XML 35 R22.htm IDEA: XBRL DOCUMENT v3.22.4
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights MORTGAGE SERVICING RIGHTS
Information with respect to the Company’s mortgage servicing rights follows:
Year Ended December 31,202220212020
Balance at beginning of year$31.6 $34.3 $30.6 
Acquisition of mortgage servicing rights1.3 — — 
Originations of mortgage servicing rights2.5 3.7 11.7 
Amortization expense(4.3)(6.4)(8.0)
Balance at end of year31.1 31.6 34.3 
Less valuation reserve— (3.4)(10.3)
Balance at end of year, net of valuation reserve$31.1 $28.2 $24.0 
Principal balance of serviced loans underlying mortgage servicing rights
$3,259.8 $3,203.7 $3,585.5 
Mortgage servicing rights as a percentage of serviced loans0.95 %0.88 %0.67 %
At December 31, 2022, the estimated fair value and weighted average remaining life of the Company’s mortgage servicing rights were $37.4 million and 7.6 years, respectively. The fair value of mortgage servicing rights was determined using discount rates ranging from 11.8% to 13.5% and monthly prepayment speeds ranging from 0.5% to 3.4% depending upon the risk characteristics of the underlying loans. At December 31, 2021, the estimated fair value and weighted average remaining life of the Company’s mortgage servicing rights were $28.2 million and 5.9 years, respectively. The fair value of mortgage servicing rights was determined using discount rates ranging from 8.6% to 10.4% and monthly prepayment speeds ranging from 0.7% to 2.0% depending upon the risk characteristics of the underlying loans. There were $3.4 million and $6.9 million of impairments reversed in 2022 and 2021, respectively, compared to a valuation impairment charge of $9.9 million in 2020. No permanent impairment was recorded in 2022, 2021, or 2020.