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Mortgage Servicing Rights (Tables) | 9 Months Ended
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Sep. 30, 2015
Mortgage Servicing Rights [Abstract] |
Mortgage servicing rights | Our portfolio of residential mortgage loans serviced for third parties was $2.10 billion and $1.95 billion as of September 30, 2015 and December 31, 2014, respectively. These loans were originated by BancShares and sold to third parties on a non-recourse basis with servicing rights retained. These retained servicing rights are recorded as a servicing asset on the Consolidated Balance Sheets and are initially recorded at fair value. The activity of the servicing asset for the three and nine months ended September 30, 2015 and 2014 is presented in the following table:
| Three months ended September 30 |  | Nine months ended September 30
(Dollars in thousands) | 2015 |  | 2014 |  | 2015 |  | 2014
Beginning balance | $ | 18,162 |  |  | $ | — |  |  | $ | 16,688 |  |  | $ | 16 |
Servicing rights originated | 1,857 |  |  | — |  |  | 4,446 |  |  | — |
Amortization | (695 | ) |  | — |  |  | (2,657 | ) |  | (164 | )
Servicing rights acquired in the 1st Financial merger | — |  |  | — |  |  | — |  |  | 148 |
Valuation allowance reversal | 3 |  |  | — |  |  | 850 |  |  | — |
Ending balance | $ | 19,327 |  |  | $ | — |  |  | $ | 19,327 |  |  | $ | — |
Mortgage servicing rights valuation allowance | The following table presents the activity in the servicing asset valuation allowance for the three and nine months ended September 30, 2015 and 2014:
| Three months ended September 30 |  | Nine months ended September 30
(Dollars in thousands) | 2015 |  | 2014 |  | 2015 |  | 2014
Beginning balance | $ | 3 |  |  | $ | — |  |  | $ | 850 |  |  | $ | — |
Valuation allowance reversal | (3 | ) |  | — |  |  | (850 | ) |  | — |
Ending balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mortgage servicing rights economic assumptions | Valuation of mortgage servicing rights is performed using a pooling methodology. Similar loans are pooled together and evaluated on a discounted earnings basis to determine the present value of future earnings. Key economic assumptions used to value mortgage servicing rights as of September 30, 2015 and December 31, 2014 were as follows:
| September 30, 2015 |  | December 31, 2014
Discount rate - conventional fixed loans | 7.05 | % |  | 7.20 | %
Discount rate - all loans excluding conventional fixed loans | 9.05 | % |  | 9.20 | %
Weighted average constant prepayment rate | 10.41 | % |  | 14.25 | %
Weighted average cost to service a loan | $ | 56.61 |  |  | $ | 56.02 |

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- Definition Servicing Asset Key Economic Assumptions [Table Text Block] + References No definition available. + Details
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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56950315&loc=d3e122739-111746 + Details
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- Definition Tabular disclosure of the activity by class in any valuation allowance for impairment of recognized servicing assets - including beginning and ending balances, aggregate additions charged and recoveries credited to operations, and aggregate write-downs charged against allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=56950315&loc=d3e122739-111746 + Details
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