MORTGAGE BANKING ACTIVITIES (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Mortgage Banking Activities [Abstract] | |
| Residential Mortgage Loan Production |
(As Restated)
(As Restated)
March 31, 2023
December 31, 2022
Unpaid Principal
Unpaid Principal
(Dollars in Thousands)
Balance/Notional
Fair Value
Balance/Notional
Fair Value
Residential Mortgage Loans Held for Sale
$
28,204
$
28,475
$
26,274
$
26,909
Residential Mortgage Loan Commitments ("IRLCs")
(1)
51,984
1,346
36,535
819
Forward Sales Contracts
(2)
34,000
(216)
15,500
187
$
29,605
$
27,915
(1)
Recorded in other assets at fair value
(2)
Recorded in other liabilities and other assets at fair value
|
| Mortgage banking revenue |
(As Restated)
Three Months Ended March 31,
(Dollars in Thousands)
2023
2022
Net realized gains on sales of mortgage loans
$
1,194
$
2,140
Net change in unrealized gain on mortgage loans held for sale
457
(900)
Net change in the fair value of mortgage loan commitments (IRLCs)
527
(141)
Net change in the fair value of forward sales contracts
(402)
857
Pair-Offs on net settlement of forward sales contracts
(1)
2,255
Mortgage servicing rights additions
191
4
Net origination fees
905
(160)
Total mortgage banking
$
2,871
$
4,055
|
| Summary of mortgage servicing rights |
(As Restated)
(As Restated)
(Dollars in Thousands)
March 31, 2023
December 31, 2022
Number of residential mortgage loans serviced for others
1,806
1,769
Outstanding principal balance of residential mortgage loans serviced
$
418,150
$
410,740
Weighted average
3.95%
3.62%
Remaining contractual term (in months)
304
298
|
| Capitalized mortgage servicing rights |
(As Restated)
Three Months Ended March 31,
(Dollars in Thousands)
2023
2022
Beginning balance
$
2,599
$
3,774
Additions due to loans sold with servicing retained
191
4
Deletions and amortization
(99)
(368)
Sale of servicing rights
101
-
Ending balance
$
2,792
$
3,410
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
(As Restated)
(As Restated)
March 31, 2023
December 31, 2022
Minimum
Maximum
Minimum
Maximum
Discount rates
9.51%
12.00%
9.50%
12.00%
Annual prepayment speeds
13.45%
21.56%
12.33%
20.23%
Cost of servicing (per loan)
$
85
$
95
$
85
$
95
|
| Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
75
2.00%
3.00%
, with a floor rate of
3.25%
.
0.5
8,309
$
60
December 2023
.
2.25%
,
to
3.25%
.
13,864
Total Warehouse
$
22,173
|