v3.25.2
Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of Changes in Mortgage Servicing Rights
Changes in the Company’s mortgage servicing rights were as follows for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 202520242025 2024 
Carrying value at beginning of period$156,379 $165,674 $162,038 $164,249 
Capitalization1,228 1,518 1,649 2,649 
Change in fair value:
    Due to payoffs/paydowns
(3,154)(3,825)(6,265)(6,549)
    Due to change in valuation inputs or assumptions(989)1,138 (3,958)4,156 
        Carrying value at end of period$153,464 $164,505 $153,464 $164,505 
Schedule of Servicing Income and Expense Included in Mortgage Banking Income
The following table summarizes servicing income and expense, which are included in mortgage banking income and other noninterest expense, respectively, in the consolidated statements of income for the three and six months ended June 30, 2025 and 2024: 
 Three Months Ended June 30,Six Months Ended June 30,
 202520242025 2024 
   Servicing income$6,936 $7,316 $14,013 $14,663 
   Change in fair value of mortgage servicing rights(4,143)(2,687)(10,223)(2,393)
   Change in fair value of derivative hedging instruments(88)(1,649)2,923 (4,984)
Servicing income
2,705 2,980 6,713 7,286 
Servicing expenses1,843 1,933 3,565 3,880 
          Net servicing income
$862 $1,047 $3,148 $3,406 
Schedule of Data and Key Economic Assumptions Related to Mortgage Servicing Rights
Data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024 are as follows: 
 June 30,December 31,
 20252024
Unpaid principal balance of mortgage loans sold and serviced for others$9,901,599 $10,235,048 
Weighted-average prepayment speed (CPR)6.43%6.04%
Estimated impact on fair value of a 10% increase$(4,266)$(4,213)
Estimated impact on fair value of a 20% increase$(8,263)$(8,168)
Discount rate9.68%10.2%
Estimated impact on fair value of a 100 bp increase$(7,195)$(7,515)
Estimated impact on fair value of a 200 bp increase$(13,782)$(14,397)
Weighted-average coupon interest rate3.62%3.59%
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)337336