MORTGAGE BANKING ACTIVITIES (Tables) |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Mortgage Banking Activities [Abstract] | |
| Mortgage banking revenue |
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in Thousands)
2024
2023
2024
2023
Net realized gains on sales of mortgage loans
$
3,664
$
1,350
$
8,499
$
4,843
Net change in unrealized gain on mortgage loans held for sale
143
(1,223)
312
(1,700)
Net change in the fair value of IRLC's
(135)
(412)
32
39
Net change in the fair value of forward sales contracts
(52)
80
212
(5)
Pair-Offs on net settlement of forward sales contracts
(383)
359
(173)
454
Mortgage servicing rights additions
50
184
292
471
Net origination fees
679
1,501
2,051
3,970
Total mortgage banking
$
3,966
$
1,839
$
11,225
$
8,072
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
September 30, 2024
December 31, 2023
Number of residential mortgage loans serviced for others
483
450
Outstanding principal balance of residential mortgage loans serviced
$
130,292
$
108,897
Weighted average
5.74%
5.37%
Remaining contractual term (in months)
350
309
|
| Capitalized mortgage servicing rights |
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in Thousands)
2024
2023
2024
2023
Beginning balance
$
965
$
565
$
831
$
2,599
Additions due to loans sold with servicing retained
50
184
292
471
Deletions and amortization
(46)
(45)
(154)
(79)
Sale of servicing rights
-
-
-
(2,287)
Ending balance
$
969
$
704
$
969
$
704
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
September 30, 2024
December 31, 2023
Minimum
Maximum
Minimum
Maximum
Discount rates
9.50%
12.00%
9.50%
12.00%
Annual prepayment speeds
9.79%
20.51%
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
$
1,954
$
25
December 2024
.
2.75%
,
to
3.25%
.
5,810
Total Warehouse
$
7,764
|