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Commercial Mortgage Banking (Tables) | 6 Months Ended
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Jun. 30, 2013
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Summary of Changes in Mortgage Servicing Rights | The following tables summarize the changes in MSRs for the six months ended June 30, 2013 and 2012:
(Expressed in thousands) |  |  |
Balance, as of December 31, 2012 |  | $ | 26,983 |
Originations (1) |  |  | 4,638 |
Purchases |  |  | 1,165 |
Disposals (1) |  |  | (4,583 | )
Amortization expense |  |  | (538 | )
Balance, as of June 30, 2013 |  | $ | 27,665 |
(1) | Includes refinancing.
(Expressed in thousands) |  |  |
Balance, as of December 31, 2011 |  | $ | 22,795 |
Originations (1) |  |  | 3,156 |
Purchases |  |  | 1,824 |
Disposals (1) |  |  | (448 | )
Amortization expense |  |  | (1,617 | )
Balance, as of June 30, 2012 |  | $ | 25,710 |
(1) | Includes refinancing.
Schedule of Amortization Expense | Servicing rights are amortized using the straight-line method over 10 years. Amortization expense for the next five years is as follows:
(Expressed in thousands) |  |  |
2013 |  | $ | 3,553 |
2014 |  |  | 3,537 |
2015 |  |  | 3,537 |
2016 |  |  | 3,500 |
2017 |  |  | 3,433 |
Thereafter |  |  | 10,105 |
|  | $ | 27,665 |
Components of Mortgage Servicing Rights Fees | The Company receives fees during the course of servicing the mortgage loans. The amount of these fees for the three and six months ended June 30, 2013 and 2012 were as follows:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
(Expressed in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Servicing fees |  | $ | 1,244 |  |  | $ | 1,009 |  |  | $ | 2,452 |  |  | $ | 1,936 |
Late fees |  |  | 12 |  |  |  | 5 |  |  |  | 75 |  |  |  | 28 |
Ancillary fees |  |  | 64 |  |  |  | 67 |  |  |  | 121 |  |  |  | 164 |
Total MSR fees |  | $ | 1,320 |  |  | $ | 1,081 |  |  | $ | 2,648 |  |  | $ | 2,128 |

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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + 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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122739-111746 + Details
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