Commercial Mortgage Banking (Tables)

6 Months Ended

Jun. 30, 2013

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