MORTGAGE BANKING ACTIVITIES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Mortgage Banking Activities [Abstract] | |
| Summary of unpaid principal balance of residential mortgage loans |
December 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
$
54,488
$
54,635
$
50,773
$
52,532
Residential Mortgage Loan Commitments
(1)
36,535
819
51,883
1,258
Forward Sales Contracts
(2)
15,500
187
48,000
(7)
$
55,641
$
53,783
(1)
Recorded in other assets at fair value
(2)
Recorded in other assets and (other liabilities)
|
| Mortgage banking revenue |
(Dollars in Thousands)
2022
2021
2020
Net realized gain on sales of mortgage loans
$
15,643
$
49,355
$
59,709
Net change in unrealized gain on mortgage loans held for sale
(1,652)
(2,410)
2,926
Net change in the fair value of mortgage loan commitments
(439)
(3,567)
2,625
Net change in the fair value of forward sales contracts
192
900
284
Pair-Offs on net settlement of forward
4,956
2,956
(9,602)
Mortgage servicing rights additions
4,474
1,416
3,448
Net origination fees
7,450
3,775
3,954
Total mortgage banking
$
30,624
$
52,425
$
63,344
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
2022
2021
Number of residential mortgage loans serviced for others
2,975
2,106
Outstanding principal balance of residential mortgage loans serviced
$
895,145
$
532,967
Weighted average
4.19%
3.59%
Remaining contractual term (in months)
345
317
|
| Activity in the capitalized mortgage servicing rights |
(Dollars in Thousands)
2022
2021
2020
Beginning balance
$
3,774
$
3,452
$
910
Additions due to loans sold with servicing retained
4,474
1,416
3,448
Deletions and amortization
(1,732)
(1,344)
(656)
Valuation
-
250
(250)
Sale of Servicing Rights
(1)
(449)
-
-
Ending balance
$
6,067
$
3,774
$
3,452
(1)
The Company sold an MSR portfolio with an unpaid principal balance of $
50
0.6
0.2
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
2022
2021
Minimum
Maximum
Minimum
Maximum
Discount rates
9.50%
12.00%
11.00%
15.00%
Annual prepayment speeds
12.33%
20.45%
11.98%
23.79%
Cost of servicing (per loan)
$
85
95
$
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
$
9,577
$
75
December 2022
.
2.25%
to
3.25%
.
40,575
$
50,152
|