MORTGAGE BANKING ACTIVITIES (Tables) |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Mortgage Banking Activities [Abstract] | |
| Residential Mortgage Loan Production |
September 30, 2021
December 31, 2020
Unpaid Principal
Unpaid Principal
(Dollars in Thousands)
Balance/Notional
Fair Value
Balance/Notional
Fair Value
Residential Mortgage Loans Held for Sale
$
74,491
$
77,036
$
109,831
$
114,039
Residential Mortgage Loan Commitments ("IRLCs")
(1)
87,062
1,717
147,494
4,825
Forward Sales Contracts
(2)
102,500
451
158,500
(907)
$
79,204
$
117,957
(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
Nine Months Ended
(Dollars in Thousands)
2021
2020
2021
2020
Net realized gains on sales of mortgage loans
$
12,132
$
21,423
$
40,089
$
39,410
Net change
(165)
1,499
(1,663)
3,329
Net change in the fair value of mortgage loan commitments (IRLCs)
(806)
691
(3,108)
3,833
Net change in the fair value of forward sales contracts
540
560
1,358
791
Pair-Offs on net settlement of forward sales contracts
(636)
(3,049)
2,199
(7,445)
Mortgage servicing rights additions
205
763
845
2,813
Net origination fees
1,013
1,096
2,905
2,902
Total mortgage banking
$
12,283
$
22,983
$
42,625
$
45,633
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
September 30, 2021
December 31, 2020
Number of residential mortgage loans serviced for others
2,028
1,796
Outstanding principal balance of residential mortgage loans serviced
$
505,321
$
456,135
Weighted average
3.62%
3.64%
Remaining contractual term (in months)
316
321
|
| Summary of mortgage servicing rights |
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in Thousands)
2021
2020
2021
2020
Beginning balance
$
3,710
$
2,862
$
3,452
$
910
Additions due to loans sold with servicing retained
205
763
845
2,813
Deletions and amortization
(351)
(277)
(983)
(375)
Valuation
-
-
250
-
Ending balance
$
3,564
$
3,348
$
3,564
$
3,348
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
September 30, 2021
December 31, 2020
Minimum
Maximum
Minimum
Maximum
Discount rates
11.00%
15.00%
11.00%
15.00%
Annual prepayment speeds
13.53%
23.82%
13.08%
23.64%
Cost of servicing (per loan)
$
90
$
110
$
90
$
110
|
| Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
25
October 2021
.
2.25%
, with a
floor rate of
3.50%
.
0.1
$
6,526
$
75
2.24%
3.00%
, with a floor rate of
3.25%
.
0.5
21,942
$
50
September 2021
.
2.75%
, with a floor rate of
3.25%
.
19,376
Total Warehouse
$
47,844
The Company does not intend to renew when the warehouse line expires.
In October 2021, the warehouse line was renewed through November 30,
|