Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2020

Transfers and Servicing [Abstract]

Summary of Change in Balance of Mortgage Servicing Assets

A summary of the change in the balance of mortgage servicing assets during the three and six months ended June 30, 2020 and 2019 were as follows (in thousands):

	Three Months Ended March 31,				Six Months Ended June 30,
	2020		2019		2020		2019
Beginning balance, at fair value	$	2,996	$	3,286	$	3,239	$	3,414
Servicing rights that result from transfers and sale of financial assets	554		81		674		277
Changes in fair value:
Due to changes in model inputs or assumptions and other(1)	(437)		(162)		(800)		(486)
Ending balance, at fair value	$	3,113	$	3,205	$	3,113	$	3,205

(1) Represents changes due to collection/realization of expected cash flows and curtailments.

Mortgage Service Rights Assumptions

The key economic assumptions used in determining the fair value of mortgage servicing rights at the dates indicated are as follows:

	June 30, 2020		December 31, 2019
Prepayment speed (Public Securities Association “PSA” model)	216	%	187	%
Weighted-average life	5.5 years		6.2 years
Discount rate	10.1	%	12.5	%