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Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Mortgage Servicing Rights At December 31, 2023 the Company was servicing $220.7 million of loans sold to the secondary market compared to $240.5 million and $270.0 million at December 31, 2022 and 2021, respectively. Mortgage loan servicing fees, reported in real estate servicing fees, net, earned on loans sold and serviced for others were $0.6 million, $0.8 million, and $0.8 million, for the years ended December 31, 2023, 2022, and 2021, respectively. The table below presents changes in mortgage servicing rights for the years ended December 31, 2023, 2022, and 2021.
(in thousands) | 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 2,899 |  |  | $ | 2,659 |  |  | $ | 2,445 |
Originated mortgage servicing rights | 39 |  |  | 64 |  |  | 400 |
Changes in fair value: |  |  |  |  |
Due to changes in model inputs and assumptions (1) | (939) |  |  | 479 |  |  | 258 |
Other changes in fair value (2) | (261) |  |  | (303) |  |  | (444) |
Total changes in fair value | (1,200) |  |  | 176 |  |  | (186) |
Balance at end of year | $ | 1,738 |  |  | $ | 2,899 |  |  | $ | 2,659 |
(1) | The change in fair value resulting from changes in valuation inputs or assumptions used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. The fourth quarter of 2023 includes a $1.1 million MSR valuation write-down upon accepting a letter of intent to sell the Company's servicing portfolio during the first quarter of 2024.
(2) | Other changes in fair value reflect changes due to customer payments and passage of time.
Total changes in fair value are reported in real estate servicing fees, net, reported in non-interest income in the Company's consolidated statements of income. In the fourth quarter of 2023, the Company recognized a $1.1 million mortgage MSR valuation write-down upon accepting a letter of intent to sell the Company's servicing portfolio which closed during the first quarter of 2024. Prior to the fourth quarter of 2023, valuation assumptions were reviewed with a third party specialist. The following key data and assumptions were used in estimating the fair value of the Company's MSRs as of December 31, 2023 and 2022:
|  | 2023 |  | 2022
Weighted average constant prepayment rate |  | 6.55 | % |  | 6.61 | %
Weighted average note rate |  | 3.52 | % |  | 3.43 | %
Weighted average discount rate |  | 11.00 | % |  | 11.25 | %
Weighted average expected life (in years) |  | 7.1 |  | 7.2

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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