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SERVICING ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2022
Transfers and Servicing [Abstract] |
Schedule of Changes in Serving Rights at Fair Value | The following table presents the changes in servicing rights measured using the fair value method for 2022, 2021 and 2020:
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  |  | (In thousands)
Fair value at beginning of year |  |  |  |  | $ | 48,973 |  |  | $ | 47,295 |  |  | $ | 50,779 |
Servicing from mortgage securitization or asset transfers |  |  |  |  | 3,998 |  |  | 6,089 |  |  | 2,394 |
Changes due to payments on loans |  |  |  |  | (5,312) |  |  | (6,738) |  |  | (4,067) |
Changes in fair value due to changes in valuation model inputs or assumptions |  |  |  |  | 3,262 |  |  | 2,327 |  |  | (1,811) |
Fair value at end of year |  |  |  |  | $ | 50,921 |  |  | $ | 48,973 |  |  | $ | 47,295 |
Schedule of Key Economic Assumptions | The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of December 31, 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Constant prepayment rate | 3.43% - 21.20% |  | 3.90% - 24.48% |  | 5.02% - 35.22%
Discount rate | 10.00% - 15.50% |  | 10.00% - 15.50% |  | 10.00% - 15.50%
Schedule of Sensitivity of Current Fair Value of Servicing Assets | The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows:
| December 31,
| 2022 |  | 2021
| (In thousands)
Mortgage-related servicing asset |  |  |
Carrying value of mortgage servicing asset | $ | 50,921 |  |  | $ | 48,973 |
Weighted average life (in years) | 7.8 |  | 7.8
Constant prepayment rate |  |  |
Decrease in fair value due to 10% adverse change | $ | (956) |  |  | $ | (1,020) |
Decrease in fair value due to 20% adverse change | $ | (1,880) |  |  | $ | (2,004) |
Discount rate |  |  |
Decrease in fair value due to 10% adverse change | $ | (2,265) |  |  | $ | (2,175) |
Decrease in fair value due to 20% adverse change | $ | (4,356) |  |  | $ | (4,183) |

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- Definition Tabular disclosure of all information related to the key inputs and assumptions used in measuring the fair value of assets obtained or liabilities incurred, as the result of a sale of financial assets, relating to the transferor's continuing involvement, if any, at the time of securitization, asset-backed financing arrangement, or similar transfer (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, including expected static pool losses). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 + Details
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- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + Details
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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128311188&loc=d3e122625-111746 + Details
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