Mortgage Banking Activities (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Mortgage Banking [Abstract] |
|
| Components of Residential Mortgage Loans Held For Sale [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | Unpaid Principal Balance/
Notional | | Fair Value | | Unpaid Principal Balance/
Notional | | Fair Value | | Residential mortgage loans held for sale | | $ | 102,250 | | | $ | 101,249 | | | $ | 93,110 | | | $ | 93,133 | | | Residential mortgage loan commitments | | 83,674 | | | 2,348 | | | 49,048 | | | 1,729 | | | Forward sales contracts | | 147,000 | | | 1,276 | | | 100,500 | | | (232) | | | | | | | $ | 104,873 | | | | | $ | 94,630 | |
|
| Mortgage Banking Revenue [Table Text Block] |
Mortgage banking revenue was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
March 31, | | | | | | 2026 | | 2025 | | | | | | Production revenue: | | | | | | | | | | Net realized gains on sale of mortgage loans | | $ | 2,823 | | | $ | 1,456 | | | | | | Net change in unrealized gain (loss) on mortgage loans held for sale | | (1,024) | | | 994 | | | | | | | Net change in the fair value of mortgage loan commitments | | 619 | | | 1,029 | | | | | | | Net change in the fair value of forward sales contracts | | 1,508 | | | (850) | | | | | | Total mortgage production revenue | | 3,926 | | | 2,629 | | | | | | | Servicing revenue | | 17,037 | | | 17,186 | | | | | | | Total mortgage banking revenue | | $ | 20,963 | | | $ | 19,815 | | | | | |
|
| Summary of Mortgage Servicing Rights [Table Text Block] |
The following represents a summary of mortgage servicing rights (dollars in thousands): | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Number of residential mortgage loans serviced for others | | 123,658 | | | 123,263 | | | Outstanding principal balance of residential mortgage loans serviced for others | | $ | 21,989,466 | | | $ | 21,760,414 | | | Weighted average interest rate | | 3.85 | % | | 3.83 | % | | Remaining term (in months) | | 269 | | 270 |
|
| Activity in Capitalized Mortgage Servicing Rights [Table Text Block] |
The following represents activity in capitalized mortgage servicing rights (in thousands): | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2026 | | 2025 | | | | | | Beginning Balance | | $ | 322,724 | | | $ | 338,145 | | | | | | | Additions | | 4,010 | | | 2,509 | | | | | | | Acquisitions | | 8,645 | | | 14,615 | | | | | | | | | | | | | | | | Change in fair value due to principal payments | | (10,153) | | | (5,918) | | | | | | | Change in fair value due to market assumption changes | | 8,155 | | | (7,240) | | | | | | | Ending Balance | | $ | 333,381 | | | $ | 342,111 | | | | | |
|
| Assumptions to Value Mortgage Servicing Rights [Table Text Block] |
MSR 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: | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Discount rate – risk-free rate plus a market premium | | 9.42% | | 9.31% | Prepayment rate – based upon loan interest rate, original term, and loan type | | 6.93% | | 7.07% | | Loan servicing costs – annually per loan based upon loan type: | | | | | | Performing loans | | $73 - $94 | | $73 - $94 | | Delinquent loans | | $150 - $500 | | $150 - $500 | | Loans in foreclosure | | $875 - $6,000 | | $875 - $6,000 | Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life | | 3.82% | | 3.66% | Primary/secondary mortgage rate spread | | 125 bps | | 128 bps | Delinquency rate | | 2.10% | | 2.28% |
|