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Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2025
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights

Note 9 — Mortgage Servicing Rights

Mortgage loans sold with servicing retained are related to the Century business and not included in the Consolidated Balance Sheets. The unpaid principal balance of mortgage loans serviced for others amounted to $826.6 million and $804.1 million as of September 30, 2025 and 2024, respectively. The Company has elected to record its mortgage servicing rights using the fair value measurement method. Fair value adjustments recorded at the end of the current period reflect valuation changes from the prior period-end. Significant assumptions used in determining the fair value of servicing rights as of September 30, 2025 and 2024 include: (1) weighted average discount rate of 8.0%, and (2) weighted average conditional prepayment rate of 5.6% and 5.1%, respectively.

The following table presents the Company's mortgage servicing rights activity during the three and nine months ended September 30, 2025 and 2024:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Balance at the beginning of period

 

$

12,940

 

 

$

12,229

 

 

$

13,712

 

 

$

8,578

 

Mortgage servicing rights acquired

 

 

—

 

 

 

1,180

 

 

 

—

 

 

 

4,760

 

Additions

 

 

—

 

 

 

—

 

 

 

451

 

 

 

—

 

Fair value adjustments

 

 

(343

)

 

 

(993

)

 

 

(1,566

)

 

 

(922

)

Balance at the end of period

 

$

12,597

 

 

$

12,416

 

 

$

12,597

 

 

$

12,416