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Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2019
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 that unamortized cost exceeds fair value. There were no impairment losses recognized during the three months ended March 31, 2019 and 2018.
Changes in the Company’s MSRs were as follows: 
Balance at January 1, 2019
$
48,230

Capitalization
2,181

Amortization
(1,438
)
Balance at March 31, 2019
$
48,973



Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
 
March 31, 2019
 
December 31, 2018
 
Unpaid principal balance
$
4,684,587

 
$
4,635,712

 
 
 
 
 
 
Weighted-average prepayment speed (CPR)
9.75
%
 
7.95
%
 
Estimated impact of a 10% increase
$
(1,903
)
 
$
(1,264
)
 
Estimated impact of a 20% increase
(3,719
)
 
(2,569
)
 
 
 
 
 
 
Discount rate
9.45
%
 
9.45
%
 
Estimated impact of a 10% increase
$
(2,243
)
 
$
(2,657
)
 
Estimated impact of a 20% increase
(4,316
)
 
(5,103
)
 
 
 
 
 
 
Weighted-average coupon interest rate
4.07
%
 
4.04
%
 
Weighted-average servicing fee (basis points)
27.65

 
27.47

 
Weighted-average remaining maturity (in years)
7.08
 
8.03
 

The Company recorded servicing fees of $2,254 and $2,370 for the three months ended March 31, 2019 and 2018, respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income.