XML 39 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2024
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, 2023$84,448 
Capitalization17,079 
Amortization(9,839)
Carrying value at December 31, 2023$91,688 
Sale of MSRs(19,539)
Capitalization10,195 
Amortization(9,353)
Carrying value at December 31, 2024$72,991 
The gains recognized on the sale of MSRs are included in “Mortgage banking income” in the Consolidated Statements of Income. During 2024, the Company sold a portion of its MSR portfolio for net proceeds of $23,011, resulting in a gain of $3,472. The Company recognized a gain of $547 in 2023 related to a holdback of previously sold MSR assets.
Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 
202420232022
Unpaid principal balance$6,008,937 $7,826,182 $7,494,413 
Weighted-average prepayment speed (CPR)9.48 %8.77 %7.00 %
Estimated impact of a 10% increase$(3,134)$(2,653)$(5,393)
Estimated impact of a 20% increase(6,062)(5,457)(10,354)
Discount rate11.05 %10.85 %10.30 %
Estimated impact of a 100bp increase$(3,809)$(4,753)$(1,765)
Estimated impact of a 200bp increase(7,336)(9,149)(3,957)
Weighted-average coupon interest rate4.29 %3.88 %3.51 %
Weighted-average servicing fee (basis points)35.9133.2432.44
Weighted-average remaining maturity (in years)7.307.508.33
The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates.
The Company recorded servicing fees of $15,177, $18,081 and $18,452, for the twelve months ended December 31, 2024, 2023 and 2022, respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.