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Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2018
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights
Mortgage Servicing Rights
(In Thousands)
The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent by which the unamortized cost exceeds fair value. There were no impairment losses recognized during the six months ended June 30, 2018 and 2017.
Changes in the Company’s MSRs were as follows: 
Balance at January 1, 2018
$
39,339

Capitalization
6,303

Amortization
(2,403
)
Balance at June 30, 2018
$
43,239



Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
 
June 30, 2018
 
December 31, 2017
Unpaid principal balance
$
4,315,261

 
$
4,012,519

 
 
 
 
Weighted-average prepayment speed (CPR)
7.32
%
 
8.04
%
Estimated impact of a 10% increase
$
(1,792
)
 
$
(1,592
)
Estimated impact of a 20% increase
(3,475
)
 
(3,095
)
 
 
 
 
Discount rate
9.42
%
 
9.69
%
Estimated impact of a 10% increase
$
(2,573
)
 
$
(2,027
)
Estimated impact of a 20% increase
(4,937
)
 
(3,896
)
 
 
 
 
Weighted-average coupon interest rate
3.94
%
 
3.89
%
Weighted-average servicing fee (basis points)
26.77

 
26.36

Weighted-average remaining maturity (in years)
8.35
 
7.98

The Company recorded servicing fees of $2,124 and $1,434 for the three months ended June 30, 2018 and 2017, respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. The Company recorded servicing fees of $4,494 and $2,667 for the six months ended June 30, 2018 and 2017, respectively.