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Mortgage Servicing Rights | 9 Months Ended
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Sep. 30, 2019
Transfers and Servicing [Abstract] |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the Consolidated Balance Sheets:
| Three months ended September 30 |  | Nine months ended September 30
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Amortized cost: |  |  |  |  |  |  |
Balance at beginning of period | $ | 38,826 |  |  | $ | 37,894 |  |  | $ | 38,573 |  |  | $ | 37,663 |
Originations of mortgage servicing rights | 2,499 |  |  | 2,018 |  |  | 5,585 |  |  | 5,247 |
Amortization | (1,970 | ) |  | (1,684 | ) |  | (4,803 | ) |  | (4,682 | )
Balance at end of period | $ | 39,355 |  |  | $ | 38,228 |  |  | $ | 39,355 |  |  | $ | 38,228 |
MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. Accordingly, actual and expected prepayments of the underlying mortgage loans can impact the corresponding fair value of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $44.0 million and $50.2 million at September 30, 2019 and December 31, 2018, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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