| Mortgage Banking Income |
|
19. |
MORTGAGE BANKING INCOME |
The components of gain on loan origination and sale activities and mortgage servicing fees for the three and six months ended June 30, 2022 and 2021 are as follows:
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Gain on loan origination and sale activities, net |
|
(In thousands) |
|
|
Gain on sale of mortgages and realized gain from derivative financial instruments, net |
|
$ |
632 |
|
|
$ |
6,545 |
|
|
$ |
3,725 |
|
|
$ |
22,421 |
|
|
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value |
|
|
218 |
|
|
|
1,091 |
|
|
|
(1,341 |
) |
|
|
(2,725 |
) |
|
Capitalized residential mortgage loan servicing rights |
|
|
160 |
|
|
|
1,476 |
|
|
|
537 |
|
|
|
4,273 |
|
|
Net change in fair value of derivative loan commitments and forward loan sale commitments |
|
|
(526 |
) |
|
|
(3,372 |
) |
|
|
(1,173 |
) |
|
|
(7,236 |
) |
|
Gain on loan origination and sales activities, net |
|
$ |
484 |
|
|
$ |
5,740 |
|
|
$ |
1,748 |
|
|
$ |
16,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing fees, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loan servicing fees |
|
$ |
1,259 |
|
|
$ |
1,205 |
|
|
$ |
2,536 |
|
|
$ |
2,375 |
|
|
Amortization of residential mortgage loan servicing rights |
|
|
(731 |
) |
|
|
(759 |
) |
|
|
(1,480 |
) |
|
|
(1,571 |
) |
|
Release (provision) to the valuation allowance of mortgage loan servicing rights |
|
|
286 |
|
|
|
(65 |
) |
|
|
421 |
|
|
|
356 |
|
|
Sub-servicer expenses (1) |
|
|
(305 |
) |
|
|
- |
|
|
|
(620 |
) |
|
|
- |
|
|
Mortgage servicing fees, net |
|
$ |
509 |
|
|
$ |
381 |
|
|
$ |
857 |
|
|
$ |
1,160 |
|
|
Total gain on loan origination and sales activities and mortgage servicing fees |
|
$ |
993 |
|
|
$ |
6,121 |
|
|
$ |
2,605 |
|
|
$ |
17,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Sub-servicer expenses were first incurred during the third quarter of 2021, due to the conversion of the Company’s mortgage loan servicing portfolio. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses. |
|