XML 55 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1
Mortgage Banking Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Mortgage Banking [Abstract]  
Components of Residential Mortgage Loans Held For Sale [Table Text Block]
The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
 December 31, 2023December 31, 2022
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$56,922 $56,457 $74,941 $73,938 
Residential mortgage loan commitments34,783 1,379 45,492 1,054 
Forward sales contracts75,448 (901)109,469 280 
  $56,935  $75,272 

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of December 31, 2023 or December 31, 2022. No credit losses were recognized on residential mortgage loans held for sale for the years ended December 31, 2023, 2022 and 2021.
Mortgage Banking Revenue [Table Text Block]
Mortgage banking revenue was as follows (in thousands):
 Year Ended
 202320222021
Production revenue:  
Net realized gain (loss) on sales of mortgage loans$(5,021)$7,416 $76,282 
Net change in unrealized gain on mortgage loans held for sale538 (4,468)(5,818)
Net change in the fair value of mortgage loan commitments325 (5,113)(14,268)
Net change in the fair value of forward sales contracts(1,181)327 4,516 
Total mortgage production revenue(5,339)(1,838)60,712 
Servicing revenue61,037 51,203 45,184 
Total mortgage banking revenue$55,698 $49,365 $105,896 
Summary of Mortgage Servicing Rights [Table Text Block]
The following represents a summary of mortgage servicing rights (dollars in thousands):
December 31,
 202320222021
Number of residential mortgage loans serviced for others115,967 110,541 102,008 
Outstanding principal balance of residential mortgage loans serviced for others$20,382,192 $18,863,201 $16,442,446 
Weighted average interest rate3.64 %3.59 %3.58 %
Remaining contractual term (in months)280283281
Activity in Capitalized Mortgage Servicing Rights [Table Text Block]
Activity in capitalized mortgage servicing rights during the three years ended December 31, 2023 is as follows (in thousands):
Balance, December 31, 2020$101,172 
Additions31,132 
Acquisitions28,018 
Change in fair value due to loan runoff(38,761)
Change in fair value due to market changes41,637 
Balance, December 31, 2021163,198 
Additions18,215 
Acquisitions47,675 
Change in fair value due to loan runoff(31,741)
Change in fair value due to market changes80,261 
Balance, December 31, 2022277,608 
Additions12,142 
Acquisitions34,593 
Change in fair value due to loan runoff(27,344)
Change in fair value due to market changes(3,115)
Balance, December 31, 2023$293,884 
Assumptions to Value Mortgage Servicing Rights [Table Text Block] Significant assumptions used to determine fair value considered to be significant unobservable inputs were as follows:
December 31,
 20232022
Discount rate – risk-free rate plus a market premium9.72%9.51%
Prepayment rate - based upon loan interest rate, original term and loan type7.34%7.54%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$69 - $94
$69 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$875 - $8,000
$875 - $8,000
Primary/secondary mortgage rate spread
105 bps105 bps
Escrow earnings rate – indexed to rates paid on deposit accounts with a comparable average life3.90%4.06%
Delinquency rate
2.06%2.33%