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Mortgage Servicing Rights (Tables)
 9 Months Ended
Sep. 30, 2018
Transfers and Servicing [Abstract]  
Servicing Asset at Amortized Cost
The following table summarizes the Corporation’s activity related to mortgage servicing rights (“MSRs”) for the three and nine months ended September 30, 2018 and 2017:
 
Three Months Ended September 30,
(dollars in thousands)
2018
 
2017
Balance, beginning of period
$
5,511

 
$
5,682

Additions
—

 
282

Amortization
(206
)
 
(229
)
Recovery / (Impairment)
23

 
(3
)
Balance, end of period
$
5,328

 
$
5,732

Fair value
$
6,586

 
$
6,146

 
Nine Months Ended September 30,
(dollars in thousands)
2018
 
2017
Balance, beginning of period
$
5,861

 
$
5,582

Additions
16

 
770

Amortization
(623
)
 
(571
)
Recovery / (Impairment)
74

 
(49
)
Balance, end of period
$
5,328

 
$
5,732

Fair value
$
6,586

 
$
6,146

Residential mortgage loans serviced for others
$
596,162

 
$
647,997
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
As of September 30, 2018, and December 31, 2017, key economic assumptions and the sensitivity of the current fair value of MSRs to immediate 10% and 20% adverse changes in those assumptions are as follows:
(dollars in thousands)
September 30,
2018
 
December 31,
2017
Fair value amount of MSRs
$
6,586

 
$
6,397

Weighted average life (in years)
6.6

 
6.1

Prepayment speeds (constant prepayment rate)*
8.7
%
 
10.3
%
Impact on fair value:
 
 
 
10% adverse change
$
(85
)
 
$
(194
)
20% adverse change
$
(190
)
 
$
(394
)
Discount rate
9.55
%
 
9.55
%
Impact on fair value:
 
 
 
10% adverse change
$
(245
)
 
$
(225
)
20% adverse change
$
(472
)
 
$
(434
)
 
  * Represents the weighted average prepayment rate for the life of the MSR asset.