MORTGAGE BANKING ACTIVITIES (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Mortgage Banking Activities [Abstract] | |
| Residential Mortgage Loan Production |
June 30, 2022
December 31, 2021
Unpaid Principal
Unpaid Principal
(Dollars in Thousands)
Balance/Notional
Fair Value
Balance/Notional
Fair Value
Residential Mortgage Loans Held for Sale
$
47,805
$
48,708
$
50,733
$
52,532
Residential Mortgage Loan Commitments ("IRLCs")
(1)
62,201
934
51,883
1,258
Forward Sales Contracts
(2)
31,500
(45)
48,000
(7)
$
49,597
$
53,783
(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
Six Months Ended June
(Dollars in Thousands)
2022
2021
2022
2021
Net realized gains on sales of mortgage loans
$
4,800
$
13,534
$
9,935
$
27,958
Net change in unrealized gain on mortgage loans held for sale
79
532
(895)
(1,499)
Net change in the fair value of mortgage loan commitments
(183)
(458)
(324)
(2,301)
Net change in the fair value of forward sales contracts
(896)
(1,446)
(38)
817
Pair-Offs on net settlement of forward sales contracts
1,954
(476)
4,209
2,835
Mortgage servicing rights additions
1,457
453
2,088
640
Net origination fees
1,854
1,078
3,036
1,892
Total mortgage banking
$
9,065
$
13,217
$
18,011
$
30,342
|
| Summary of mortgage servicing rights |
(Dollars in Thousands)
June 30, 2022
December 31, 2021
Number of residential mortgage loans serviced for others
2,555
2,106
Outstanding principal balance of residential mortgage loans serviced
$
703,537
$
532,967
Weighted average
3.70%
3.59%
Remaining contractual term (in months)
323
317
|
| Summary of mortgage servicing rights |
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2022
2021
2022
2021
Beginning balance
$
4,001
$
3,583
$
3,774
$
3,452
Additions due to loans sold with servicing retained
1,457
453
2,088
640
Deletions and amortization
(372)
(326)
(776)
(632)
Valuation
-
-
-
250
Ending balance
$
5,086
$
3,710
$
5,086
$
3,710
|
| Key unobservable inputs used in determining the fair value of mortgage servicing rights |
June 30, 2022
December 31, 2021
Minimum
Maximum
Minimum
Maximum
Discount rates
9.00%
11.00%
11.00%
15.00%
Annual prepayment speeds
9.46%
11.54%
11.98%
23.79%
Cost of servicing (per loan)
$
65
$
138
$
60
$
73
|
| Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
75
1.00%
to plus
1.00%
, with a floor rate of
3.25%
.
0.5
12,657
$
75
November 2022
.
2.25%
, to
3.25%
.
22,333
Total Warehouse
$
34,990
|