XML 34 R25.htm IDEA: XBRL DOCUMENT v3.22.2
Mortgage Banking Activities (Tables)
 6 Months Ended
Jun. 30, 2022
Mortgage Banking [Abstract]  
Components of Residential Mortgage Loans Held For Sale [Table Text Block]
 June 30, 2022December 31, 2021
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$178,631 $178,576 $182,710 $186,175 
Residential mortgage loan commitments106,004 3,867 171,412 6,167 
Forward sales contracts267,880 283 328,433 (47)
  $182,726  $192,295 
Mortgage Banking Revenue [Table Text Block]
Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended June 30,
 2022202120222021
Production revenue:  
Net realized gains on sale of mortgage loans$3,158 $20,783 $10,041 $46,783 
Net change in unrealized gain (loss) on mortgage loans held for sale2,307 1,783 (3,520)(5,172)
Net change in the fair value of mortgage loan commitments998 (1,253)(2,300)(10,233)
Net change in the fair value of forward sales contracts(6,967)(11,309)330 3,913 
Total production revenue(504)10,004 4,551 35,291 
Servicing revenue11,872 11,215 23,467 23,041 
Total mortgage banking revenue$11,368 $21,219 $28,018 $58,332 
Summary of Mortgage Servicing Rights [Table Text Block]
The following represents a summary of mortgage servicing rights (dollars in thousands):
 June 30, 2022December 31, 2021
Number of residential mortgage loans serviced for others113,217 102,008 
Outstanding principal balance of residential mortgage loans serviced for others$19,327,944 $16,442,446 
Weighted average interest rate3.52 %3.58 %
Remaining term (in months)285281
The following represents activity in capitalized mortgage servicing rights (in thousands):
Activity in Capitalized Mortgage Servicing Rights [Table Text Block]
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Beginning Balance$209,563 $132,915 $163,198 $101,172 
Additions5,754 7,937 10,969 17,767 
Acquisitions44,867 — 44,867 — 
Change in fair value due to principal payments(7,357)(10,182)(15,317)(22,143)
Change in fair value due to market assumption changes17,485 (13,041)66,595 20,833 
Ending Balance$270,312 $117,629 $270,312 $117,629 
Assumptions to Value Mortgage Servicing Rights [Table Text Block]
Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
 June 30, 2022December 31, 2021
Discount rate – risk-free rate plus a market premium8.77%8.39%
Prepayment rate - based upon loan interest rate, original term and loan type7.88%12.11%
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
$1,000 - $4,000
$1,000 - $4,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
3.05%1.32%
Primary/secondary mortgage rate spread
105 bps105 bps
Delinquency rate
1.87%2.05%