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Servicing Rights (Tables) | 3 Months Ended
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Mar. 31, 2023
Transfers and Servicing [Abstract] |
Schedule of Servicing Assets at Fair Value | The following table details the activity in the Company's mortgage servicing rights ("MSR") for the three-month periods ended March 31, 2023 and 2022:
| Three Months Ended March 31, |
(In Thousands) | 2023 | 2022 |  |
Balance, beginning of period | $18,635 |  | $13,724 |  |  |
Additions for new MSR capitalized | 463 |  | 987 |  |  |
Changes in fair value: |  |  |  |
Due to changes in model inputs of assumptions (1) | (212) |  | 1,192 |  |  |
Other (2) | (583) |  | (481) |  |  |
Balance, end of period | $18,303 |  | $15,422 |  |  |
(1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. (2) Represents changes due to collection/realization of expected cash flows over time. The following table details information related to our serviced mortgage loan portfolio as of March 31, 2023 and December 31, 2022:
(In Thousands) | March 31, 2023 | December 31, 2022
Balance of mortgage loans serviced for others | $911,065 |  | $898,840 |
MSR as a percentage of serviced loans | 2.01 | % | 2.07 | %
The following table outlines the weighted average key assumptions used in measuring the fair value of MSR as of March 31, 2023 and December 31, 2022:
| March 31, 2023 | December 31, 2022
Constant prepayment rate | 5.67 | % | 6.64 | %
Discount rate | 10.97 | % | 11.25 | %
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | Key economic assumptions and the sensitivity of the current fair value for MSR to immediate adverse changes in those assumptions at March 31, 2023 and December 31, 2022 were as follows:
(In Thousands) |  | March 31, 2023 | December 31, 2022
Aggregate portfolio principal balance |  | $911,065 |  | $898,840 |
Weighted average rate of note |  | 3.54 | % | 3.47 | %
March 31, 2023 | Base | 1.0% Adverse Rate Change | 2.0% Adverse Rate Change
Constant prepayment rate | 5.67 | % | 5.71 | % | 7.15 | %
Discount rate | 10.97 | % | 9.97 | % | 8.97 | %
Fair value MSR | $18,303 |  | $17,778 |  | $16,869 |
Percentage of MSR | 2.01 | % | 1.95 | % | 1.85 | %
December 31, 2022 |  |  |
Constant prepayment rate | 6.64 | % | 13.28 | % | 19.92 | %
Discount rate | 11.25 | % | 10.25 | % | 9.25 | %
Fair value MSR | $18,635 |  | $14,763 |  | $11,796 |
Percentage of MSR | 2.07 | % | 1.64 | % | 1.31 | %

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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 -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481326/860-20-50-4 + 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 -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-3 + Details
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