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Mortgage Servicing Rights (Tables) | 3 Months Ended
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Mar. 31, 2022
Transfers and Servicing of Financial Assets [Abstract] |
Schedule of Changes in Mortgage Servicing Rights | Changes in the Company’s mortgage servicing rights were as follows for the three months ended March 31, 2022 and 2021:
|  |  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021 |  |
Carrying value at beginning of period |  |  |  |  | $ | 115,512 |  | $ | 79,997 |  |
Capitalization |  |  |  |  | 9,812 |  | 11,594 |  |
Change in fair value: |  |  |  |  |  |  |
Due to pay-offs/pay-downs |  |  |  |  | (4,471) |  | (9,321) |  |
Due to change in valuation inputs or assumptions |  |  |  |  | 23,822 |  | 21,922 |  |
Carrying value at end of period |  |  |  |  | $ | 144,675 |  | $ | 104,192 |  |
Schedule of Servicing Income and Expense Included in Mortgage Banking Income | The following table summarizes servicing income and expense, which are included in 'Mortgage banking income' and 'Other noninterest expense', respectively, within the Mortgage segment operating results for the three months ended March 31, 2022 and 2021:
|  |  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021 |  |
Servicing income: |  |  |  |  |  |  |
Servicing income |  |  |  |  | $ | 7,429 |  | $ | 6,931 |  |
Change in fair value of mortgage servicing rights |  |  |  |  | 19,351 |  | 12,601 |  |
Change in fair value of derivative hedging instruments |  |  |  |  | (19,098) |  | (17,864) |  |
Servicing income |  |  |  |  | 7,682 |  | 1,668 |  |
Servicing expenses |  |  |  |  | 2,548 |  | 2,532 |  |
Net servicing income (loss)(1) |  |  |  |  | $ | 5,134 |  | $ | (864) |  |
(1) Excludes benefit of custodial servicing related noninterest-bearing deposits held by the Bank.
Schedule of Data and Key Economic Assumptions Related to Mortgage Servicing Rights | Data and key economic assumptions related to the Company’s mortgage servicing rights as of March 31, 2022 and December 31, 2021 are as follows:
|  | March 31, |  | December 31,
|  | 2022 |  | 2021
Unpaid principal balance |  | $ | 11,150,118 |  |  | $ | 10,759,286 |
Weighted-average prepayment speed (CPR) |  | 6.41 | % |  | 9.31 | %
Estimated impact on fair value of a 10% increase |  | $ | (5,077) |  |  | $ | (4,905) |
Estimated impact on fair value of a 20% increase |  | $ | (9,734) |  |  | $ | (9,429) |
Discount rate |  | 8.68 | % |  | 9.81 | %
Estimated impact on fair value of a 100 bp increase |  | $ | (6,456) |  |  | $ | (4,785) |
Estimated impact on fair value of a 200 bp increase |  | $ | (12,378) |  |  | $ | (9,198) |
Weighted-average coupon interest rate |  | 3.20 | % |  | 3.23 | %
Weighted-average servicing fee (basis points) |  | 27 |  | 27
Weighted-average remaining maturity (in months) |  | 330 |  | 330

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- Definition Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122739-111746 + Details
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