, 2021 and 2020, the Company originated mortgage loans held-for-sale of $585.5 million and $431.4 million, respectively, and sold $579.2 million and $429.3 million of mortgage loans, respectively, into the secondary market. The following table presents the components of income from mortgage banking activities for the three and nine months ended September 30, 2021 and 2020.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Gain on loans sold | $ | 3,244 |  |  | $ | 6,441 |  |  | $ | 14,550 |  |  | $ | 14,948 |
Gain (loss) resulting from the change in fair value of loans held-for-sale | 110 |  |  | 823 |  |  | (854) |  |  | (116) |
Gain (loss) resulting from the change in fair value of derivatives | 496 |  |  | 2,366 |  |  | (1,422) |  |  | 1,874 |
Net revenue from mortgage banking activities | $ | 3,850 |  |  | $ | 9,630 |  |  | $ | 12,274 |  |  | $ | 16,706 |
Fluctuations in interest rates and changes in IRLC and loan volume within the mortgage banking pipeline may cause volatility in the fair value of loans held-for-sale and the fair value of derivatives used to hedge the mortgage banking pipeline.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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