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Servicing Rights (Tables) | 9 Months Ended
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Sep. 30, 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 and nine-month periods ended September 30, 2023 and 2022:
| Three Months Ended September 30, | Nine Months Ended September 30,
(In Thousands) | 2023 | 2022 | 2023 | 2022
Balance, beginning of period | $18,248 |  | $16,301 |  | $18,635 |  | $13,724 |
Additions for new MSR capitalized | 1,458 |  | 1,263 |  | 2,440 |  | 3,378 |
Changes in fair value: |  |  |  |
Due to changes in model inputs of assumptions (1) | — |  | 555 |  | (215) |  | 1,522 |
Other (2) | (310) |  | (410) |  | (1,464) |  | (915) |
Balance, end of period | $19,396 |  | $17,709 |  | $19,396 |  | $17,709 |
(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 September 30, 2023 and December 31, 2022:
(In Thousands) | September 30, 2023 | December 31, 2022
Balance of mortgage loans serviced for others | $982,098 |  | $898,840 |
Weighted average rate of note | 3.82 | % | 3.47 | %
MSR as a percentage of serviced loans | 1.97 | % | 2.07 | %
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | The following table outlines the weighted average key assumptions used in measuring the fair value of MSRs and the sensitivity of the current fair value of MSRs to immediate adverse changes in those assumptions as of the dates indicated. See Note 8 for additional information on key assumptions for MSRs.
(In Thousands) | September 30, 2023 | December 31, 2022
Fair value of MSRs | $19,396 |  | $18,635 |
Expected weighted-average life (in years) | 10.82 | 9.46
Key assumptions: |  |
Constant prepayment rate 1 | 7.88 | % | 6.64 | %
Impact on fair value from 10% adverse change | ($536) |  | ($518) |
Impact on fair value from 25% adverse change | ($984) |  | ($1,233) |
Discount rate | 10.97 | % | 11.25 | %
Impact on fair value from 100 basis point increase | ($821) |  | ($635) |
Impact on fair value from 200 basis point increase | ($1,579) |  | ($1,224) |
Cost to service assumptions ($ per loan) | $82 |  | $91 |
Impact on fair value from 10% adverse change | ($156) |  | ($153) |
Impact on fair value from 25% adverse change | ($389) |  | ($382) |
1 Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

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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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