MORTGAGE BANKING ACTIVITIES (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2022 | |
| Mortgage Banking Activities [Abstract] | |
| Residential Mortgage Loan Production |
March 31, 2022
December 31, 2021
Unpaid Principal
Unpaid Principal
(Dollars in Thousands)
Balance/Notional
Fair Value
Balance/Notional
Fair Value
Residential Mortgage Loans Held for Sale
$
49,991
$
50,815
$
50,733
$
52,532
Residential Mortgage Loan Commitments ("IRLCs")
(1)
99,399
1,117
51,883
1,258
Forward Sales Contracts
(2)
55,000
850
48,000
(7)
$
52,782
$
53,783
(1)
Recorded in other assets at fair value
(2)
Recorded in other assets and other liabilities at fair value
|
| Mortgage banking revenue |
Three Months Ended March 31,
(Dollars in Thousands)
2022
2021
Net realized gains on sales of mortgage loans
$
5,136
$
14,424
Net change in unrealized gain on mortgage loans held for sale
(975)
(2,031)
Net change in the fair value of mortgage loan commitments (IRLCs)
(141)
(1,843)
Net change in the fair value of forward sales contracts
857
2,263
Pair-Offs on net settlement of forward sales contracts
2,255
3,310
Mortgage servicing rights additions
632
187
Net origination fees
1,182
815
Total mortgage banking
$
8,946
$
17,125
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
March 31, 2022
December 31, 2021
Number of residential mortgage loans serviced for others
2,224
2,106
Outstanding principal balance of residential mortgage loans serviced
$
577,297
$
532,967
Weighted average
3.62%
3.59%
Remaining contractual term (in months)
317
317
|
| Summary of mortgage servicing rights |
Three Months Ended March 31,
(Dollars in Thousands)
2022
2021
Beginning balance
$
3,774
$
3,452
Additions due to loans sold with servicing retained
632
187
Deletions and amortization
(405)
(306)
Valuation
-
250
Ending balance
$
4,001
$
3,583
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
March 31, 2022
December 31, 2021
Minimum
Maximum
Minimum
Maximum
Discount rates
10.00%
15.00%
11.00%
15.00%
Annual prepayment speeds
7.12%
19.55%
11.98%
23.79%
Cost of servicing (per loan)
$
60
$
73
$
60
$
73
|
| Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
75
1.00%
to plus
1.00%
, with a floor rate of
3.25%
.
0.5
6,705
$
75
November 2022
.
2.25%
, to
3.25%
.
19,191
Total Warehouse
$
25,896
|