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Mortgage Servicing Rights | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 | 2023 |  | 2024 |  |  | 2023 |  |
Carrying value at beginning of period |  | $ | 164,505 |  | $ | 166,433 |  |  | $ | 164,249 |  |  | $ | 168,365 |  |
Capitalization |  | 1,418 |  | 2,073 |  |  | 4,067 |  |  | 6,134 |  |
Change in fair value: |  |  |  |  |  |  |  |
Due to payoffs/paydowns |  | (3,518) |  | (3,306) |  |  | (10,067) |  |  | (9,095) |  |
Due to change in valuation inputs or assumptions |  | (5,308) |  | 7,510 |  |  | (1,152) |  |  | 7,306 |  |
Carrying value at end of period |  | $ | 157,097 |  | $ | 172,710 |  |  | $ | 157,097 |  |  | $ | 172,710 |  |
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 and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 | 2023 |  | 2024 |  |  | 2023 |  |
Servicing income |  | $ | 7,244 |  | $ | 7,363 |  |  | $ | 21,907 |  |  | $ | 22,717 |  |
Change in fair value of mortgage servicing rights |  | (8,826) |  | 4,204 |  |  | (11,219) |  |  | (1,789) |  |
Change in fair value of derivative hedging instruments |  | 4,336 |  | (7,928) |  |  | (648) |  |  | (9,564) |  |
Servicing income |  | 2,754 |  | 3,639 |  |  | 10,040 |  |  | 11,364 |  |
Servicing expenses |  | 1,732 |  | 1,953 |  |  | 5,612 |  |  | 6,167 |  |
Net servicing income |  | $ | 1,022 |  | $ | 1,686 |  |  | $ | 4,428 |  |  | $ | 5,197 |  |
Data and key economic assumptions related to the Company’s mortgage servicing rights as of September 30, 2024 and December 31, 2023 are as follows:
|  | September 30, |  | December 31,
|  | 2024 |  | 2023
Unpaid principal balance of mortgage loans sold and serviced for others |  | $ | 10,402,118 |  |  | $ | 10,762,906 |
Weighted-average prepayment speed (CPR) |  | 6.81 | % |  | 6.19 | %
Estimated impact on fair value of a 10% increase |  | $ | (4,563) |  |  | $ | (4,616) |
Estimated impact on fair value of a 20% increase |  | $ | (8,819) |  |  | $ | (8,924) |
Discount rate |  | 9.48 | % |  | 9.62 | %
Estimated impact on fair value of a 100 bp increase |  | $ | (7,286) |  |  | $ | (7,637) |
Estimated impact on fair value of a 200 bp increase |  | $ | (13,960) |  |  | $ | (14,624) |
Weighted-average coupon interest rate |  | 3.57 | % |  | 3.47 | %
Weighted-average servicing fee (basis points) |  | 27 |  | 27
Weighted-average remaining maturity (in months) |  | 336 |  | 334
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 September 30, 2024 and December 31, 2023, mortgage escrow deposits totaled $126,854 and $63,591, 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://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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