MORTGAGE BANKING ACTIVITIES (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Mortgage Banking Activities [Abstract] | |
| Residential Mortgage Loan Production |
June 30, 2024
December 31, 2023
Unpaid Principal
Unpaid Principal
(Dollars in Thousands)
Balance/Notional
Fair Value
Balance/Notional
Fair Value
Residential Mortgage Loans Held for Sale
$
23,128
$
24,022
$
27,944
$
28,211
Residential Mortgage Loan Commitments ("IRLCs")
(1)
37,992
690
23,545
523
Forward Sales Contracts
(2)
35,500
55
24,500
209
(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 June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2024
2023
2024
2023
Net realized gains on sales of mortgage loans
$
3,159
$
2,301
$
4,835
$
3,494
Net change in unrealized gain on mortgage loans held for sale
76
(934)
169
(476)
Net change in the fair value of IRLC's
(37)
(75)
167
452
Net change in the fair value of forward sales contracts
132
316
264
(86)
Pair-Offs on net settlement of forward sales contracts
152
96
210
95
Mortgage servicing rights additions
92
96
242
287
Net origination fees
807
1,563
1,372
2,468
Total mortgage banking
$
4,381
$
3,363
$
7,259
$
6,234
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
June 30, 2024
December 31, 2023
Number of residential mortgage loans serviced for others
489
450
Outstanding principal balance of residential mortgage loans serviced
$
129,390
$
108,897
Weighted average
5.65%
5.37%
Remaining contractual term (in months)
350
309
|
| Capitalized mortgage servicing rights |
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2024
2023
2024
2023
Beginning balance
$
919
$
2,792
$
831
$
2,599
Additions due to loans sold with servicing retained
92
96
242
287
Deletions and amortization
(46)
(36)
(108)
(34)
Sale of servicing rights
-
(2,287)
-
(2,287)
Ending balance
$
965
$
565
$
965
$
565
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
June 30, 2024
December 31, 2023
Minimum
Maximum
Minimum
Maximum
Discount rates
9.50%
12.00%
9.50%
12.00%
Annual prepayment speeds
9.82%
18.47%
11.23%
17.79%
Cost of servicing (per loan)
$
85
$
95
$
85
$
95
|
| Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
25
2.00%
3.00%
, with a floor rate of
3.25%
4.25%
.
0.1
$
1,403
$
25
December 2024
.
2.75%
,
to
3.25%
.
1,905
Total Warehouse
$
3,308
|