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Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2023
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, 2022$89,018 
Sale of MSRs(15,565)
Capitalization22,788 
Amortization(11,793)
Carrying Value at December 31, 2022$84,448 
Capitalization17,079 
Amortization(9,839)
Carrying Value at December 31, 2023$91,688 
The gains recognized on the sale of MSRs are included in “Mortgage banking income” in the Consolidated Statements of Income. During 2022, the Company sold a portion of its MSR portfolio with a carrying value of $15,565 for a pretax gain of $2,960. The Company recognized a gain of $547 in 2023 related to a holdback of those previously sold MSR assets.
Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 
202320222021
Unpaid principal balance$7,826,182 $7,494,413 $8,728,629 
Weighted-average prepayment speed (CPR)8.77 %7.00 %10.56 %
Estimated impact of a 10% increase$(2,653)$(5,393)$(3,875)
Estimated impact of a 20% increase(5,457)(10,354)(7,464)
Discount rate10.85 %10.30 %9.82 %
Estimated impact of a 100bp increase$(4,753)$(1,765)$(4,153)
Estimated impact of a 200bp increase(9,149)(3,957)(8,119)
Weighted-average coupon interest rate3.88 %3.51 %3.29 %
Weighted-average servicing fee (basis points)33.2432.4430.37
Weighted-average remaining maturity (in years)7.508.336.69
The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates.
The Company recorded servicing fees of $18,081, $18,452 and $17,968, for the twelve months ended December 31, 2023, 2022 and 2021, respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.