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Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity)
 12 Months Ended
Dec. 31, 2016
Transfers and Servicing [Abstract]  
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity)
TRANSFERS AND SERVICING OF FINANCIAL ASSETS (INCLUDING MORTGAGE BANKING ACTIVITY)
Commercial Banking Activity
The unpaid principal balances of loans serviced for others were $1.0 billion and $888.4 million at December 31, 2016 and 2015, respectively. Custodial escrow balances maintained in connection with the foregoing portfolio of loans serviced for others, and included in demand deposits, were not significant at December 31, 2016 and 2015.
Mortgage Banking Activity
IBERIABANK through its subsidiary, IMC, originates mortgage loans for sale into the secondary market. The loans originated primarily consist of residential first mortgages that conform to standards established by the GSEs, but can also consist of junior lien loans secured by residential property. These sales are primarily to private companies that are unaffiliated with the GSEs on a servicing-released basis. During 2016, $14.0 million of mortgage loans held for sale for which the fair value option was elected were transferred from loans held for sale to loans held for investment. Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table.
(Dollars in thousands)
2016
 
2015
 
2014
Balance at beginning of period
$
166,247

 
$
140,072

 
$
128,442

Originations and purchases
2,460,033

 
2,464,588

 
1,675,538

Sales, net of gains
(2,451,459
)
 
(2,432,979
)
 
(1,657,409
)
Mortgage loans transferred to held for investment
(14,017
)
 
—

 
—

Other
(3,763
)
 
(5,434
)
 
(6,499
)
Balance at end of period
$
157,041

 
$
166,247

 
$
140,072


The following table details the components of mortgage income for the years ended December 31:
(Dollars in thousands)
2016
 
2015
 
2014
Fair value changes of derivatives and mortgage loans held for sale:
 
 
 
 
 
Mortgage loans held for sale and derivatives
$
1,361

 
$
2,216

 
$
631

Derivative settlements, net
(6,640
)
 
(5,017
)
 
(8,743
)
Gains on sales
87,925

 
82,671

 
59,156

Servicing and other income, net
1,207

 
792

 
753

 
$
83,853

 
$
80,662

 
$
51,797


Servicing Rights
Servicing rights are recorded at the lower of cost or market value in “other assets” on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated:
 
December 31, 2016
 
December 31, 2015
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
(Dollars in thousands)
 
 
 
 
 
Mortgage servicing rights
$
7,202

 
$
(3,144
)
 
$
4,058

 
$
6,104

 
$
(2,320
)
 
$
3,784


In addition, there was an insignificant amount of non-mortgage servicing rights related to SBA loans as of December 31, 2016 and no non-mortgage servicing rights as of December 31, 2015.