Quarterly report pursuant to Section 13 or 15(d)

MORTGAGE BANKING ACTIVITIES (Tables)

v3.20.1
MORTGAGE BANKING ACTIVITIES (Tables)
3 Months Ended
Mar. 31, 2020
Mortgage Banking Activities [Abstract]  
Residential Mortgage Loan Production
March 31, 2020
Unpaid Principal
(Dollars in Thousands) Balance/Notional Fair Value
Residential Mortgage Loans Held for Sale $ 80,535 $ 82,598
Residential Mortgage Loan Commitments ("IRLCs")(1) 131,007 3,898
Forward Sales Contracts(2) 115,500 (2,628)
$ 83,868
(1)Recorded in other assets at fair value
(2)Recorded in other liabilities at fair value
Mortgage banking revenue
Three Months Ended March 31,
(Dollars in Thousands) 2020
Net Realized Gains on Sales of Mortgage Loans $ 3,407
Net Change in Unrealized Gain on Mortgage Loans Held for Sale 738
Net Change in the Fair Value of Mortgage Loan Commitments (IRLCs) 1,655
Net Change in the Fair Value of Forward Sales Contracts (1,394)
Pair-Offs on Net Settlement of Forward Sales Contracts (1,376)
Total Mortgage Banking Revenues $ 3,030
Summary of mortgage servicing rights
(Dollars in Thousands) March 31, 2020
Number of Residential Mortgage Loans Serviced for Others 627
Outstanding Principal Balance of Residential Mortgage Loans Serviced for Others $ 165,274
Weighted Average Interest Rate 4.56%
Remaining Contractual Term (in months) 316
Summary of mortgage servicing rights
(Dollars in Thousands)
Beginning Balance $ 910
Additions due to loans sold with servicing retained 25
Deletions and amortization (25)
Ending Balance $ 910
Key unobservable inputs used in determining the fair value of mortgage servicing rights
Minimum Maximum
Discount Rates 11.00% 15.00%
Annual prepayment speeds 13.20% 25.26%
Cost of Servicing (basis points) 90 110
Warehouse Line Borrowings
Amounts
(Dollars in Thousands) Outstanding
$25 million warehouse line of credit agreement expiring October 2020. Interest is at LIBOR plus 2.25%, with a floor rate of 3.50%. A cash pledge deposit of $0.1 million is required by the lender. $ 17,572
$50 million master repurchase agreement without defined expiration. Interest is at the LIBOR plus 2.24% to 3.00%. A cash pledge deposit of $0.5 million is required by the lender. 19,286
$50 million warehouse line of credit agreement expiring in September 2020. Interest is at the LIBOR plus 2.25% 36,498
$ 73,356