MORTGAGE BANKING ACTIVITIES (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Mortgage Banking Activities [Abstract] | |
| Residential Mortgage Loan Production |
June 30, 2021
December 31, 2020
Unpaid Principal
Unpaid Principal
(Dollars in Thousands)
Balance/Notional
Fair Value
Balance/Notional
Fair Value
Residential Mortgage Loans Held for Sale
$
78,111
$
80,821
$
109,831
$
114,039
Residential Mortgage Loan Commitments ("IRLCs")
(1)
107,797
2,524
147,494
4,825
Forward Sales Contracts
(2)
99,000
(90)
158,500
(907)
$
83,255
$
117,957
(1)
Recorded in other assets at fair value
(2)
Recorded in other liabilities at fair value
|
| Mortgage banking revenue |
Three Months Ended
Six Months Ended
(Dollars in Thousands)
2021
2020
2021
2020
Net realized gains on sales of mortgage loans
$
13,534
$
14,580
$
27,958
$
17,987
Net change in unrealized
532
1,092
(1,499)
1,830
Net change in the fair value of mortgage loan commitments
(458)
1,487
(2,301)
3,142
Net change in the fair value of forward sales contracts
(1,446)
1,625
817
231
Pair-Offs on net settlement of forward
(476)
(3,019)
2,835
(4,395)
Mortgage servicing rights additions
453
2,049
640
2,049
Net origination fees
1,078
1,583
1,892
1,806
Total mortgage
$
13,217
$
19,397
$
30,342
$
22,650
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
June 30, 2021
December 31, 2020
Number of residential mortgage loans serviced for others
2,008
1,796
Outstanding principal balance of residential mortgage
$
498,984
$
456,135
Weighted average
3.61%
3.64%
Remaining contractual term (in months)
318
321
|
| Summary of mortgage servicing rights |
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2021
2020
2021
2020
Beginning balance
$
3,583
$
910
$
3,452
$
910
Additions due to loans sold with servicing retained
453
2,049
640
2,074
Deletions and amortization
(326)
(97)
(632)
(122)
Valuation
-
-
250
-
Ending balance
$
3,710
$
2,862
$
3,710
$
2,862
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
June 30, 2021
December 31, 2020
Minimum
Maximum
Minimum
Maximum
Discount rates
11.00%
15.00%
11.00%
15.00%
Annual prepayment speeds
13.09%
22.68%
13.08%
23.64%
Cost of servicing (per loan)
$
90
$
110
$
90
$
110
|
| Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
25
October 2021
.
2.25%
, with a
floor rate of
3.50%
.
0.1
$
5,630
$
50
2.24%
3.00%
, with a floor rate of
3.25%
.
0.5
7,772
$
50
September 2021
.
2.75%
, with a floor rate of
3.25%
.
29,195
Total Warehouse
$
42,597
|