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Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Mortgage Servicing Rights On January 31, 2024, the Company sold its mortgage servicing rights portfolio and all serviced loans transferred to the new servicer on April 30, 2024. The table below presents changes in mortgage servicing rights (MSRs) for the periods indicated.
|  |  | Nine Months Ended September 30,
(dollars in thousands) |  |  |  |  | 2024 |  | 2023
Balance at beginning of period |  |  |  |  | $ | 1,738 |  | $ | 2,899
Originated mortgage servicing rights |  |  |  |  | — |  | 38
Sale proceeds |  |  |  |  | (1,670) |  |  | — |
Changes in fair value: |  |  |  |  |  |  |
Due to changes in model inputs and assumptions (1) |  |  |  |  | — |  | 145 |
Other changes in fair value (2) |  |  |  |  | (68) |  |  | (197) |
Total changes in fair value |  |  |  |  | (68) |  | (52)
Balance at end of period |  |  |  |  | $ | — |  | $ | 2,885
(1)The change in fair value resulting from changes in valuation inputs or assumptions, reported in real estate servicing fees, net, used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. (2)Other changes in fair value, reported in real estate servicing fees, net, 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 for the periods indicated as of September 30, 2023:
| Nine Months Ended September 30,
| 2024 |  | 2023
Weighted average constant prepayment rate | NA |  | 6.51 | %
Weighted average note rate | NA |  | 3.49 | %
Weighted average discount rate | NA |  | 11.00 | %
Weighted average expected life (in years) | NA |  | 7.14

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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