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Mortgage Servicing Rights and Mortgage Servicing Activity (Tables)
 12 Months Ended
Dec. 31, 2015
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)
2015
 
2014
 
2013
Balance at beginning of period
$
22,011

 
$
22,760

 
$
21,316

Addition of Citizens’ MSRs on Acquisition Date
—

 
—

 
1,065

Additions
619

 
3,049

 
4,952

Amortization
(3,693
)
 
(3,798
)
 
(4,573
)
Balance at end of period
18,937

 
22,011

 
22,760

Valuation allowance at beginning of period
(955
)
 
(282
)
 
(2,564
)
Recoveries (Additions)
556

 
(673
)
 
2,282

Valuation Allowance at end of period
(399
)
 
(955
)
 
(282
)
MSRs, net carrying balance
$
18,538

 
$
21,056

 
$
22,478

Fair value at end of period
$
19,149

 
$
21,228

 
$
23,041

 
 
 
 
 
 
Changes in Key economics assumptions
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)
10.93
%
    Decrease in fair value from 10% adverse change
$
1,032

    Decrease in fair value from 25% adverse change
$
1,292

Discount rate assumption
9.39
%
    Decrease in fair value from 100 basis point adverse change
$
599

    Decrease in fair value from 200 basis point adverse change
$
1,155

Expected weighted-average life (in months)
97.6

 
 
Estimated amortization expense for mortgage servicing rights
The following table shows the estimated future amortization for net MSRs as of December 31, 2015:
(In thousands)
 
Year Ended December 31,
 
2016
$
3,075

2017
2,723

2018
2,281

2019
1,917

2020
1,608

more than 5 years
6,934

Total estimated future amortization
$
18,538