It is expected that interest rates will remain low and that the economic environment will continue to be volatile as the impact of the COVID-19 pandemic is realized. The low interest rate environment spurred increased purchase and refinance activity during the year, continuing into the first quarter of 2021 with a locked residential mortgage pipeline at December 31, 2020 of $485.4 million; however, seasonality, economic uncertainty and increased unemployment rates may have a negative impact on mortgage loan originations in the future.