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Mortgage Servicing Rights | 12 Months Ended
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Dec. 31, 2024
Transfers and Servicing [Abstract] |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented:
Carrying value at January 1, 2023 | $ | 84,448 |
Capitalization | 17,079 |
Amortization | (9,839) |
Carrying value at December 31, 2023 | $ | 91,688 |
Sale of MSRs | (19,539) |
Capitalization | 10,195 |
Amortization | (9,353) |
Carrying value at December 31, 2024 | $ | 72,991 |
The gains recognized on the sale of MSRs are included in “Mortgage banking income” in the Consolidated Statements of Income. During 2024, the Company sold a portion of its MSR portfolio for net proceeds of $23,011, resulting in a gain of $3,472. The Company recognized a gain of $547 in 2023 related to a holdback of previously sold MSR assets. Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows:
| 2024 |  | 2023 |  | 2022
Unpaid principal balance | $ | 6,008,937 |  |  | $ | 7,826,182 |  |  | $ | 7,494,413 |
Weighted-average prepayment speed (CPR) | 9.48 | % |  | 8.77 | % |  | 7.00 | %
Estimated impact of a 10% increase | $ | (3,134) |  |  | $ | (2,653) |  |  | $ | (5,393) |
Estimated impact of a 20% increase | (6,062) |  |  | (5,457) |  |  | (10,354) |
Discount rate | 11.05 | % |  | 10.85 | % |  | 10.30 | %
Estimated impact of a 100bp increase | $ | (3,809) |  |  | $ | (4,753) |  |  | $ | (1,765) |
Estimated impact of a 200bp increase | (7,336) |  |  | (9,149) |  |  | (3,957) |
Weighted-average coupon interest rate | 4.29 | % |  | 3.88 | % |  | 3.51 | %
Weighted-average servicing fee (basis points) | 35.91 |  | 33.24 |  | 32.44
Weighted-average remaining maturity (in years) | 7.30 |  | 7.50 |  | 8.33
The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates. The Company recorded servicing fees of $15,177, $18,081 and $18,452, for the twelve months ended December 31, 2024, 2023 and 2022, respectively. These fees are included under the line item “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/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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