Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Mortgage Servicing Rights

Note 11 — Mortgage Servicing Rights

Mortgage loans serviced for others are not included in the consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others by Century amounted to $490.9 million and $491.9 million as of December 31, 2023, and 2022, respectively. The Company has elected to record its mortgage servicing rights using the fair value measurement method. Significant assumptions used in determining the fair value of servicing rights as of December 31, 2023, 2022, and 2021 include: 1) Weighted average discount rate of 8.0%, 8.1%, and 8.0%, respectively; 2) Weighted average constant prepayment rate of 6.5%, 6.3%, and 3.2%, respectively.

The following table presents the Company's mortgage servicing rights for the years ended December 31, 2023, 2022, and 2021 (in thousands):

	December 31,
	2023			2022		2021
Balance at the beginning of year	$	9,238		$	7,152	$	—
Mortgage servicing rights acquired		—			—		7,152
Additions		250			—		—
Fair value adjustments		(910	)		2,086		—
Balance at end of year	$	8,578		$	9,238	$	7,152