Annual report pursuant to Section 13 and 15(d)

MORTGAGE BANKING ACTIVITIES (Tables)

v3.22.0.1
MORTGAGE BANKING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Mortgage Banking Activities [Abstract]  
Summary of unpaid principal balance of residential mortgage loans
December 31, 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
$
50,733
$
52,532
$
109,831
$
114,039
Residential Mortgage Loan Commitments ("IRLCs")
(1)
51,883
1,258
147,494
4,825
Forward Sales Contracts
(2)
48,000
(7)
158,500
(907)
$
53,783
$
117,957
(1)
Recorded in other assets at fair value
(2)
Recorded in other liabilities at fair value
Mortgage banking revenue
(Dollars in Thousands)
2021
2020
Net realized gains on sales of mortgage loans
$
49,355
$
59,709
Net change in unrealized gain on mortgage loans held for sale
(2,410)
2,926
Net change in the fair value of mortgage loan commitments (IRLCs)
(3,567)
2,625
Net change in the fair value of forward sales contracts
900
284
Pair-Offs on net settlement of forward
 
sales contracts
2,956
(9,602)
Mortgage servicing rights additions
1,416
3,448
Net origination fees
3,775
3,954
Total mortgage banking
 
revenues
$
52,425
$
63,344
Summary of mortgage servicing rights
(Dollars in Thousands)
2021
2020
Number of residential mortgage loans serviced for others
2,106
1,796
Outstanding principal balance of residential mortgage loans serviced
 
for others
$
532,967
$
456,135
Weighted average
 
interest rate
3.59%
3.64%
Remaining contractual term (in months)
317
321
Activity in the capitalized mortgage servicing rights
(Dollars in Thousands)
2021
2020
Beginning balance
$
3,452
$
910
Additions due to loans sold with servicing retained
1,416
3,448
Deletions and amortization
(1,344)
(656)
Valuation
 
Allowance (temporary impairment)
250
(250)
Ending balance
$
3,774
$
3,452
Key unobservable inputs used in determining the fair value of mortgage servicing rights
2021
2020
Minimum
Maximum
Minimum
Maximum
Discount rates
11.00%
15.00%
11.00%
15.00%
Annual prepayment speeds
11.98%
23.79%
13.08%
23.64%
Cost of servicing (per loan)
$
60
73
$
90
110
Warehouse Line Borrowings
Amounts
(Dollars in Thousands)
Outstanding
$
75
 
million master repurchase agreement without defined expiration.
 
Interest is at the Prime rate minus
1.00%
to plus
1.00%
, with a floor rate of
3.25%
.
 
A cash pledge deposit of $
0.5
 
million is required by the lender.
$
11,607
$
75
 
million warehouse line of credit agreement expiring in
November 2022
.
 
Interest is at the SOFR plus
2.25%
to
3.25%
.
17,371
$
28,978