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Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2024
Transfers and Servicing of Financial Assets [Abstract]  
Mortgage Servicing Rights Mortgage servicing rights
Changes in the Company’s mortgage servicing rights were as follows for the three months ended March 31, 2024 and 2023:
 Three Months Ended March 31,
 2024 2023 
Carrying value at beginning of period$164,249 $168,365 
Capitalization1,131 1,788 
Change in fair value:
    Due to payoffs/paydowns
(2,724)(2,520)
    Due to change in valuation inputs or assumptions3,018 (2,754)
        Carrying value at end of period$165,674 $164,879 
The following table summarizes servicing income and expense, which are included in mortgage banking income and other noninterest expense, respectively, in the consolidated statements of income for the three months ended March 31, 2024 and 2023: 
 Three Months Ended March 31,
 2024 2023 
   Servicing income$7,347 $7,768 
   Change in fair value of mortgage servicing rights294 (5,274)
   Change in fair value of derivative hedging instruments(3,335)1,867 
Servicing income
4,306 4,361 
Servicing expenses1,947 1,883 
          Net servicing income
$2,359 $2,478 
Data and key economic assumptions related to the Company’s mortgage servicing rights as of March 31, 2024 and December 31, 2023 are as follows: 
 March 31,December 31,
 20242023
Unpaid principal balance of mortgage loans sold and serviced for others$10,651,075 $10,762,906 
Weighted-average prepayment speed (CPR)6.06 %6.19 %
Estimated impact on fair value of a 10% increase$(4,383)$(4,616)
Estimated impact on fair value of a 20% increase$(8,490)$(8,924)
Discount rate10.2 %9.62 %
Estimated impact on fair value of a 100 bp increase$(7,633)$(7,637)
Estimated impact on fair value of a 200 bp increase$(14,617)$(14,624)
Weighted-average coupon interest rate3.50 %3.47 %
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)335334
The Company economically hedges the mortgage servicing rights portfolio with various derivative instruments to offset changes in the fair value of the related mortgage servicing rights. See Note 9, “Derivatives” for additional information on these hedging instruments.
As of March 31, 2024 and December 31, 2023, mortgage escrow deposits totaled $92,350 and $63,591, respectively.