Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and 2019:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In Thousands)	2020	2019	2020	2019
Balance, beginning of period	$10,721	$10,836	$11,920	$10,821
Additions for new MSR capitalized	1,373	1,033	3,032	2,672
Changes in fair value:
Due to changes in model inputs of assumptions (1)	(699)	(378)	(2,291)	(1,385)
Other (2)	(806)	(285)	(2,072)	(902)
Balance, end of period	$10,589	$11,206	$10,589	$11,206

(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, 2020 and December 31, 2019:

(In Thousands)	September 30, 2020		December 31, 2019
Balance of mortgage loans serviced for others	$655,733		$659,048
MSR as a percentage of serviced loans	1.61	%	1.81	%

The following table outlines the weighted average key assumptions used in measuring the fair value of MSR as of September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
Constant prepayment rate	14.31	%	10.61	%
Discount rate	7.75	%	8.52	%

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 September 30, 2020 and December 31, 2019 were as follows:

(In Thousands)			September 30, 2020		December 31, 2019
Aggregate portfolio principal balance			$655,733		$659,048
Weighted average rate of note			3.74	%	3.90	%
September 30, 2020	Base		1.0% Adverse Rate Change		2.0% Adverse Rate Change
Constant prepayment rate	14.31	%	42.34	%	50.41	%
Discount rate	7.75	%	6.75	%	5.75	%
Fair value MSR	$10,589		$4,748		$3,808
Percentage of MSR	1.61	%	0.72	%	0.58	%
December 31, 2019
Constant prepayment rate	10.61	%	26.25	%	28.39	%
Discount rate	8.52	%	7.52	%	6.52	%
Fair value MSR	$11,920		$7,005		$6,625
Percentage of MSR	1.81	%	1.06	%	1.01	%