XML 44 R32.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Mortgage Servicing Rights (Tables)
6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023:
 Three Months Ended June 30,Six Months Ended June 30,
 202420232024 2023 
Carrying value at beginning of period$165,674 $164,879 $164,249 $168,365 
Capitalization1,518 2,273 2,649 4,061 
Change in fair value:
    Due to payoffs/paydowns
(3,825)(3,269)(6,549)(5,789)
    Due to change in valuation inputs or assumptions1,138 2,550 4,156 (204)
        Carrying value at end of period$164,505 $166,433 $164,505 $166,433 
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, in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023: 
 Three Months Ended June 30,Six Months Ended June 30,
 202420232024 2023 
   Servicing income$7,316 $7,586 $14,663 $15,354 
   Change in fair value of mortgage servicing rights(2,687)(719)(2,393)(5,993)
   Change in fair value of derivative hedging instruments(1,649)(3,503)(4,984)(1,636)
Servicing income
2,980 3,364 7,286 7,725 
Servicing expenses1,933 2,331 3,880 4,214 
          Net servicing income
$1,047 $1,033 $3,406 $3,511 
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 June 30, 2024 and December 31, 2023 are as follows: 
 June 30,December 31,
 20242023
Unpaid principal balance of mortgage loans sold and serviced for others$10,523,778 $10,762,906 
Weighted-average prepayment speed (CPR)6.03 %6.19 %
Estimated impact on fair value of a 10% increase$(4,328)$(4,616)
Estimated impact on fair value of a 20% increase$(8,381)$(8,924)
Discount rate10.3 %9.62 %
Estimated impact on fair value of a 100 bp increase$(7,569)$(7,637)
Estimated impact on fair value of a 200 bp increase$(14,500)$(14,624)
Weighted-average coupon interest rate3.54 %3.47 %
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)335334