Annual report [Section 13 and 15(d), not S-K Item 405]

MORTGAGE BANKING ACTIVITIES (Tables)

v3.25.0.1
MORTGAGE BANKING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Mortgage Banking Activities [Abstract]  
Summary of Unpaid Principal Balance of Residential Mortgage Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
28,117
$
28,672
$
27,944
$
28,211
Residential Mortgage Loan Commitments
(1)
15,000
248
23,545
523
Forward Sales Contracts
(2)
16,000
96
24,500
209
$
29,016
$
28,943
(1)
Recorded in other assets at fair value
(2)
Recorded in other assets and other liabilities at fair value
 
at December 31, 2024 and 2023, respectively
Mortgage Banking Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
2022
Net realized gain on sales of mortgage loans
$
11,492
$
5,297
$
5,565
Net change in unrealized gain on mortgage loans held for sale
(384)
(252)
(1,164)
Net change in the fair value of mortgage loan commitments
(275)
(296)
(439)
Net change in the fair value of forward sales contracts
305
(395)
192
Pair-Offs on net settlement of forward
 
sales contracts
331
367
4,956
Mortgage servicing rights additions
303
651
565
Net origination fees
2,571
5,028
2,234
Total mortgage banking
 
revenues
$
14,343
$
10,400
$
11,909
Summary of Mortgage Servicing Rights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
Number of residential mortgage loans serviced for others
504
450
Outstanding principal balance of residential mortgage loans serviced
 
for others
$
135,416
$
108,897
Weighted average
 
interest rate
5.86%
5.37%
Remaining contractual term (in months)
348
309
Activity in the Capitalized Mortgage Servicing Rights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
2022
Beginning balance
$
831
$
2,599
$
3,774
Additions due to loans sold with servicing retained
303
651
565
Deletions and amortization
(201)
(232)
(1,291)
Sale of Servicing Rights
(1)
-
(2,187)
(449)
Ending balance
$
933
$
831
$
2,599
(1)
In 2023, the Company sold an MSR portfolio with an unpaid principal balance of
 
$
334
 
million for a sales price of $
4.0
 
million,
recognizing a $
1.38
 
million gain on sale, recorded
 
in other noninterest income on the Consolidated
 
Statement of Income.
 
In
2022, the Company sold an MSR portfolio with an unpaid principal balance
 
of $
50
 
million for a sales price of $
0.6
 
million
recognizing a $
0.2
 
million gain on sale, recorded
 
in other noninterest income on the Consolidated Statement
 
of Income.
Key Unobservable Inputs used in Determining the Fair Value of Mortgage Servicing Rights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
2023
Minimum
Maximum
Minimum
Maximum
Discount rates
9.50%
12.00%
9.50%
12.00%
Annual prepayment speeds
9.14%
18.88%
11.23%
17.79%
Cost of servicing (per loan)
$
85
95
$
85
95
Warehouse Line Borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts
(Dollars in Thousands)
Outstanding
$
25
 
million master repurchase agreement without defined expiration.
 
Interest is at the SOFR rate plus
2.00%
 
to plus
3.00%
, with a floor rate of
3.25%
 
to
4.25%
.
 
A cash pledge deposit of $
0.1
 
million is
required by the lender.
$
1,948
$
25
 
million warehouse line of credit agreement expiring in
March 2025
.
 
Interest is at the SOFR plus
2.75%
 
to
3.25%
.
-
$
1,948