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Mortgage Servicing Rights and Mortgage Servicing Activity (Tables)
 12 Months Ended
Dec. 31, 2014
Transfers and Servicing [Abstract]  
Changes in the carrying amount of mortgage servicing rights
Changes in the carrying amount of MSRs and the MSR valuation allowance are as follows:
 
Year Ended December 31,
(In thousands)
2014
 
2013
 
2012
Balance at beginning of period
$
22,760

 
$
21,316

 
$
21,179

Addition of Citizens’ MSRs on Acquisition Date
—

 
1,065

 
—

Additions
3,049

 
4,952

 
5,876

Amortization
(3,798
)
 
(4,573
)
 
(5,739
)
Balance at end of period
22,011

 
22,760

 
21,316

Valuation allowance at beginning of period
(282
)
 
(2,564
)
 
(3,539
)
Recoveries (Additions)
(673
)
 
2,282

 
975

Valuation Allowance at end of period
(955
)
 
(282
)
 
(2,564
)
MSRs, net carrying balance
$
21,056

 
$
22,478

 
$
18,752

Fair value at end of period
$
21,228

 
$
23,041

 
$
18,833

 
 
 
 
 
 
Changes in Key economics assumptions
Key economic assumptions and the sensitivity of the current fair value of the MSRS related to immediate 10% and 25% adverse changes in those assumptions at December 31, 2014, are presented in the following table below. These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in the fair value based on 10% variation in the prepayment speed assumption generally cannot be extrapolated because the relationship of the change in the prepayment speed assumption to the change in fair value may not be linear. Also, in the below table, the effect of a variation in the discount rate assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, changes in prepayment speed estimates could result in changes in the discount rates), which might magnify or counteract the sensitivities.
(Dollars in thousands)
 
Prepayment speed assumption (annual CPR)
11.79
%
    Decrease in fair value from 10% adverse change
$
767

    Decrease in fair value from 25% adverse change
$
1,837

Discount rate assumption
9.89
%
    Decrease in fair value from 100 basis point adverse change
$
660

    Decrease in fair value from 200 basis point adverse change
$
1,277

Expected weighted-average life (in months)
96.9

 
 
Estimated amortization expense for mortgage servicing rights
The following table shows the estimated future amortization for net MSRs as of December 31, 2014:
(In thousands)
 
Year Ended December 31,
 
2015
$
3,562

2016
3,128

2017
2,610

2018
2,189

2019
1,836

more than 5 years
7,731

Total estimated future amortization
$
21,056