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Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023:

												Three Months Ended March 31,
															2024						2023
Carrying value at beginning of period															$	164,249					$	168,365
Capitalization															1,131						1,788
Change in fair value:
Due to payoffs/paydowns															(2,724)						(2,520)
Due to change in valuation inputs or assumptions															3,018						(2,754)
Carrying value at end of period															$	165,674					$	164,879

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, 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 rights															294						(5,274)
Change in fair value of derivative hedging instruments															(3,335)						1,867
Servicing income															4,306						4,361
Servicing expenses															1,947						1,883
Net servicing income															$	2,359					$	2,478

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, 2024 and December 31, 2023 are as follows: 

						March 31,						December 31,
						2024						2023
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 rate						10.2		%				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 rate						3.50		%				3.47		%
Weighted-average servicing fee (basis points)						27						27
Weighted-average remaining maturity (in months)						335						334

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- Definition

Schedule of servicing income and expense included in mortgage segment.

+ References

No definition available.

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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
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

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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
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

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