Mortgage banking activities

3 Months Ended

Mar. 31, 2024

Mortgage Banking [Abstract]

Mortgage Banking Activities

Note 9 – Mortgage banking activities

Income from mortgage banking activities includes mortgage servicing fees earned in connection with administering residential

mortgage loans and valuation adjustments on mortgage servicing rights. It also includes gain on sales and securitizations of

residential mortgage loans, losses on repurchased loans, including interest advances, and trading gains and losses on derivative

contracts used to hedge the Corporation’s securitization activities. In addition, fair value valuation adjustments to residential

mortgage loans held for sale, if any, are recorded as part of the mortgage banking activities.

The following table presents the components of mortgage banking activities:

Quarters ended March 31,

(In thousands)

2024

2023

Mortgage servicing fees, net of fair value adjustments:

Mortgage servicing fees

$

7,751

$

8,689

Mortgage servicing rights fair value adjustments

(3,439)

(1,376)

Total mortgage servicing fees, net of fair value adjustments

4,312

7,313

Net gain on sale of loans, including valuation on loans held-for-sale

74

263

Trading account profit (loss):

Unrealized gains (loss) on outstanding derivative positions

101

(131)

Realized gains on closed derivative positions

3

56

Total trading account profit (loss)

104

(75)

Losses on repurchased loans, including interest advances

(130)

(101)

Total mortgage banking activities

$

4,360

$

7,400