MORTGAGE BANKING ACTIVITIES (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Mortgage Banking Activities [Abstract] | |
Mortgage banking revenue |
(As Restated)
(As Restated)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars in Thousands)
2023
2022
2023
2022
Net realized gains on sales of mortgage loans
$
2,301
$
2,099
$
3,494
$
4,238
Net change in unrealized gain on mortgage loans held for sale
(934)
503
(476)
(396)
Net change in the fair value of mortgage loan commitments (IRLCs)
(75)
(183)
452
(324)
Net change in the fair value of forward sales contracts
316
(896)
(86)
(38)
Pair-Offs on net settlement of forward sales contracts
96
1,954
95
4,209
Mortgage servicing rights additions
96
320
287
324
Net origination fees
1,563
1,060
2,468
899
Total mortgage banking
$
3,363
$
4,857
$
6,234
$
8,912
|
Summary of mortgage servicing rights |
(As Restated)
(As Restated)
(Dollars in Thousands)
June 30, 2023
December 31, 2022
Number of residential mortgage loans serviced for others
381
1,769
Outstanding principal balance of residential mortgage loans serviced
$
86,920
$
410,740
Weighted average
4.93%
3.62%
Remaining contractual term (in months)
301
298
|
Capitalized mortgage servicing rights |
(As Restated)
(As Restated)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars in Thousands)
2023
2022
2023
2022
Beginning balance
$
2,792
$
3,410
$
2,599
$
3,774
Additions due to loans sold with servicing retained
96
320
287
324
Deletions and amortization
(36)
(315)
(34)
(683)
Sale of servicing rights
(1)
(2,287)
-
(2,287)
-
Ending balance
$
565
$
3,415
$
565
$
3,415
The Company sold an MSR portfolio with an unpaid principal balance of $
334
4.0
recognizing a $
1.38
|
Key unobservable inputs used in determining the fair value of mortgage servicing rights |
(As Restated)
(As Restated)
June 30, 2023
December 31, 2022
Minimum
Maximum
Minimum
Maximum
Discount rates
9.51%
12.00%
9.50%
12.00%
Annual prepayment speeds
11.26%
17.07%
12.33%
20.23%
Cost of servicing (per loan)
$
85
$
95
$
85
$
95
|
Warehouse Line Borrowings |
Amounts
(Dollars in Thousands)
Outstanding
$
75
2.00%
3.00%
, with a floor rate of
3.25%
.
0.5
11,105
$
60
December 2023
.
2.25%
,
to
3.25%
.
16,948
Total Warehouse
$
28,053
|