XML 69 R32.htm IDEA: XBRL DOCUMENT v3.23.3
Mortgage Servicing Rights (Tables)
 9 Months Ended
Sep. 30, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of Changes in Mortgage Servicing Rights
Changes in the Company’s mortgage servicing rights were as follows for the three and nine months ended September 30, 2023 and 2022:
 Three Months Ended September 30,Nine Months Ended September 30,
 202320222023 2022 
Carrying value at beginning of period$166,433 $158,678 $168,365 $115,512 
Capitalization2,073 4,453 6,134 19,523 
Change in fair value:
    Due to pay-offs/pay-downs(3,306)(3,670)(9,095)(13,165)
    Due to change in valuation inputs or assumptions7,510 11,966 7,306 49,557 
        Carrying value at end of period$172,710 $171,427 $172,710 $171,427 
Schedule of Servicing Income and Expense Included in Mortgage Banking Income
The following table summarizes servicing income and expense, which are included in 'Mortgage banking income' and 'Other noninterest expense', respectively, for the three and nine months ended September 30, 2023 and 2022: 
 Three Months Ended September 30,Nine Months Ended September 30,
 202320222023 2022 
Servicing income:
   Servicing income$7,363 $8,104 $22,717 $23,499 
   Change in fair value of mortgage servicing rights4,204 8,296 (1,789)36,392 
   Change in fair value of derivative hedging instruments(7,928)(12,641)(9,564)(41,636)
Servicing income
3,639 3,759 11,364 18,255 
Servicing expenses1,953 1,923 6,167 7,848 
          Net servicing income
$1,686 $1,836 $5,197 $10,407 
Schedule of Data and Key Economic Assumptions Related to Mortgage Servicing Rights
Data and key economic assumptions related to the Company’s mortgage servicing rights as of September 30, 2023 and December 31, 2022 are as follows: 
 September 30,December 31,
 20232022
Unpaid principal balance of mortgage loans sold and serviced for others$10,875,274 $11,086,582 
Weighted-average prepayment speed (CPR)5.47 %5.55 %
Estimated impact on fair value of a 10% increase$(4,332)$(4,886)
Estimated impact on fair value of a 20% increase$(8,414)$(9,447)
Discount rate9.56 %9.10 %
Estimated impact on fair value of a 100 bp increase$(8,267)$(8,087)
Estimated impact on fair value of a 200 bp increase$(15,820)$(15,475)
Weighted-average coupon interest rate3.44 %3.31 %
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)334332