HTLF had goodwill of $576.0 million at both December 31, 2022, and December 31, 2021. HTLF conducts its annual internal assessment of the goodwill both at the consolidated level and at the reporting unit level as of September 30. There was no goodwill impairment as of the most recent assessment.

Other intangible assets consist of core deposit intangibles, mortgage servicing rights, customer relationship intangible and commercial servicing rights. The gross carrying amount of other intangible assets and the associated accumulated amortization at December 31, 2022, and December 31, 2021, are presented in the table below, in thousands:


	December 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Core deposit intangibles	$	101,185	$	76,031	$	25,154	$	101,185	$	68,330	$	32,855
Customer relationship intangible	1,177		1,177		—		1,177		1,044		133
Mortgage servicing rights	13,700		5,860		7,840		12,790		6,378		6,412
Commercial servicing rights	7,054		7,054		—		7,054		6,576		478
Total	$	123,116	$	90,122	$	32,994	$	122,206	$	82,328	$	39,878


	Core Deposit Intangibles		Mortgage Servicing Rights		Total
Year ending December 31,
2023	$	6,739	$	1,960	$	8,699
2024	5,591		1,680		7,271
2025	4,700		1,400		6,100
2026	3,533		1,120		4,653
2027	2,601		840		3,441
Thereafter	1,990		840		2,830
Total	$	25,154	$	7,840	$	32,994

Projections of amortization expense for mortgage servicing rights are based on existing asset balances and the existing interest rate environment as of December 31, 2022. HTLF's actual experience may be significantly different depending upon changes in mortgage interest rates and market conditions. Mortgage loans serviced for others were $725.9 million and $723.3 million as of December 31, 2022, and December 31, 2021, respectively. Custodial escrow balances maintained in connection with the mortgage loan servicing portfolio were approximately $5.1 million and $4.5 million as of December 31, 2022, and December 31, 2021, respectively.

The following table summarizes, in thousands, the changes in capitalized mortgage servicing rights for the twelve months ended December 31, 2022, and December 31, 2021:


	2022		2021
Balance at January 1,	$	6,412	$	5,189
Originations	1,425		1,522
Amortization	(1,139)		(1,387)
Writedown on mortgage servicing rights	(516)		—

Valuation adjustment	1,658		1,088
Balance at December 31,	$	7,840	$	6,412
Fair value of mortgage servicing rights	$	7,840	$	6,412

HTLF had a commercial servicing portfolio, which was comprised of loans guaranteed by the Small Business Administration and the United States Department of Agriculture that were sold with servicing retained by HTLF, which totaled $0 and $45.4 million at December 31, 2022 and 2021, respectively. The commercial servicing rights portfolio was separated into two tranches at the respective HTLF subsidiary, loans with a term of less than 20 years and loans with a term of more than 20 years. Fees collected for the servicing of commercial loans for others were $536,000 and $879,000 for the years ended December 31, 2021 and 2020, respectively.

The following table summarizes, in thousands, the changes in capitalized commercial servicing rights for the years ended December 31, 2022, and December 31, 2021:


	2022			2021
Balance at January 1,	$	478		$	863
Originations	—			—
Amortization	(478)			(385)
Balance at December 31,	$	—		$	478
Fair value of commercial servicing rights	$	—		$	782
Commercial servicing rights, net to servicing portfolio	—		%	1.05		%

Mortgage and commercial servicing rights are initially recorded at fair value in net gains on sale of loans held for sale when they are acquired through loan sales. Fair value is based on market prices for comparable servicing contracts, when available, or based on a valuation model that calculates the present value of estimated future net servicing income.

Mortgage and commercial servicing rights are subsequently measured using the amortization method, which requires the asset to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment at each HTLF subsidiary based upon the fair value of the assets as compared to the carrying amount. Impairment is recognized through a valuation allowance for specific tranches to the extent that fair value is less than carrying amount at each HTLF subsidiary.

The following table summarizes, in thousands, the book value, the fair value of each tranche of the mortgage servicing rights and any recorded valuation allowance at December 31, 2022, and December 31, 2021:


	Book Value 15-Year Tranche		Fair Value 15-Year Tranche		Valuation Allowance 15-Year Tranche		Book Value 30-Year Tranche		Fair Value 30-Year Tranche		Valuation Allowance 30-Year Tranche


December 31, 2022	$	1,388	$	1,388	$	—	$	6,452	$	6,452	$	—



December 31, 2021	$	1,607	$	1,280	$	327	$	6,463	$	5,132	$	1,331

The fair value of HTLF's mortgage servicing rights was estimated at $7.8 million and $6.4 million at December 31, 2022, and December 31, 2021, respectively, and is comprised of loans serviced for the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC").

The fair value of mortgage servicing rights is calculated based upon a discounted cash flow analysis. Cash flow assumptions, including prepayment speeds, servicing costs and escrow earnings are considered in the calculation. The following table presents key assumptions used to value the mortgage servicing rights as of December 31, 2022 and 2021, dollars in thousands:


	As of December 31,
	2022			2021
Weighted average constant prepayment rate	7.90		%	13.40		%
Weighted average discount rate	10.02		%	9.02		%
Fair value of mortgage servicing rights	$	7,840		$	6,412

The average capitalization rate for 2022 ranged from 83 to 148 basis points compared to a range of 76 to 120 basis points for 2021. Fees collected for the servicing of mortgage loans for others were $1.8 million, $1.8 million and $1.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

At December 31, 2021, the less than 20 years tranche of the commercial servicing rights had a book value of $45,000 and a fair value of $98,000, and the more than 20 years tranche of the commercial servicing rights had a book value of $433,000 and a fair value of $684,000.