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Mortgage Servicing Rights
 9 Months Ended
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,
 202420232024 2023 
Carrying value at beginning of period$164,505 $166,433 $164,249 $168,365 
Capitalization1,418 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,
 202420232024 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 instruments4,336 (7,928)(648)(9,564)
Servicing income
2,754 3,639 10,040 11,364 
Servicing expenses1,732 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,
 20242023
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)$(8,924)
Discount rate9.48 %9.62 %
Estimated impact on fair value of a 100 bp increase$(7,286)$(7,637)
Estimated impact on fair value of a 200 bp increase$(13,960)$(14,624)
Weighted-average coupon interest rate3.57 %3.47 %
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)336334
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.