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Mortgage Servicing Rights | 9 Months Ended
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Sep. 30, 2017
Transfers and Servicing [Abstract] |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent by which the unamortized cost exceeds fair value. During the first nine months of 2016, the Company recognized an impairment loss on MSRs in earnings in the amount of $40, which was included in “Mortgage banking income” in the Consolidated Statements of Income. There were no impairment losses recognized during the nine months ended September 30, 2017. During the first nine months of 2016, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance totaling $1,830,444 to a third party for net proceeds of $18,508. There were no sales of MSRs during the nine months ended September 30, 2017. Changes in the Company’s MSRs were as follows:
Balance at January 1, 2017 | $ | 26,302 |
Capitalization | 12,379 |
Amortization | (2,751 | )
Balance at September 30, 2017 | $ | 35,930 |
Data and key economic assumptions related to the Company’s MSRs as of September 30, 2017 and December 31, 2016 are as follows:
| September 30, 2017 |  | December 31, 2016
Unpaid principal balance | $ | 3,703,064 |  |  | $ | 2,763,344 |
Weighted-average prepayment speed (CPR) | 8.89 | % |  | 7.34 | %
Estimated impact of a 10% increase | $ | (1,501 | ) |  | $ | (1,034 | )
Estimated impact of a 20% increase | (2,910 | ) |  | (2,010 | )
Discount rate | 9.68 | % |  | 9.64 | %
Estimated impact of a 10% increase | $ | (1,711 | ) |  | $ | (1,368 | )
Estimated impact of a 20% increase | (3,292 | ) |  | (2,629 | )
Weighted-average coupon interest rate | 3.89 | % |  | 3.83 | %
Weighted-average servicing fee (basis points) | 26.22 |  |  | 25.87 |
Weighted-average remaining maturity (in years) | 14.94 |  |  | 11.11 |
The Company recorded servicing fees of $1,461 and $595 for the three months ended September 30, 2017 and 2016, respectively, and $4,128 and $2,212 for the nine months ended September 30, 2017 and 2016, respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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