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Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2019
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 six months ended June 30, 2019 and 2018:
 
Three Months Ended June 30,
(dollars in thousands)
2019
 
2018
Balance, beginning of period
$
4,910

 
$
5,706

Additions
—

 
—

Amortization
(156
)
 
(196
)
(Impairment) / Recovery
(10
)
 
1

Balance, end of period
$
4,744

 
$
5,511

 
 
 
 
Fair value
$
5,175

 
$
6,695

Residential mortgage loans serviced for others
$
545,743

 
$
614,259

 
 
Six Months Ended June 30,
(dollars in thousands)
2019
 
2018
Balance, beginning of period
$
5,047

 
$
5,861

Additions
—

 
16

Amortization
(276
)
 
(417
)
(Impairment) / Recovery
(27
)
 
51

Balance, end of period
$
4,744

 
$
5,511
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
As of June 30, 2019, and December 31, 2018, 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)
June 30,
2019
 
December 31,
2018
Fair value amount of MSRs
$
5,175

 
$
6,277

Weighted average life (in years)
6.0

 
6.7

Prepayment speeds (constant prepayment rate)(1)
10.9
%
 
9.1
%
Impact on fair value:
 
 
 
10% adverse change
$
(172
)
 
$
(124
)
20% adverse change
(343
)
 
(257
)
Discount rate
9.55
%
 
9.55
%
Impact on fair value:
 
 
 
10% adverse change
$
(178
)
 
$
(234
)
20% adverse change
(344
)
 
(451
)
 
(1) Represents the weighted average prepayment rate for the life of the MSR asset.