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Mortgage Servicing Rights (Tables) | 9 Months Ended
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Sep. 30, 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 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 |  |
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 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 |  |
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 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

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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 + 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 -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 + Details
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