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Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2019
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
(In Thousands)
Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented:
Carrying Value at January 1, 2018
$
39,339

Capitalization
13,905

Amortization
(5,014
)
Carrying Value at December 31, 2018
$
48,230

Capitalization
13,823

Amortization
(7,009
)
Valuation adjustment
(1,836
)
Carrying Value at December 31, 2019
$
53,208


During 2019, the Company recognized a negative valuation adjustment on MSRs in earnings in the amount of $1,836, which was included in “Mortgage banking income” in the Consolidated Statements of Income. There were no such adjustments recognized during 2018 or 2017. The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates. The decline in interest rates during 2019, which resulted in higher than estimated prepayment speeds, was the largest contributor to the negative valuation adjustment. A continued decline in mortgage interest rates may cause additional negative adjustments to the valuation of the Company’s MSRs.
Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 
 
2019
 
2018
 
2017
Unpaid principal balance
$
4,871,155

 
$
4,635,712

 
$
4,012,519

Weighted-average prepayment speed (CPR)
11.48
%
 
7.95
%
 
8.04
%
Estimated impact of a 10% increase
$
(2,469
)
 
$
(1,264
)
 
$
(1,592
)
Estimated impact of a 20% increase
(4,774
)
 
(2,569
)
 
(3,095
)
 
 
 
 
 
 
Discount rate
9.69
%
 
9.45
%
 
9.69
%
Estimated impact of a 100bp increase
$
(2,027
)
 
$
(2,657
)
 
$
(2,027
)
Estimated impact of a 200bp increase
(3,908
)
 
(5,103
)
 
(3,896
)
 
 
 
 
 
 
Weighted-average coupon interest rate
4.04
%
 
4.04
%
 
3.89
%
Weighted-average servicing fee (basis points)
29.20

 
27.47

 
26.36

Weighted-average remaining maturity (in years)
6.35

 
8.03

 
7.98


The Company recorded servicing fees of $9,491, $8,876 and $5,735, respectively, for the twelve months ended December 31, 2019, 2018 and 2017, respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.