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Mortgage Banking Activities | 9 Months Ended
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Sep. 30, 2023
Mortgage Banking [Abstract] |
Mortgage Banking Activities | Mortgage Banking Activities The Bank’s residential real estate lending business originated mortgage loans for customers and typically sold a majority of the originated loans into the secondary market. For most of the mortgages sold in the secondary market, the Bank hedged 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 would be sold into the secondary market. To facilitate the hedging of the loans, the Bank 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, 2023, the Company had no mortgage loans held-for-sale or sold mortgage loans into the secondary market. During the three months ended September 30, 2022, the Company originated $85.1 million of mortgage loans held-for-sale and sold $95.0 million of mortgage loans into the secondary market. During the nine months ended September 30, 2023 and 2022, the Company originated mortgage loans held-for-sale of $36.3 million and $343.3 million, respectively, and sold $46.5 million and $365.3 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, 2023 and 2022.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gain on loans sold | $ | — |  |  | $ | 1,178 |  |  | $ | 471 |  |  | $ | 5,119 |
Loss resulting from the change in fair value of loans held-for-sale | — |  |  | (450) |  |  | (143) |  |  | (599) |
Gain (loss) resulting from the change in fair value of derivatives | — |  |  | 143 |  |  | (252) |  |  | (66) |
Net revenue from mortgage banking activities | $ | — |  |  | $ | 871 |  |  | $ | 76 |  |  | $ | 4,454 |
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 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479851/948-310-S99-1 + Details
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